Boeing banned, bearish bank survey, royal win for Britain?
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How are new tariffs and China's Boeing ban affecting global markets?
Yes, there's more tariff and trade news. China is not buying Boeing. Car parts might be exempt. Pharmaceuticals might be next for higher tariffs. And the UK might get special treatment all because of the king. And investors are not happier. Bank of America survey shows this is the most bearish investors have been for 30 years. But I'm sure President Trump will see all this as part of the grand plan. It's Wednesday, it's the 16th of April twenty twenty five. It's the morning call from NAB. Good morning. Well, the US dollar back up today, uh gaining 0.6% on the DXY, back up over 100. But that's not stopping the Aussie, which is also up today, rising a quarter percent to just under 63.5 US cents. The pound is up 0.3%, but everything can't be up, can it?
So what gives? Well, it's the euro, it's down 0.6%, the Canadian dollar is down by the same amount, and 1.1% off the Swiss franc. Small falls in US. Equities, but there was a lot of up and down this session. Uh, but in the end, 0.1% off the Nasdaq, 0.4% off the Dow, 0.2% off the SP, uh, so all in the red at the close. Whereas a good lift in European shares, 1.2% added to the Euros docs 50 at the close, 1.4% for the DAX and the FTSE 100, and bond yields are falling. Well, treasuries are anyway, 10 years down seven basis points to fall. 4.31%, small rises in European yields, uh, two basis points added to 10-year bund yields, and oil is lower, 0.4% off WTI and Brent. Brent falling further below $55 US dollars a barrel.
And it's Nabs Rodrigo Catrill who joins me today. So, I mean, the ha equities have been a bit up and down, but it seems like currencies are the biggest moves, and that seems too late to understandably the late. Trade and tariff mutterings from the White House. So we know car parts perhaps uh are going to be uh off the agenda, and that's obviously going to help Canada and Mexico. Uh the peso is also up a little today. Uh because I read car uh auto parts crossed the border on average seven to eight times during the manufacture of a car in North America.
What explains the failure of car‑part tariff exemptions in US‑Mexico trade talks?
So there's the reason why it was never going to work. So obviously. there's hope there. Uh and then uh for the UK doing quite well against Europe. Well uh that's the story of one deal's getting done the other one isn't. So JD Vance is saying he thinks a deal can be done with the UK. A great deal he said because the president loves the king and the pound is up today, but not the euro because it doesn't look like they're going to get a trade deal in a hurry. It's all going on.
Uh Modernfield, yes, certainly. And then you have the the the the story with China that they're not even talking. Uh and then now China's decided to cut all the orders for for Boeing and they're also even looking at the leases with Boeing and see if there's a way of cancelling those too. So um it's it's getting So Boeing down one point seven
percent today, as you might expect. Yes. Yes.
Yes. So um I I my my guess is that the the trade negotiations have a process and you know your first uh conversation never yields the outcome that you want. So we're still only at the early stages in terms of the European negotiation, but certainly the headlines were no that are encouraging in the sense that um they they can't find a middle ground and the the Europeans in particular said well we We've got to expect those tariffs to be reimposed. Um, because you remember at the moment it's a ten percent tariff and the twenty percent tariff and those specific tariffs have not yet been imposed um uh over this ninety-day kind of break. Um so potentially they they could come back. Uh but in terms of the market reaction, it hasn't been huge.
You know, the the euro's down point five percent. Um but certainly it's played to that that narrative. that for a change you look at the the the performance of currencies and it tells you really the story of what is occurring that as you mentioned you know the pound is is doing a little bit better because of those tariff news and notwithstanding the fact that we got uh a pretty weak labour market report.
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Chapters
8 chapters
1
How are new tariffs and China's Boeing ban affecting global markets?
0:00–2:07
2
What explains the failure of car‑part tariff exemptions in US‑Mexico trade talks?
2:07–4:35
3
What is Europe offering in its latest industrial‑goods tariff reduction plan?
4:35–7:05
4
Is a 90‑day US‑EU trade agreement realistic amid rising tariffs?
7:05–9:33
5
What did the April Zoo Economic Sentiment Survey reveal about investor confidence?
9:33–11:40
6
What insights did the latest RBA minutes provide on inflation and tariff impacts?
11:40–14:22
7
How could the upcoming Canadian election shape the Bank of Canada's policy outlook?
14:22–17:25
8
What are analysts expecting for China's Q1 GDP growth and its market impact?
17:25–19:19