Japan, US finance chiefs meet for talks on currency rates.Japanese and U.S. finance chiefs meet on Thursday for high-stakes talks on exchange rates that have drawn market attention as a venue where Washington could pressure Tokyo to prop up the yen and help it reduce the huge U.S. trade deficit.

Crude oil futures settled $62.79.Crude oil futures settled at $62.79 on the day, gaining $0.52 or 0.84%. The modest rise reflects a market still searching for direction, as traders weigh near-term supply dynamics and broader macroeconomic uncertainty.

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground But Traders Stay Cautious.Oil prices attempt to rebound after yesterday's sell-off.

US stocks rallied on Thursday, poised for a third straight day of gains, led by megacap tech as investors weighed mixed signals mixed signals from the Trump administration on tariffs and trade negotiations with China. The S&P 500 rose 1.8%, the Nasdaq 100 jumped 2.4%, and the Dow added 300 points. Also, optimism grew on expectations of a Federal Reserve rate cut, after Cleveland Fed President Hammack signaled a potential move in June if economic data justifies it. However, conflicting messages on trade policy kept markets cautious—President Trump suggested easing tariffs while Chinese officials denied any ongoing negotiations and demanded the removal of all unilateral tariffs. Nvidia, Meta, Amazon, Tesla, and Microsoft shares each traded 2% higher. Meanwhile, investors braced for upcoming earnings from Alphabet and Intel, looking for signs of how the trade war might affect major corporations. IBM slumped 7% after missing results, while P&G dropped by 4% after lowering its guidance.

US Dollar slips as recession fears and tariff confusion weigh on sentiment.The US Dollar (USD) retreats on Thursday as a cocktail of mixed economic data, dovish Federal Reserve (Fed) signals, and murky US-China tariff messaging unsettles market sentiment. After testing highs near 100.00 early in the day, the US Dollar Index (DXY) reversed course and was last seen drifting around 99.41, down 0.37%.

Canadian finance minister Champagne:G7 are united, but tensions remain around tariffs.The Canadian finance minister Champagne is speaking and says: G7 are united but tensions remain around tariffs. Canadian leadership is needed to maintain unity of G7 We need to fight against the US tariffs which are still affecting a large portion of Canadian goods.

Wind Energy Index increased to a 4-week high of 15.61 USD. Over the past 4 weeks, Wind Energy Index lost 0.06%, and in the last 12 months, it increased 3.38%.

United States 7-Year Note Auction down to 4.123% from previous 4.233%.United States 7-Year Note Auction down to 4.123% from previous 4.233%

US President Trump confirms early meeting with China.On Thursday, United States (US) President Donald Trump confirmed that a meeting with Chinese officials took place earlier that morning. He made the remarks during a press conference alongside Norwegian Prime Minister Jonas Gahr Støre, where he addressed several key international issues.

Frankfurt's DAX reversed early losses to close about 0.5% up at 22,065 on Thursday, marking the third session of advances, in line with its European peers. Investors remained focused on developments in US-China trade relations, while also weighing fresh earnings reports. Adidas gained 2.5% after delivering better-than-expected sales and profit for the first quarter. Infineon Technologies, Siemens AG and Siemens Energy were among the top performers, tracking gains in their US counterparts. Meanwhile, the German government cut its 2025 growth forecast, now projecting stagnation instead of a 0.3% expansion, citing ongoing global uncertainty driven by trade tensions.

European stocks erased early losses and closed higher on Thursday to record three straight days of gains, benefitting from a positive session in Wall Street as investors continued to assess the European corporate outlook amid potential trade restrictions by the US. The Eurozone's STOXX 5o added 0.3% to close at 5,115 and the pan-European STOXX advanced 0.5% to close at 519. Rhetoric from White House officials continued to suggest that President Trump is more open to striking a trade deal with China and avoiding a full-blown trade war with China, adding some traction for risk-on assets across the globe. Selected stocks in the chip sector advanced sharply, with ASML and Infineon jumping 2% and 8%, respectively. Chemicals and energy producers also gained, with Eni and Air Liquide both adding more than 2%. In turn, Adidas gained 2.5% after the company said profits were stronger than expected in Q1.

In Milan, the FTSE MIB Index went up by 351 points or 0.96 percent on Thursday. Top gainers were STMicroelectronics (5.57%), Saipem (4.17%) and Prysmian (3.40%). Biggest losses came from Finecobank (-0.95%), Moncler (-0.94%) and UniCredit (-0.63%).

