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With no relevant macro data releases, investors struggled to find a direction for their trades on Thursday. Eurozone government bond yields fell, with peripheral spreads widening, as the consumer confidence index came in below expectations and several ECB officials warned of a significant hit to growth from Trump's tariffs.

Investor sentiment soured slightly on Wednesday ahead of today's US Thanksgiving holiday. In the eurozone, government bond yields fell as Germany's GfK consumer confidence index for December fell on fears of job losses; and despite hawkish comments from ECB's Schnabel, who favoured gradual cuts and played down the risks of inflation undershooting 2%.

With US markets closed for the Thanksgiving holiday, European investors remained focused on the French budget impasse. Eurozone bond yields fell and peripheral spreads narrowed yesterday as Barnier's government weighed concessions on limiting electricity tax hikes, as demanded by Le Pen, to avert a no-confidence vote.

Investors traded in a risk-on mood on Friday amid thin trading in the US due to the Thanksgiving holiday. US Treasury yields fell, with market commentators pointing to mild optimism that Trump's tariff plans will be less radical following his selection of Scott Bessent as Treasury Secretary.

Subdued trading on financial markets on Tuesday ahead of today's US CPI report and tomorrow's ECB meeting. Eurozone government bond yields were flat, while US yields edged slightly higher. On the data front, US unit labour costs rose 0.8% in Q3 (below an expected 1.3%), while the NFIB business confidence index rose to its highest level since June 2021.

Unexpectedly strong US employment data released on Friday, posting 256,000 new jobs (165,000 expected) and a decrease in the unemployment rate (from 4.2% to 4.1%) cooled market expectations of interest rate cuts and drove treasury yields higher, especially for the policy-sensitive 2-Year bond.

With no major macro data to trade on, financial markets continued to digest President Trump's first executive orders. Overall, investors were relieved that tariffs were not imposed on the first day, and while Mexico and Canada appear to become the first targets, a more gradual approach towards China and Europe is now expected.

Financial markets were mixed on Friday's session, as inflation data releases were digested by investors. In the US, PCE edged higher to 2.6% yoy in December, from 2.4% in the previous month, but core PCE came at 2.8% as expected. In this context, US sovereign bonds were mostly unchanged as inflation continues to show some persistence in its path to 2%.

Risk-off mode in financial markets during yesterday's session as investors digested the US Administration's announcement on Saturday of 25% tariffs on Canada and Mexico, and 10% on China. Tariffs on Mexico were paused later in the day, adding more uncertainty around US tariffs policy, its duration, and its magnitude.

Sentiment recovered during yesterday’s session, as investors digested the announcement that US tariffs on Mexico and Canada will be delayed for at least one month. Trade war uncertainty, however, concentrated in Asia, as China announced retaliatory tariffs on targeted products coming from the US, to take effect next Monday.

A relative sense of caution prevailed in the US stock market, ahead of corporate earnings and January’s jobs data, while stocks edged up in the eurozone.

In  yesterday's session, markets reacted positively to signs US reciprocal tariffs on its trade partners may be weeks from coming into effect, raising the prospect for negotiations that could make them less punitive.

Markets were mixed during yesterday's session, ahead of macroeconomic data to be released on both sides of the Atlantic today and Friday. In the US, sovereign bond yields fell following news that potential US tariffs on Mexico and Canada, currently on pause, could be reinstated later than originally anticipated.

Generalized risk-off session as trade tensions intensified. Following the new round of US tariffs on Canadian, Mexican, and Chinese imports, China imposed a 10-15% tariff on US agricultural products, Canada announced 25% tariffs on C$30 billion worth of U.S. imports, and Mexico stated it would announce tariffs over the weekend.

In yesterday’s session, investor concerns over the impact of the trade war intensified after Donald Trump announced that all finished automobile imports will be subject to a 25% tariff from next Thursday. Global equity markets recorded losses, with major automakers experiencing significant share drops.

Markets ended the week in a risk-off mode as investors focused on Trump's announcement due on Wednesday of a tariff hike that seeks to match tariffs on US products in other countries.

So-called 'Liberation Day' tariffs announced by the Trump's administration on Wednesday evening had a substantial negative impact on financial markets during yesterday’s session. From a minimum 10% tariff on all countries, up to an accumulated tariff over 50% on China, investors began to price in slower growth as global trade starts to adapt to the tariffs shock.

Financial markets continued on a risk-off mode during Friday's session, as investors tried to assess the potential consequences of China retaliating on US tariffs, enacting duties on all US imports and export controls on rare earths. In this context, US sovereign yields fell, as investors expected the Federal Reserve will cut its intervention rate twice by July.

Yesterday marked the third consecutive session with an intense risk-off mode and high volatility in financial markets amid heightened tariff uncertainty and ongoing fears of a global economic slowdown. In this context, sovereign bond yields increased on both sides of the Atlantic, with euro area peripheral risk premia edging higher.

Global markets endured heightened volatility on Thursday following President Trump's surprise announcement of a 90-day suspension of tariffs for most countries, excluding China. The European Union responded by delaying the implementation of its reciprocal measures.