The stock market experienced slight declines as participants looked for direction with the looming 'Liberation Day' on April 2nd. Major indices in the US and Europe reacted negatively to Trump's auto tariff announcement, creating uncertainty. As traders remained cautious ahead of critical economic reports, the FX market showed mixed volatility with minor USD weakness. Gold prices reached record highs driven by shelter demand and central bank purchases, while the yield on 2-year Treasury bonds dropped slightly, reinforcing a preference for bonds under current market conditions.
Stocks lowered slightly as markets lacked clear direction; the fallout from Trump's auto tariff announcement affected EU equities and Wall Street saw marginal declines.
Participants are hesitant to take on risks as the looming April 2nd tariff deadline and upcoming jobs report weigh on sentiment, creating market caution.
Gold retains its allure as it reaches record highs, driven by haven demand and diversification efforts from emerging market central banks, showcasing bullish momentum.
The Treasury market advanced with decreasing yields, particularly in the 2-year segment, indicating a preference for long bonds amidst uncertain market conditions.
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