Apr 9, 2025, 08:09 GMT+2 A look at the day on European and global markets, by Ankur Banerjee Investors appear to have been shocked after the implementation of US tariffs against several countries, including China, which was hit with 104% measures. Stock markets are still tumbling and safe haven assets such as the yen and Swiss franc are in high demand, as everyone waits and hopes for some good news. At the stroke of midnight (US time), President Donald Trump's reciprocal tariffs came into effect, imposing punitive 104% measures on Chinese goods, rekindling fears of recession and overturning the global trade balance that had lasted for decades. Yesterday, markets had welcomed what seemed like openings in negotiations between the US and China, but now it seems that Washington and Beijing are ready for a showdown. After a brief rally, Asian stock markets plunged into a sea of selling. European stock futures indicate a sharply lower opening. The yen and Swiss franc continue to be the preferred assets for investors while the decline of the dollar shows no sign of abating. In emerging markets, the Indonesian rupiah USDIDR fell to a historic low and was on the verge of breaking through the 17,000 per dollar mark.
The yen and the Swiss franc continue to be the preferred assets for investors as the decline of the dollar shows no sign of abating. In emerging markets, the Indonesian rupiah USDIDR fell to a historic low and was on the verge of breaking through the 17,000 per dollar mark.
The yen and the Swiss franc continue to be the preferred assets for investors as the decline of the dollar shows no sign of abating. In emerging markets, the Indonesian rupiah USDIDR fell to a historic low and was on the verge of breaking through the 17,000 per dollar mark. The yuan USDCNY weakened to a 19-month low, while its offshore counterpart moved away from the historic low reached during overnight trading.
The yuan USDCNY weakened to a 19-month low, while its offshore counterpart moved away from the all-time low reached during overnight trading.
The yuan weakened to a 19-month low, while its offshore counterpart USDCNH moved away from the all-time low reached during overnight trading.
The yuan weakened to a 19-month low, while its offshore counterpart USDCNH moved away from the all-time low reached during overnight trading. However, in all this, the eager search for safe-haven assets did not affect US Treasuries: the yield on the benchmark 10-year US10Y rose by as much as 21 basis points.
In all this, however, the frantic search for safe-haven assets did not involve US Treasuries: the yield on the benchmark 10-year US10Y rose by as much as 21 basis points. US government bonds are usually bought when investors believe in the prospect of a recession and monetary easing by central banks. But this time it wasn't like that. According to ING economists, the "sell America" diktat is stronger than the risk of recession, which would normally have pushed yields down. Moral of the story: hold on tight.
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