More tariff exemptions, but equities lose their early gains
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How did the new tariff exemptions boost US tech stocks like Apple?
Equity markets in the US kicked off Monday's session with sharp rises as they responded to the easing off of tariffs on some electronic goods from China. But they lost that momentum, perhaps because Donald Trump warned of fake news whilst boosting auto shares by suggesting that some car parts might also be exempt. Well, look at how the US President is playing the equity markets, the bond market as well. It's Tuesday, the 15th of April. April twenty twenty five, it's the morning call from Nab. Good morning. Well, US equities are well up, but nowhere near as much as they were. It's been a bit of a roller coaster session. The Nasdaq kicked off two point one percent up on Friday's close, but it closed Monday just now, just naught point six percent up.
A similar pattern for the S and P which closed naught point eight percent higher, and the Dow, which is up three quarters of one percent on the day. Europe closed much higher though, but maybe we'll see some payback tomorrow on that. The Eurostocks fifty closed up two point six. percent almost two point nine percent higher for the Dax, two point four percent for the CAC Caront and two point one percent for the FTSE one hundred. And the rise in bond yields has stalled at least for a bit, down twelve basis points for ten year treasuries, but down just five basis points for thirty years. German Bundes down six basis points, down nine for ten year Gilts, Aussie ten years. We're at four point four percent of the end of the day Monday, not moving much on futures overnight, just one basis.
Point lower. And the US dollar has fallen below one hundred on the DXY, losing half a per cent down to ninety nine point six. The Aussie, meanwhile, up naught point eight percent to sixty three point four US cents. The pound up a similar amount, but just naught point one percent the rise in the euro this morning. And oil, well it was back on the slide. WTI was almost one percent down earlier, but now not point two percent up, a swift reversal of fortune. It's the same for Brent, which is now Now a third of one percent up at sixty five a barrel and spot gold down three quarters of one percent this morning.
Why did US equities lose momentum after the initial tariff news?
Nabs Ray Atrol is in Sydney. He joins me today. So tech stocks certainly buoyed by Trump's backtrack on tariffs on electronic goods, uh and uh we saw that as the session went on. It was tech stocks that were quickly rewinding though. So take Apple, for example, it opened up six point six percent higher. Yeah. Uh it's now just a couple of uh base uh a couple of percent higher, I think. So uh what do you make of this uh last session? It's been a bit all over the place, hasn't it?
Hmm. Good morning, Phil. Yeah, at uh I'm trying to sort of just make sense of over at markets and I'd sort of say the carve outs have begun, haven't they? So obviously the Friday news regarding Apple and electronics parts um you know d breathe a little bit of life back into into stock markets and then overnight we've had President Trump indicating that he's looking to provide some relief to the auto sector. by scaling back French tariffs. So he said I'm looking at something Board shares shooting up today, as you might imagine. Absolutely. I'm looking at something to help some of the car companies where they're switching the parts that were made in Canada, Mexico, and other places, and they need a little bit of time because they're going to make them here.
I won't change my mind, but I'm flexible, uh quote unquote. So um I think that's been quite responsible. And um we've also heard going back to the stock market and and you know Europe has outperformed the US that we've had the EU um trade um chief uh Psefkovich has actually been speaking to Howard Lutnick and um perhaps she's still talking about the sort of zero for zero tariffs. We know that was on the table you know even before April the second. So I don't think that's gonna cut the ice necessarily with the US.
What impact did President Trump’s comments have on auto‑sector shares?
But you know, at least there are channels of communication, which which clearly they weren't this time last week. So um anyway, so that to me
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Chapters
8 chapters
1
How did the new tariff exemptions boost US tech stocks like Apple?
0:02–1:53
2
Why did US equities lose momentum after the initial tariff news?
1:53–3:29
3
What impact did President Trump’s comments have on auto‑sector shares?
3:29–5:50
4
How are Fed officials interpreting rising inflation expectations?
5:50–7:50
5
What do the latest China export figures reveal about tariff timing?
7:50–10:37
6
How might the Bank of Canada’s CPI data affect upcoming rate cuts?
10:37–12:36
7
Which currencies are likely to lead the next move in FX markets?
12:36–14:53
8
What are the key earnings outlooks from Goldman Sachs and other banks?
14:53–16:55