Highs and lows

Bond yields were up some 5 basis points globally whilst the euro made a slight reversal after having pushed for a near high of 1.15 as the ECB concluded its press conference. From a ‘low’ inspired by 50% tariffs on US steel and aluminium imports going ‘live’ earlier this week and growing concerns about the US economy and the labor market, sentiment in financial markets briefly swung back to a ‘high’ as President Donald Trump said he had a “very good phone call” with Chinese President Xi Jinping. That is, before the falling-out between Trump and Musk reached a boiling point on social media.