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Equities came under pressure again yesterday but managed to recover as Trump announced delays to tariffs in the afternoon. Positive sentiment has continued this morning, particularly for Asian stocks—the Hang Seng China Enterprises Index jumped 3.3%, buoyed by the tariff delays and investors’ expectations of more supportive measures from the Chinese government as the 5% target for expansion remains in place.

Equities continued their jitters yesterday on the US open, but there was some light at the end of the tunnel, with Lutnick hinting that some tariffs may be walked back—signalling hopes that Trump’s aggressive narrative is more of a negotiation tactic for a quicker resolution rather than an escalating tariff retaliation.

Markets continue to show uncertainty, with the VIX ticking higher and equities in defence mode. Headlines are once again dominated by Trump tariffs, as tariffs on China, Mexico, and Canada all went into effect at midnight in New York.