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“Quite the rollercoaster re US tariffs over the past 10 days. Among EU countries, by far the most affected is Slovakia due to its high share of car exports. But should 25% tariffs on pharma materialize (pre-announced already), then Ireland will shoot up from being the least affected to the most affected.”
Kral also noted that Germany and Italy have sizeable exposures but Germany has a much higher concentration in sensitive sectors, including energy, pharma & organic chemicals, steel, and vehicles & parts.
US Markets Advance on Tariff Relief
US equity markets started the week on a positive footing, with investors reacting to the temporary US tariff exemptions on selected electronic goods. The Dow and the S&P 500 climbed 0.78% and 0.79%, respectively, on April 14, while the Nasdaq Composite Index rose 0.64%.
Apple Inc. (AAPL) rallied 2.15%, while Tesla (TSLA) gained just 0.02%.
NY Empire State Manufacturing in Focus
Later in the US session on April 15, the NY Empire State Manufacturing Index will give insights into the demand environment. Economists forecast the Index to rise from -20 in March to -12.4 in April.
A better-than-expected reading could ease fears of a tariff-induced drop in demand, boosting demand for risk assets. Conversely, an unexpected fall could fuel recession fears, potentially weighing on DAX-listed stocks.
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