The Overnight News Roundup - April 30

Apr 30, 2025

PiQ and Zack Eiseman provide you with a consolidated roundup of the overnight news that matters most to markets.

🤝 PiQ is Proudly Partnered with Pepperstone - A Better Way To Trade - FIND OUT MORE

Visit PiQ Suite

TRADE:

Trump said on ABC China deserved the steep tariffs he imposed on their exports and predicted Beijing could find a way to reduce their impact on American consumers. “You don’t know whether or not China’s going to eat it. China probably will eat those tariffs,” Trump said. (ABC)
Trump’s top economic adviser Stephen Miran struggled to reassure leading bond investors in a meeting last week, some found the meeting counter-productive, describing the comments around tariffs and markets "incoherent". Miran also stated the primary aim of tariffs was not to generate revenue, though additional revenue could be a benefit. (FT)
Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday with a mix of credits and relief from other levies on materials. (RTRS)
China has created a list of U.S.-made products that would be exempted from its 125% tariffs and is quietly notifying companies about the policy, according to Reuters sources. The reporting of exemptions began last week but the list had not previously been reported. (RTRS)
The European Commission is moving ahead with planning retaliatory tariffs in case trade talks with the US break down. (FT)
Japan's top trade negotiator Akazawa said on Wednesday that he aims for steady progress in tariff negotiations with the U.S. as losses at the country's automakers from the tariffs constantly increase. (RTRS)
Trump has flagged the possibility of another call with Australia’s prime minister to discuss tariffs he imposed on the longtime American ally. (BBG)
China's used cooking oil (UCO) exports to the US, its largest buyer, are set to plunge in coming months due to steep tariffs, forcing sellers to divert shipments to Europe and elsewhere, industry players said. (RTRS)

MACRO:

Trump touted what he called a series of major economic wins and forcefully attacked Democrats during a rally in Michigan on Tuesday mean to commemorate his first 100 days in office. (RTRS)
At least one big option trader has dialed up an $18 million bet that the Federal Reserve will avoid cutting interest rates any time this year. (BBG)
A new wave of major U.S. and European companies, including General Motors, JetBlue, Snap and Volvo, are warning that the trade war’s unknowable course and consequences make it futile to forecast future performance. (WSJ)
China's factory activity contracted at the fastest pace in 16 months in April, the NBS factory survey showed, keeping alive calls for further stimulus as Trump's "Liberation Day" package of tariffs snapped two months of recovery. The separate Caixin mfg. private sector survey also released showed a sharp fall in new export orders and overall factory activity slowing. (RTRS)
China is yet to announce regular statistics on trade flows for last week, delaying a closely watched data set as firms cut back on exports to the US. (BBG)
Inflows into gold exchange traded funds in China total 70 tonnes — or about $7.4bn — so far this month, more than double the previous monthly record, according to the World Gold Council, an industry body.
Chinese sovereign investor China Investment Corporation is selling about $1 billion of its US private equity investment portfolio in the secondary market. (RTRS)
Chinese travelers are expected to fork out a record $968 billion on mainland trips this year, making domestic tourism a bright spot amid concerns about lackluster consumer spending, the World Travel and Tourism Council said in a forecast. (BBG)
China's top legislature passed the Private Economy Promotion Law on Wednesday to help shore up the private sector amid trade tensions with the United States. (Xinhua)
Japan's factory output fell more than expected in March, dragged down by its key motor vehicles industry, as Trump's tariff policies rattle manufacturers and a whole host of industries globally. (RTRS)
Japan’s atomic watchdog cleared the first nuclear restart since 2021, a shot in the arm for the government’s effort to increase power generation from the energy source and reduce dependence on fossil fuels. (BBG)
The French economy recovered only weakly at the start of a year that promises further pressure from trade tariffs. (WSJ)
JPMorgan CEO Jamie Dimon, after meeting UK Chancellor Reeves, said the UK government’s economic reforms were making Britain a better place to invest. (FT)
Despite the headline figures coming in higher than expected, core inflation in Australia slowed to a three-year low in the first quarter as costs in the services sector cooled markedly, supporting the case for another cut in rates in the coming weeks. (RTRS)
New Zealand's business confidence slumped in April with most forward-looking activity indicators weighed down by concerns Trump's tariff plans will impact economic growth, an ANZ Bank survey showed. (RTRS)
Commodity traders, insurers and shipping groups are among western companies approaching lawyers for advice on how to restart trading with Russia, in preparation for a potential lifting of US sanctions on Moscow. (FT)
Hungary’s economy unexpectedly contracted in the first quarter due to an industry slump, highlighting the country’s trade exposure even before US President Donald Trump embarked on a global tariff war. (BBG)
Chile’s central bank kept its interest rate unchanged for the third meeting, citing the global turmoil triggered by Trump’s trade tariffs and elevated inflation that is expected to slow to target. (BBG)
Investors have been piling into emerging market bonds as Treasurys’ long-held reputation as a safe haven took a beating following U.S. President Donald Trump’s “reciprocal” tariffs. (CNBC)
Veteran emerging-markets investor Mark Mobius is keeping the bulk of his funds’ holdings in cash as he waits out the trade-related uncertainty, which is likely to persist for up to six months. (BBG)
German retail sales fell and import prices rose in March, according to data published on Wednesday, pointing to higher inflation ahead and persistently weak consumption.

