Markets positive, now facing the test of US trade tariffs

Eurizon Weekly, 3 Feb. 2025. Last week was a positive one overall: solid US macro data and the ability of technology sector companies to reassure investors with strong quarterly results, that helped reduce the volatility triggered by potential new developments on the low-cost AI front in China. The Fed and the ECB also lived up to expectations. However, focus is now on the new trade tariffs announced over the weekend by the Trump administration, and most importantly, on immigration control. On the macro front, with the US economy in good health, focus is back on the mix of labour market and inflation data, although the main source of volatility will be the United States’ trade policy. Andrea Conti, Head of Macro Markets at Eurizon, takes a closer look. Audio recorded on 3 Feb. 2025.    

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