Canada PM Carney: We decide what happens here.Yesterday, Citadel CEO Ken Griffin has publicly criticized President Trump's tariff policies, asserting that they are eroding the global perception of the United States. Griffin emphasized that the U.S. has historically been seen as more than just a nation—it has been a universal brand symbolizing culture, financial strength, and military power.

The average rate on a 30-year fixed mortgage backed by Freddie Mac eased to 6.81% on April 24th, down slightly from 6.83% the previous week, which marked a two-month high. “The average mortgage rate decreased slightly this week. Over the last couple of months, the 30-year fixed-rate mortgage has fluctuated less than 20 basis points, and this stability continues to bode well for buyers and sellers alike,” said Sam Khater, Chief Economist at Freddie Mac.

The UK's FTSE 100 pared early losses to close marginally higher at 8,407 on Thursday, as traders weighed lingering trade uncertainty and mixed corporate earnings. Sentiment remained cautious amid the Trump administration’s inconsistent tariff signals. On the corporate front, Weir Group (+4.5%) and wealth manager St James's Place (+2.2%) were among the top performers following upbeat trading updates. Miners Anglo American and Fresnillo, US-focused Ashtead, and chemicals group Croda International also posted strong gains. In contrast, banking heavyweights NatWest and Barclays came under pressure, falling 1.6% and 1.4%, respectively.Legal & General and Hiscox also declined after going ex-dividend, while Bunzl retreated as investors continued to assess potential tariff impacts on the distribution sector.

The CAC 40 rebounded from early losses to close 0.3% higher at 7,503 on Thursday, marking a third consecutive session of gains as investors digested a flurry of corporate earnings while contending with persistent U.S.–China trade uncertainty. Luxury heavyweights LVMH, Hermès, and L'Oréal led the rally with gains between 1.2% and 1.7%, joined by standout performances from STMicroelectronics (+5.3%), Renault (+4.4%), Bureau Veritas (+3.8%), Stellantis (+2.3%), and Air Liquide (+2.2%). However, the broader earnings picture was mixed. Dassault Systèmes sank 5.1% to a two-week low after posting weaker-than-expected Q1 revenue growth, while Thales fell 3.8% on a sharper-than-forecast decline in quarterly orders. BNP Paribas also retreated 2.2%, despite strong investment banking revenue, as its Q1 net profit met expectations for a decline. Adding to the cautious mood, U.S. Treasury Secretary Scott Bessent warned that a swift resolution to the U.S.–China trade dispute remains unlikely.

US posts notice on some China tariff levels.With blanket tariffs of 145% on all China imports, if it were to persist, it would be a very bleak Christmas season especially for the less fortunate. The report does not put a tariff level on the low value imports, or it applies to.

Canola increased to a 16-month high of 683.90 CAD/T. Over the past 4 weeks, Canola gained 17.84%, and in the last 12 months, it increased 9.62%.

The Mexican peso strengthened past 19.6 per USD in late April, marking its highest level in over six months, buoyed by broad-based U.S. dollar weakness and expectations of a persistently hawkish stance from the Bank of Mexico. Mid-April data showed core inflation accelerating to 3.9% annually—the highest since September 2024—reinforcing the case for keeping Banxico’s benchmark rate at a restrictive 11%. Mexico’s wide real rate differential continues to attract robust carry-trade inflows, while reassurance from a “very productive” call between Presidents Trump and Sheinbaum eased concerns over potential U.S. tariffs on steel, autos, and tomatoes. Additionally, steady oil export revenues continue to support Mexico’s external accounts. Meanwhile, the weakening dollar reflects growing doubts over a swift resolution to U.S.–China trade tensions, prompting investors to reevaluate the appeal of U.S. financial assets.

Bank of England's Bailey says he is focused on the growth hit from tariffs.Bank of England Governor Andrew Bailey said on Thursday he was focused on the shock to economic growth that is likely to be felt from U.S. President Donald Trump's import tariffs and retaliatory measures taken by other countries.

ECB: Considering faster response to price shocks.Bloomberg News reported on Thursday that the European Central Bank (ECB) is preparing to revise its monetary-policy framework to allow for more agile responses to price shocks amid mounting global volatility.