Visit PiQ Suite

🤝 PiQ is Proudly Partnered with Pepperstone - A Better Way To Trade - FIND OUT MORE

GEOPOLITICS:

Philippines, New Zealand strengthen defence ties with troop pact. (RTRS)
Swarms of Russian drones attacked the Ukrainian cities of Kharkiv and Dnipro late on Tuesday, killing at least one person and injuring at least 46, officials said. (RTS)
About 600 North Korean troops have been killed fighting for Russia against Ukraine out of a total deployment of 15,000, South Korean lawmakers said on Wednesday. (RTRS)

EQUITIES:

Super Micro Computer’s preliminary third-quarter earnings came in well below its previously-issued guidance, dragged down by some customers delaying orders of new servers and computer products. (WSJ)
Huawei has started the delivery of its advanced AI chip “cluster” to Chinese clients who are increasing orders after being cut off from Nvidia’s semiconductors because of Washington’s export restrictions. (FT)
Visa posted higher revenue in the fiscal second quarter as consumer spending held up amid rising macroeconomic uncertainty. (WSJ)
Starbucks faces challenges in reviving its business, CEO Brian Niccol said, after the coffee giant posted disappointing global comparable sales and profit with inflation and economic uncertainty driving up costs and dampening U.S. demand. (RTRS)
Snap Inc. narrowly beat analysts’ estimates for first-quarter revenue but declined to issue a sales forecast for the current period, saying it’s navigating macroeconomic “headwinds” for its advertising business. (BBG)
Mondelez posted slower-than-expected sales growth as worries about inflation and the economy push US consumers to prioritize essentials over cookies, crackers and sweets. (BBG)
Booking Holdings beat analysts' expectations for first-quarter profit and revenue, as sustained demand for international travel helped the company offset weakness in the U.S. amid fears of a recession. Co. tweaked lower guidance, however. (RTRS/BBG)
PPG Industries beats quarterly profit estimates on performance coatings demand. (RTRS)
Seagate forecasts robust Q4 on steady demand for mass capacity storage. (RTRS)
First Solar Inc. shares fell as much as 13% after hours after the company cut earnings guidance for this year due to tariffs imposed by the Trump administration. (BBG)
Apple Inc. is shuffling the management of its global affairs and music divisions in separate moves, extending a series of recent changes at the iPhone maker. (BBG)
Toyota Motor and Alphabet Inc.’s Waymo will explore collaboration on autonomous-driving technology. (BBG)
TSMC has begun construction on a third chip plant in Arizona, ramping up its US expansion as the Trump administration threatens further tariffs to spur American manufacturing. (BBG)
Samsung Electronics’ first-quarter net profit was stronger than expected, as solid gains in its smartphone segment offset weak earnings at its core semiconductor business, which was hurt by U.S. restrictions on exports to China. (WSJ)
Xiaomi Corp. unveiled its own open-source AI model, joining the growing ranks of Chinese tech leaders hoping to make a splash in a burgeoning field endorsed by Beijing. (BBG)
Volkswagen reported a substantial drop in first-quarter profit. Expects guidance at the lower end of given ranges. (Newsquawk)
Mercedes-Benz reported lower profitability in its cars business in the first quarter and warned that tariffs could impact its full-year earnings, as trade tensions forced the luxury carmaker to scrap its outlook. (RTRS)
Siltronic cut its annual core profit margin forecast on expected negative price effects outside of long-term agreements, but confirmed full-year sales guidance, saying it's not yet possible to estimate the impact of U.S. tariffs. (RTRS)
