In today’s briefing:
- HEW: Yikes, At Tonto Tariff Hikes
- Cambodia Reaps Impressive Rubber Export Returns In 2025 Start
- [ETP 2025/14] WTI Plummets on Tariffs and OPEC Output Hike, Henry Hub Supported by Cooler Weather
- From Liberation to Obliteration – THE POINT OF NO RETURN
- Market Movers: Key Dates at a Glance (7 – 13 April)
HEW: Yikes, At Tonto Tariff Hikes
- Severe global tariff increases have significantly impacted market sentiment, leading to lower equity prices and rate expectations. The market’s eagerness to discount ongoing US labour market resilience is considered excessive.
- The new tariff rates are set to take effect in the coming week. Any further trade conflicts could be the main macro news.
- US inflation, UK GDP, and the RBNZ are the conventional highlights, but these data may be disregarded as old news.
Cambodia Reaps Impressive Rubber Export Returns In 2025 Start
- Jan-Feb 2025 returns from rubber exports up 24% year-on-year
- Cambodia focusing on high-yielding CRRI 12 and CRRI 19 clones
- ANRPC economist says strengthening processing sector key
[ETP 2025/14] WTI Plummets on Tariffs and OPEC Output Hike, Henry Hub Supported by Cooler Weather
- For the week ending 28/Mar, U.S. crude inventories rose by 6.2m barrels (vs. expectations of 0.2k fall), and gasoline stockpiles fell less than expected.
- US natural gas inventories rose by 29 Bcf for the week ending 28/Mar, exceeding analyst expectations of a 27 Bcf build. Inventories are 4.3% below the 5-year seasonal average.
- Chevron sold its Texas gas assets for USD 525 million, while Exxon, Occidental, Schlumberger, and Aramco had their price targets cut.
From Liberation to Obliteration – THE POINT OF NO RETURN
- The S&P is declining toward its initial support level of 4800 – 5000. The dollar continues to decline defying its normal status as a safe haven.
- The high co-dependence of the US economy and stock market ensures that an economic recession follows the market decline.
- As tariff negotiations with individual countries begin, there will be continued headline risk and volatility. However, the bear market has reached the point of no return for the foreseeable future.
Market Movers: Key Dates at a Glance (7 – 13 April)
- India: RBI rate decision on 9 April, 0.25% cut expected.
- CPI Release: Several economies release CPI data next week, while central banks update their forecasts and scenarios with the recently released US tariffs.
- Monthly Option Expiries: in India (BSE Stock options), Japan (Nikkei, Topix, Stocks), and South Korea (Kospi 200). The BSE moved the expiry one day forward due to a holiday.
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