Markets
Market sees less volatility than yesterday as further sell-off is balanced with dip-buyers. A brief escalation to 50% on US imports of Canadian steel was dissipated as Ontario countered with an export tax on electricity. $EUR advanced while $STOXX sank 1.7%. $Gold and $BTC also advanced while $DXY continued to deflate from its January high of 110. Meanwhile, Treasury yields which also saw a decline since January, is bouncing back up on recession concerns.
Headlines
• Ukraine agrees to U.S.-led ceasefire plan if Russia accepts
Marco Rubio: “Today, we made an offer that the Ukrainians have accepted, which is to enter into a ceasefire and into immediate negotiations to end this conflict in a way that’s enduring and sustainable and accounts for their interests, their security, their ability to prosper as a nation,”
• Trump will not impose 50% Canadian steel, aluminum tariffs tomorrow, says top trade advisor
• Ontario’s Ford suspends U.S. electric surcharge after Lutnick agrees to trade talks
The escalation to 50% was short-lived as Ontario retaliated with 25% tax on electricity exports to the US. Both sides stepped down. However, the 25% tariff will still be imposed.
• Stock market today: S&P 500 closes lower as tit-for-tat tariffs stokes uncertainty
• Trump calls Tesla boycott ‘illegal’ and says he’s buying one to support Elon Musk
• Trump Says He Doesn’t See US Recession, Downplays Market Turmoil
• Markets aren’t happy, but US steel and aluminum makers don’t totally hate Trump’s new tariffs
• Solar and storage accounted for 84% of new US power added in 2024, report says
Biden’s IRA incentivized the solar industry, resulting in a 50GW installation in 2024. Capacity factor for solar is 10-25%, wind 25%, hydro 40%, coal 70%, nuclear 80%.
• Argentina pushes new IMF deal toward finish line with decree
The debt that matures in 14.5 years, will be used to pay off Treasury debt.
• US House passes bill to avert government shutdown
• Euro rises with Ukraine optimism while stocks fall on tariff uncertainty
$STOXX -1.7%
