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• Earnings season picks up pace with major tech firms and Berkshire Hathaway reporting
• Latest ECB survey shows rising Euro-area consumer inflation expectations in March
• Expectations for steady RMB prompt more dollar-to-yuan conversion among exporters
• ICBC and Bank of China reported weak first-quarter earnings with further downside risk
• Chile’s latest fiscal report aims to assure investors that its finances are under control
• Indian sovereign bonds on RBI central bank purchases and easier monetary policy
Muted Trading Ahead of Earnings Season Peak and Key Data
Markets traded cautiously ahead of key US macro releases and major earnings later this week. US equities were little changed on Monday, as investors awaited big tech results and further clarity on supply chain impacts from tariffs. Volatility edged higher, while weaker manufacturing survey data highlighted ongoing fragilities in the US economy. Treasury yields moved lower overnight as investors positioned ahead of tomorrow’s quarterly refunding announcement and Friday’s jobs report. The updated borrowing estimates for the April to June period had limited market impact so far. In the Euro area, inflation expectations firmed slightly, though recent euro strength may help contain future price pressures. In the UK, money markets and analysts expect the BoE to cut rates next week, with policymakers increasingly focused on disinflation risks from global trade tensions. In Canada, the Liberals won the federal election, helped by shifts in voter sentiment following external pressures on trade relations. Political risks weighed on Romania’s domestic bond auctions ahead of this weekend’s election. The US dollar firmed slightly, while the Turkish lira stabilized under tightened domestic liquidity measures.
