Bo Zhuang: China expected to continue its non-tariff retaliatory measures, such as imposing tariffs on rare earth minerals. Additionally, there is a possibility that China may begin to actively use its anti-monopoly laws to effectively undermine the business operations of US companies in China.

China's Xi: Stands ready to work with European Council, European Commission to deepen strategic communication, enhance understanding and mutual trust, properly handle frictions and differences

Goldman Sachs strategist Peter Oppenheimer: recent sharp equity market rebound is characteristic of bear market rallies. No strong long-term bullish or bearish conviction among investors, uncertainty remains the key market driver

🚨EU warns 97% of its US exports at risk as Trump tariff probe escalates to €549B. The US is considering imposing tariffs on lumber, pharmaceuticals, semiconductors, critical minerals, and trucks, potentially affecting an additional €170 billion in EU exports, roughly 97% of the bloc’s total exports to the US.

EU's Sefcovic: The US tariffs are unfair. [trade war escalation = bullish crypto]

🚨China to hold press conference with officials from Central Bank, Securities Regulator and Financial Regulator on Wednesday, 9AM local time. This press conference will be on financial policy package to stabilise market and expectations - China's State Council Information Office

PBOC conducted RMB 905 million ($125m) in SLF operations in April. Outstanding Pledged Supplementary Lending Facility at RMB2,063.9 bln ($284.7bn) at end-April

Spot gold ripping for second consecutive day, up 1%

Reuters Poll: 46 of 83 FX strategists said they were concerned about U.S. Dollar's Safe Haven Status (vs 19 of 51 in April poll)

BoA: Our economists see a 35% chance of US recession.

JPM trading desk: We think 6k (for SP500) is more likely than 5k as markets overshoot with earnings season stronger than expected. While there is a critical mass of clients unlikely to chase this rally, we may see buybacks, CTAs, and retail investors push the market higher.

🚨U.S. STOCKS EXTEND FALL, DOW JONES DOWN 1%

Duality Research: Our risk-on/risk-off indicator flipped back to green after over a month in the red

Goldman: CTAs (trend following funds) projected to buy stocks in every scenario over the next week and month

Rumor: TSMC has asked suppliers to submit cost-reduction plans, with potential cuts of up to 30% amid the sharp appreciation of the Taiwanese dollar

US Treasury Secretary Bessent: Trump's economic agenda is already bearing fruit. Currently negotiating with 17 of 18 key trading partners

Brent crude up nearly 4% intraday [the recession has been cancelled]

Bessent: Deals may come as soon as this week. Can see 'substantial reduction' in tariffs on US goods

Bessent: Nothing in data indicates the US is in a recession [he is not wrong]

Bessent: Expect Q1 GDP data to be revised upwards [he is not wrong, Q1 GDP was skewed by high imports in anticipation of tariffs]

GDP=C+I+G+(X−M), C is Consumption, I is Investment, G is Government Spending, X is Exports, and M is Imports, imports (M) are subtracted. High imports, lower nominal GDP, macro FUD. BTFD and ignore macro FUD. @bullcase