Market Commentary: Tuesday 1st April

Global stocks are anticipating tomorrow’s Liberation Day, with some initial downward pressure yesterday that later reversed toward the close. Asian stocks have rebounded today. We have the "when" — 3 p.m. tomorrow — but the extent of the announcement remains unclear, so we await the fallout.

US stocks closed the quarter significantly in the red yesterday. The S&P 500 finished down 4.6%, marking its worst quarter in three years, while the Nasdaq 100 was down 8.3%. US performance against the rest of the world was particularly poor, posting 9% underperformance — its worst relative performance since 2009.

The RBA held rates at 4.1%, as expected, and signaled that it wants more evidence inflation will move sustainably back to target before considering any easing. The AUD traded slightly higher in the aftermath.

Food prices in the UK are rising again, hitting a nine-month high of 2.4% YoY, adding further pressure on the Labour government and its promises to lift living standards.

A flurry of European PMI data is due today, and then all eyes will be on any Liberation Day clues this afternoon.

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