30 April 2025
US stocks advanced on Tuesday, despite downbeat economic data, supported by trade-deal hopes and as investors awaited key corporate earnings results. The S&P 500 closed 0.6% higher.
US Treasuries rose as US economic data broadly came in weaker than expected. 10-year yields fell 4bp to 4.17%.
European stock markets were mixed on Tuesday. The Euro Stoxx 50 edged down 0.2%. The German DAX rose 0.7%, aided by better-than-expected financial earnings results, as the French CAC fell 0.2%. In the UK, the FTSE-100 closed 0.5% higher.
European government bonds edged higher. 10-year German bund yields fell 2bp to 2.50%, as 10-year French bond yields ended down 2bp at 3.22%. In the UK, 10-year gilt yields declined 3bp to 4.48%.
Asian stock markets mostly edged higher on Tuesday, with regional earnings releases and global trade developments in focus. Korea’s Kospi and India’s Sensex climbed 0.6% and 0.1%, respectively, led by auto stocks. Hong Kong’s Hang Seng rose 0.2%, while China’s Shanghai Composite dipped 0.1%. Meanwhile, Japan’s markets were closed for a holiday.
Crude oil prices extended declines on Tuesday, as weak US economic data added to investor concerns over oil demand outlook. WTI crude for June delivery settled 2.6% lower at USD60.4 a barrel.
In the US, the Conference Board consumer confidence index fell to 86.0 in April from 93.9 in March, below market expectations. This was the fifth consecutive monthly decline amid rising concerns about unemployment. JOLTS job openings dropped to 7.19 million in March compared to a revised 7.48 million in February. The quits rate edged higher to 2.1% compared to 2.0% in February but remains consistent with moderating wage growth.
In the eurozone, flash GDP is expected to rise 0.2% qoq in Q1 2025, the same rate as Q4 2024.
US flash Q1 GDP is projected to contract at a qoq annualised rate of 0.2% compared to a 2.4% growth in Q4 2024. The PCE price index likely fell to 2.2% yoy in March from 2.5% yoy in February.
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