From Marc to Market:
The markets have weathered the US tariffs and war in the Middle East. A new disruption has emerged—unwinding tech investment--. The S&P and Nasdaq are poised gap lower and the South Korea’s Kospi dropped 10% today (and is still up nearly 95% for the year). The risk-off has pushed yields lower and the dollar higher.
The euro has been sold to a new low for the year, slightly above $1.1400. The yen is the only G10 currency holding its own today as Japan’s finance minister has played up talks with US Treasury Secretary Bessent, who has been quiet about the exchange rate through the BOJ intervention in April and May. With the BOJ rate hike delivered this month (but not in April), we have suggested Japanese efforts may receive more support from the US (as was the case in January)....
....MUCH MORE