German logistics group DHL posts higher earnings in Q1 but cautious on trade. (RTRS)
Stellantis suspends full-year forecasts due to U.S. tariff uncertainties and said it may reassess capital spending plans. (RTRS)
TotalEnergies SE said it would maintain returns to investors as its strong balance sheet helps it withstand a bigger-than-expected drop in profit due to weak refining and lower oil prices. (BBG)
Societe Generale SA beat analysts’ estimates for profit and revenue in the first quarter as it benefited from a surge in equities trading and booked a gain on disposals. (BBG)
Credit Agricole reported a dip in its first quarter profit due to an exceptional tax impact despite logging higher revenues for the period. (WSJ)
Remy Cointreau Suffers Sales Drop Due to China Trade Tariffs. (BBG)
Barclays reported its first quarter profit rose a better than expected 19% on Wednesday, as frenzied trading activity in the first three months of the year boosted investment banking revenue and dealmaking fees. (RTRS)
Glencore Plc expects commodity marketing profits to fall again this year, as the volatility that its traders thrive on continues to fade. Said that opportunities in its marketing business may arise in the coming months due to trade flow re-orientation. (BBG)
GSK posted higher profit as its cancer treatments lifted sales ahead of analysts’ expectations, offsetting lower vaccine sales on weak demand in the U.S. (WSJ)
Prudential reported a 12% rise in new business profit for the first quarter, as the Asia-focused insurer benefitted from strong performance in its Hong Kong and China segments. (RTRS)
Aston Martin said it was limiting exports to the US to offset impact from Trump's tariffs, and reported a narrower-than-expected first-quarter loss on lower expenses and higher average prices. (RTRS)
Aberdeen Group Plc’s assets shrunk by £11.3 billion in the first quarter as a volatile market and outflows combined to dent performance. (BBG)
UBS Group reported a first-quarter net profit that was lower than in the year-earlier period but higher than what analysts had forecast, as the bank warned that the economic path forward is particularly unpredictable. (WSJ)
ArcelorMittal SA said US tariffs and European support for local steelmakers are boosting prices, but warned of potential disruptions from global trade uncertainty. (BBG)
Equinor weighs suing Trump administration over ‘unlawful’ halt to wind farm project. (FT)
Banco Santander SA posted first-quarter profit that exceeded expectations, saying its fee income hit a record. (BBG)
Hong Kong’s stock exchange churned out a record profit last quarter and beat estimates, as the bourse rode a trading boom spurred by global market volatility and a spate of local listings. (BBG)
CATL plans to launch its Hong Kong listing during the week of May 12, in what is set to be the city's largest share sale in four years. (RTRS)
Shares of Chinese smart-device manufacturers rose after President Xi Jinping visited an artificial-intelligence innovation center in Shanghai. (BBG)
Nomura Holdings Inc. posted a smaller loss at its joint venture in China last year, as the brokerage seeks to turn around the business in the face of slowing growth and trade tensions. (BBG)
Shares of Japanese marine transport firms plunged after Mitsui OSK Lines’ earnings forecast missed market estimates, fueling concerns about the impact of tariffs on the shipping industry. (BBG)
LG Energy Cuts Spending on Grim Outlook, Despite Profit Jump. Growing trade tensions and weakening electric vehicle demand continue to cloud the outlook. (BBG)