MARKET COMPASS
Tariff Agenda and Macro Variables
- Global markets are watching the developments on President Trump’s tariffs while also watching for changes in the timing of the US Federal Reserve’s (FED) next move.
- Yesterday, risk appetite declined again after FED Chairman Powell’s comments that there would be no rush to cut interest rates. Following the strong March retail sales yesterday, macro indicators to be released today and the comments of Federal Open Market Committee (FOMC) official Barr will be closely monitored.
- On the other hand, the announcement of “major progress” in the US talks with Japan eased concerns over trade wars. China is reportedly open to talks under certain conditions.
- Wall Street index futures are slightly positive this morning after yesterday’s sharp selloff following Powell’s statements. On the other hand, sales are prominent in European stock markets where company balance sheets are monitored. Today, the European Central Bank (ECB) is expected to announce a 25 basis point interest rate cut.
- Digital assets continue to be affected by global developments. The retreat that came with Powell’s statements yesterday gave way to some recovery in major cryptocurrencies.
Digital Compass
We consider it a very important development that a strategic crypto reserve is on the agenda in the US, the locomotive of the world economy. However, the fact that the markets had already priced in the “best case scenario” before and after the US elections, combined with the “less than perfect” news on this issue, put pressure on digital assets. We continue to keep the strategic reserve issue in our equation as a positive variable for cryptocurrencies in the long run. On the other hand, we think that we may continue to see pressure in the medium term with the lack of new news flow that will create enthusiasm in the crypto market and further concerns in global markets that global economic activity may slow down, especially with Trump’s tariffs. In the short term, markets will continue to be sensitive to macro indicators and developments regarding tariffs.
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HIGHLIGHTS OF THE DAY
Important Economic Calender Data
| Time | News | Expectation | Previous |
|---|---|---|---|
| – | Omni Network (OMNI) 8.205MM Token Unlock | – | – |
| – | Chiliz (CHZ) SBI Chiliz | – | – |
| – | Livepeer (LPT) Discord Event | – | – |
| 12:30 | US Initial Jobless Claims | 225K | 223K |
| 12:30 | US Philadelphia Fed Manufacturing Index (Apr) | 2.2 | 12.5 |
| 15:45 | FOMC Member Barr Speaks | – | – |
INFORMATION
*The calendar is based on UTC (Coordinated Universal Time) time zone.
The economic calendar content on the relevant page is obtained from reliable news and data providers. The news in the economic calendar content, the date and time of the announcement of the news, possible changes in the previous, expectations and announced figures are made by the data provider institutions. Darkex cannot be held responsible for possible changes that may arise from similar situations.
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