The last of a series of threats in reverse tariffs of President Trump does not have the expected effect on risk markets at least half of the United States negotiation day on Thursday.
The stock market initially bounced in a very low opening and Bitcoin (BTC) increased through $ 91,000 as Secretary of Commerce Howard Lutnick, in an appearance in CNBC, he said that the president would exempt Mexico from his new 25% tariff for any product or service covered by a previous commercial agreement. The most pleasant position towards the neighbor of the country to the south was later confirmed by a position on Trump’s social networks.
However, positive movements in the markets were short -lived, with the Nasdaq in its low session just after noon in the east cost, 2.3%less. Bitcoin has retired to $ 88,500, almost 1% in the last 24 hours.
This only in: Stagflation
Possibly lost in the endless flow and the flow of news emanating from DC is a strong increase in interest rates throughout the developed world.
With US military support possibly in decline, governments of the entire continent are promising increases in defense spending. Germany, for example, this week saw one of its worst bond accidents, with the 10 -year BUND yield by jumping more than 40 basic points to the current 2.83%.
In Japan, where the yields of the Japanese government (JGB) Bond (JGB) in the long term were little more than a handful of basic points for what seemed decades, the 10 -year JGB yield increased another 6 basic points to 1.51% during the night. That is more than double the level six months ago.
The movements have not been ignored by US markets. The 10 -year treasure yield, which had previously decreased around 70 basic points since the inauguration of Trump, has increased more than 20 basic points in the last 48 hours to 4.30%.
“The recent movement in the yields of the global bonds has put me on a maximum alert,” said Quinn Thompson of Lekker Capital. Particularly worrying for Thompson is that the yields are increasing as growth slows down.
“We are witnessing the exact definition of stagflation that historically has not treated the risk assets well,” he continued.
On Friday, it brings the latest US job figures.
The great profits in interest rates generate renewed importance for the February non -agricultural payroll report that will be published on Friday morning.
Economists expect payrols to have 160,000 versus 143,000 in January. The unemployment rate is being stable at 4%. A solid impression, and employment reports have tended to run ahead of expectations for many months, could send even higher rates, and risk markets, cryptography between them, in a new leg down.
