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US stocks resumed sharp declines after Federal Reserve Chair Jerome Powell pushed back on hopes the central bank would act quickly on rate cuts to soothe investors. Technology shares bore the brunt of the beating. The dollar continued to weaken, while Treasuries gained and gold surged more than 3%.
US retail sales surged 1.4% in March from the previous month, their biggest jump in more than two years, as consumers rushed to make major purchases of cars, electronics and appliances in an attempt to get ahead of tariffs.
The offshore yuan delivered its first gain against the dollar this week ahead of Swift payments data and after Cahina said it was open to trade talks with the US if the administration agrees to a number of requests, including appointing a point person to help prepare a deal.
On the tariff front, the White House claimed negotiators made “big progress” after a meeting with a Japanese trade delegation. Meanwhile, the administration is preparing to pressure other nations that are looking for reductions or exemptions from tariffs to curb their trade with China as part of negotiations, Bloomberg reported.
Chinese refiners are importing record amounts of Canadian crude after cutting purchases of US oil by about 90% amid escalating trade tensions.
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