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FTSE is inches higher ahead of UK banks’ earnings this week. EUR/USD falls away from its 3-year high ahead of a busy week.

The ‘Black Monday’ calls were only a few weeks ago but bulls have since made a strong move off the April lows.

A day after we saw the unwinding of “Sell America” trade, index futures were back down as a rally in global equities lost momentum. Once again, optimism over a swift resolution to the US-China trade spat was dealt a blow.

U.S. equities put in a historic performance on the back of yesterday’s 90-day delay in tariff implementation, with stocks showing the strongest rallies since the bottom of the Covid sell-off.

Markets are catching their breath after Wednesday’s dramatic rebound, but Thursday’s early action suggests the euphoria was short-lived. At the time of writing in mid-day London trade, Nasdaq 100 futures were down nearly 2.5%, with similar performance observed across global indices.

President Trump made an unexpected reversal on Wednesday by temporarily lowering tariffs on many of the countries he had just imposed them on. Risk surged, seeing the Nasdaq achieve its fourth best day in history and AUD/USD marked its best day in 15 years.

A flurry of contradictory tariff headlines and a close-door Fed meeting made for another lively start to the week, but there are tentative signs of stability (at least by recent standards) on AUD/JPY and Wall Street indices.

Once again stocks gapped down, but this time, a rally ensued even with a tariff pause headline being walked back by the Trump administration.

USD/JPY slumps as trade fears escalate. FTSE 100 plunges in worst day since the pandemic.

The Nasdaq 100 remains under important selling pressure, with losses exceeding 6% over the past five sessions. The bearish bias has intensified following the so-called “Liberation Day” led by President Donald Trump.

EUR/USD falls ahead of inflation data, Trump’s tariffs. FTSE rises after gaining 5% in Q1.