The Day at a Glance | April 14 2025

The Top

• In China, exports rebounded well above market consensus expectations.

• Donald Trump announced he will reveal tariffs on semiconductor imports next week, although there may be flexibility for some companies in the sector.

• The European Central Bank could cut interest rates this week amidst the sharp appreciation of the euro in recent weeks.

• A Reuters survey revealed that the Bank of Canada may keep its interest rate cut cycle on hold in its scheduled decision this week.

• Oil prices rose more than 1% at the start of the week after the U.S. eased trade tensions with a 90-day pause, and data from China showed higher crude oil purchases.

Economic Environment

In China, exports rebounded well above market consensus expectations. The Asian giant released its foreign trade figures for March, which already signaled a 20% additional tariff across all categories on its shipments to the U.S. In this context, March exports surprised with a 12.4% increase, far exceeding the consensus estimate of 4.4% and the 2.3% reported the previous month. Meanwhile, imports fell -4.3% in March, a sharper drop than the -2.0% expected by the consensus, although not as severe as February’s -8.4% decline. As a result, China’s trade balance recorded a surplus worth $102.6 billion in March, bringing the total trade surplus for the first three months of the year to $412 billion. Overall, the strong export figures likely signal front-loaded purchases in anticipation of escalating trade tensions between the U.S. and China. It will be key to monitor the impact of tariffs on trade between the two countries, as tariffs on both sides have exceeded 100% since last week.

Markets and Companies

The Dow Jones is up after a U.S. tariff exemption announced by President Donald Trump boosted tech stocks.

In Europe, markets are also climbing following the news of the U.S. tariff exemption, as the earnings season gains momentum. The Stoxx 600 was up +2.2% at 12:16 p.m. London time, with all sectors in positive territory.

Markets in Asia closed higher on Monday; the Hang SengTech Index rose +2.34%, and China’s CSI Index edged up +0.23%.

U.S. crude oil is climbing following Trump’s tariff exemption on key tech products. Prices are also being boosted by the potential suspension of Iranian oil exports if a nuclear deal is not reached.

Meanwhile, gold prices pulled back slightly from all-time highs. Trump’s decision to temporarily exempt smartphones, computers, and other devices reduced demand for safe-haven assets like gold.

In Mexico, the IPC index is up 0.53%. 

Over the weekend, the exchange rate fluctuated between a low of 20.09 and a high of 20.42. It currently stands at 20.09. 

Corporate News

• Apple is up more than 5% on Monday morning after President Donald Trump announced a temporary exemption from reciprocal tariffs on smartphones and other electronic products.

• Semiconductor manufacturers also logged gains: Nvidia is up 3%, while Advanced Micro Devices and Super Micro Computer climbed approximately 4% and 5%, respectively.