16/04/2025 Daily Reports
China signaled its willingness to engage in trade discussions with the United States on Wednesday, though it outlined specific conditions for progress. Beijing emphasized the need for greater “respect” from the Trump administration and called for the appointment of a designated negotiator. The remarks come amid escalating concerns over the intensifying trade conflict between the world’s two largest economies.
That same day, ASML unsettled investors by reporting weaker-than-expected orders and stating it is not yet able to fully evaluate the impact of newly imposed U.S. tariffs. One day earlier, Nvidia announced it had been prohibited from selling its H20 chip to China. Together, these developments illustrate the tangible effects of the trade dispute on global technology firms and underscore the broader implications for China’s technological ambitions.
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Gold Hits Record High as Trade Tensions and Economic Fears Deepen
Gold prices surged to a fresh all-time high on Wednesday, driven by a weaker dollar, escalating U.S.-China trade tensions, and growing concerns over global economic growth. Spot gold climbed 1.7% to $3,282.88 per ounce, after touching a session peak of $3,290.10. U.S. gold futures rose 1.8% to $3,299.60.
The dollar index fell 0.5%, boosting gold’s appeal for holders of other currencies. Safe-haven demand intensified after Nvidia announced $5.5 billion in charges due to U.S. export restrictions on its AI chips to China, while Beijing retaliated by suspending new Boeing jet deliveries.
With gold already up more than 25% this year, analysts expect further gains amid rising uncertainty. ANZ raised its year-end gold price forecast to $3,600, citing continued risk-off sentiment. Markets now await U.S. retail sales data for clues on economic momentum and the Federal Reserve’s next move.
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US Retail Sales Roar Ahead of Tariffs but Outlook Dims on Concerns of Inflation and Lower Services Spending
- US sales at stores rose 1.4% in March — the largest in over a year — as consumers rushed to purchase motor vehicles and other imported goods ahead of President Donald Trump’s 25% worldwide auto tariff imposed in April.
- The increase was headed by affluent households, with poor consumers posting poorer discretionary spending, especially on services.
- Even with strong core retail figures, economists warn that overall consumer consumption likely softened in Q1 due to tepid service spending, the backbone of the US economy.
- Consumer confidence is at a three-year low, inflation expectations are at a 1981 high, and widespread federal job reductions are adding to doubt.
The Atlanta Fed now forecast a 0.3% contraction in GDP for the first quarter, down from 2.4% in Q4