The Kansas City Fed’s Manufacturing Production Index fell to -5 in April 2025 from 1 in the previous month. Still, the survey revealed that Tenth District manufacturing activity declined modestly, and expectations for future activity cooled but remained expansionary. Production and employment continued to decline, and nearly half of firms reported tighter profit margins in the past 12 months. The nondurable manufacturing sector continued to drive the declines, particularly food, paper, and printing manufacturing. Most month-over-month indexes were negative, but a few improved from last month’s readings. Production declined this month following moderate increases recently, and the number of employees and volume of shipments declined modestly in April, while the average employee workweek decreased, reversing last month’s gain. The volume of new orders and new orders for exports declined in April, though the pace of contraction in new orders eased compared to March.

Platinum futures were above $960 per ounce in April, the highest since the start of the month to extend the rebound from the one-year low of $894 from April 8th, as expectations of softer tariffs by the US Presidential administration supported expectations on demand for platinum's industrial uses. US President Trump announced that his reciprocal tariff package was delayed by 90 days, trimming the selloff in industrial metals as the possibility of trade deals between the US and major trading partners would keep manufacturing demand robust. This was magnified by new reports that Trump may exclude carmakers from the latest levies, which especially supports platinum due to its key role in catalytic converts. Still, gains were capped the decreasing share of combustion engines in global car sales, with the latest data showing that Chinese ICE sales were only have of total auto demand for February, compared to nearly 70% in the corresponding period of last year.

Kansas City Fed manufacturing index for April -5 versus 1 last month.Prior month manufacturing index 1.0 Manufacturing index for April. -5 versus 1.0 last month Composite index for April -4 versus -2 last month the manufacturing index had a low -13 in February.

Retail sales in Argentina rose 80.7% year-on-year at current prices in February 2025, though this marked a slowdown from the 109.8% growth recorded in January, as the country continues to feel the effects of high but gradually easing inflation. Some retail sectors showed modest increases, including electronics and computers (151.8% vs. 164.4% in January) and pharmacies and perfumes (83.1% vs. 95.47%). In addition, leisure and recreation (86% vs. 149.3%), bookstores and stationery (61.9% vs. 92.78%), food courts and restaurants (81.2% vs. 114.4%), clothing, footwear and leather goods (67.1% vs. 98.9%) and toys (84.2% vs. 140.7%) also demonstrated slower growth rates. When adjusted to constant prices, retail sales increased 15% year-on-year, decelerating from the 24.3% increase in January.

United States Kansas Fed Manufacturing Activity down to -5 in April from previous 1.United States Kansas Fed Manufacturing Activity down to -5 in April from previous 1

US natural gas futures fell further to $2.9/MMBtu, the lowest in five months, and tracking the decline gas prices in major hubs across Europe and Asia amid ample supply and uncertain demand due to macroeconomic headwinds. New data showed that domestic gas production in the Lower 48 states rose to 106.6 billion cubic feet per day so far in April, a record high. This coincided with warmer-than-usual temperatures in the period that are expected to remain until early May, reducing demand for gas-intensive heating as northern states transition away from the winter season. Consequently, the latest data from the EIA showed that gas storages rose by 88bcf last week, above expectations of 65bcf, to mark the sharpest increase in the building season so far. In the meantime, macroeconomic headwinds in China due to the ongoing trade war with the US drove imports of LNG to plunge by 20% from the previous month, and lower coal prices drove India to pare LNG consumption.

US Dollar Forecast: DXY Finds Floor at 99.10 Pivot, Faces Headwinds from Fed and Tariffs.US Dollar Index holds above 99.10 pivot as trade and Fed uncertainty cap gains. Strong data fails to shift sentiment, keeping DXY rangebound.

Trump: Boeing should default on China for not taking delivery of planes.Boeing has said that they could hand over some of aircraft to other carriers, but at the end of the day, the tariff action is causing disruptions for businesses.

US utilities added 88 billion cubic feet of gas to storage during the week ending April 18th to 1.934 trillion cubic feet, firmly above market expectations of 65 bcf to mark the sharpest build in nearly one year. The increase in stocks was in line with other reports that record-high gas production in the country coincided with a warmer front in the transition out of the northern winter. Despite the build, stocks still remain 19.8% comparable levels from the previous year and 2.2% below the moving five-year average. Stocks rose the most in the South Central region (+47 bcf) and the Midwest (+23 bcf).