Market Commentary: Thursday 27th February

European equities were down overnight as Nvidia earnings failed to impress and markets attempted to digest Trump’s tariff announcements.

Euro Stoxx 50 fell close to 1% after Trump suggested tariffs of 25% could be imposed on the EU.

Latest research also indicates that China’s tariffs on imports could be more impactful than previous trade data suggested.

The USD broadly strengthened, and Treasuries slipped. Traders are now pricing in two 1/4-point rate cuts by the Fed this year.

In Asia, the yen is still trading around the 149 level, and Hong Kong's stock exchange reported its highest quarterly profit in nearly four years, driven by China’s stimulus measures.

Gold is sitting just below 2,900, while Bitcoin is recovering after bottoming near the 82,000 level. It now sits just above 86,200.

For data releases today, US Prelim GDP, CHF GDP, and Spanish Flash CPI are likely to be the most impactful.