As expected, the trade dispute has not let go of investors in recent days. At the same time, market participants were repeatedly confronted with important economic data on both sides of the Atlantic. The US reporting season, which is picking up speed, has also caused a stir.
DAX
Investors still not letting go of the customs dispute - uncertainties remain
Trump imposed tariffs on almost all countries at the beginning of April. Imports from the EU were subject to tariffs of around 20 percent. Following major turbulence on the stock markets, Trump initially decided to grant a tariff pause for 90 days for many countries, with the exception of China.
All in all, the market should continue to hope for talks and corresponding compromise solutions between the US and important economies such as the EU and China.
ZEW Index falls to lowest level since July 2023 - uncertainty due to customs dispute
However, the ZEW survey for economic expectations fell even more sharply than expected in advance. The tariff dispute initiated by US President Donald Trump has raised doubts in Germany that there will be an upturn. The index in question slumped by 65.6 points to minus 14 units in April. The last time the barometer was lower was in July 2023. Economists had previously expected a decline to plus 9.5 points.
EU inflation falls back to 2.2 percent - Powell sees consequences of tariff dispute "greater than expected"
Meanwhile, consumer prices in the eurozone fell to 2.2% (compared to the same month last year), down from 2.3% in February.
"The tariff increases announced so far are significantly larger than expected, and the same is likely to be true of the economic impact, which will include higher inflation and slower growth," Jerome Powell told the Economic Club in Chicago on Wednesday evening.
ECB cuts interest rates by 25 basis points
As expected, the European Central Bank (ECB) lowered interest rates by a quarter of a percentage point on Thursday. The deposit rate, which is decisive for the financial market, is now at 2.25 percent. This is the seventh time the ECB has cut interest rates since mid-2024.
"The disinflation process is progressing well," said the Governing Council. "Particularly in the current situation, which is characterized by exceptionally high uncertainty, the appropriate monetary policy stance will depend on the data situation and will be determined on a meeting-by-meeting basis."
Dow Jones Industrial Average Index
Source: TradingView
Netlifx with profit and sales above expectations
In the reporting season, the figures from US streaming service provider Netflix stood out on Thursday. In the past quarter, the company achieved a profit and turnover above expectations. The outlook was also optimistic. Revenue amounted to 10.54 billion dollars and earnings per share to 6.61 dollars (estimate: 5.71 dollars). For April to June, Netflix expects sales of 11.04 billion dollars.
Netlifx 
Source: TradingView
