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U.S.-China Trade War Shows No Sign of Abating; Risk-Off Trade Resumes
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U.S.-China Trade War Shows No Sign of Abating; Risk-Off Trade Resumes

Equity futures are in the red as "risk-off" mode resumes

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David Rosenberg
Apr 16, 2025
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Early Morning with Dave
Early Morning with Dave
U.S.-China Trade War Shows No Sign of Abating; Risk-Off Trade Resumes
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Highlights

• Equity futures are in the red as "risk-off" mode resumes

• Chinese stocks pull ahead on strong macro data

• Soft U.K. Inflation print leads a rally in global bonds

• Finding value in defensive names amidst market volatility

Key Takeaways

• Big Data Day with Retail, BoC, Powell: This is a big day with March retail sales and industrial production, the Bank of Canada meeting (17 of 30 BoC watchers see no move this close to the federal election) and then Jay Powell’s speech at 1:30 p.m. (ET) at the Economic Club of Chicago.

• Death Cross Hits the S&P 500: Yesterday’s action foreshadowed what we are seeing unfold this morning — the Dow gave back earlier gains and closed lower by nearly -0.4% (despite the positive tone to bank earnings — though mostly on “low multiple” trading revenues), while the S&P 500 saw its 50-day moving average pass below its 200-day moving average in what is known as a “death cross” — a definitive sign of market weakness.

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