MARKET WEEKLY REVIEW

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Get the latest insights on global financial markets with our Weekly Market Review. In it we discuss the key financial headlines from the U.S, Europe, UK, Ireland, and Asia-Pacific, along with in-depth analysis of major asset classes, including:

Equities – U.S, Europe, and UK market trends
Bonds – Interest rate movements and fixed-income insights
Commodities – Oil, gold, and other key market drivers

Stay ahead of market trends with our expert insights. Read the latest update now!

Weekly Market Review: 21st April 2025

The Week in Numbers

Equity Markets

Equity Indices	Value	Weekly Change	YTD Change
S&P 500	5,282.70	+0.11%	-10.18%
NASDAQ	16,286.45	-1.12%	-15.66%
EuroStoxx50	4,935.34	+1.36%	+0.80%
EuroStoxx600	506.42	+3.19%	-0.24%
FTSE 100	8,276.66	+3.97%	+1.26%
ISEQ	9,976.91	+3.80%	+2.16%

Central Bank Interest Rates

Interest Rate	Current Rate	Direction	Rate Change
FED	4.50%	—	0
ECB	2.40%	↓	-0.25
BOE	4.50%	—	0

Government Bonds

Fixed Income	Yield	Weekly Change	YTD Change
US 10YR	4.32	-2.24%	-5.40%
US 2YR	3.79	-1.63%	-10.40%
German 10YR	2.4790	-3.89%	+5.04%
UK 10YR	4.62	-0.41%	+1.43%
Irish 10YR	2.83	-2.49%	+11.41%

Foreign Exchange Currency Movements

FX	Value	Weekly Change	YTD Change
EUR/USD	1.1347	+1.30%	+9.58%
EUR/GBP	0.8560	-0.90%	+3.49%
GBP/USD	1.3250	+2.23%	+5.86%

Key Events

22/04/2025 – IMF World Economic Outlook
24/04/2025 – US Durable Goods Orders

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Stay Informed with Our Seaspray Private Weekly Financial Market Review

Equities – U.S, Europe, and UK market trends
Bonds – Interest rate movements and fixed-income insights
Commodities – Oil, gold, and other key market drivers

Stay ahead of market trends with our expert insights. Read the latest update now!

FINANCIAL HEADLINES

United States

While the initial tariff barrage by President Trump has ended with a 90-day pause on reciprocal tariffs for all countries except China, the White House is already preparing for what could be its next round of tariffs. Filings made public last week with the Federal Register show that the administration has officially launched probes into pharmaceuticals, semiconductors, and critical minerals. While tariffs on pharmaceuticals and semiconductors have been expected for some time, the critical minerals probe could see a wide array of products subjected to new tariffs. These include lumber, with the US importing 30% of its softwood lumber capacity. This is crucial for housebuilding and furniture, meaning tariffs could increase pressure on housing affordability in the US.

Europe & UK

In Europe, the European Central Bank cut interest rates for the seventh time since June 2024, amid concerns over economic growth due to ongoing trade hostilities with the United States. The Governing Council opted for a 25 basis point cut, reducing the fixed rate to 2.40%—its lowest level in two years. Markets now anticipate a further two cuts before the end of 2025.

In the UK, the annual rate of inflation slowed to 2.6% in March, marking the second consecutive month of decline. The figure was also below market expectations and the Bank of England’s forecast of 2.7%. The biggest contributors to the slowdown were lower petrol prices, games, toys, and data processing equipment, which rose by 2.4% compared to 3.4% in February. The Bank of England is forecast to cut interest rates three times in 2025, with the May meeting seen as the first likely occasion for a cut.

Ireland

Irish exports rose significantly in February, with €25.5bn worth of goods exported during the month—a 2.8% increase on January, and a 54.3% increase compared to February 2024. This resulted in a trade surplus of €12.9bn, down from January but still near record monthly levels. Notably, exports to the US in February surged by 210%, or €8.7bn, as companies moved swiftly to get as much product to the US ahead of tariff announcements. Pharmaceuticals – potentially next in line for US tariffs – accounted for 63%, or €15.6bn, of total exports in February, increasing by 145% year-on-year.

Asia-Pacific

The Chinese economy grew by an annualised 5.4% in the first quarter of 2025, maintaining the same growth rate as in Q4 2024 and surpassing market expectations. This is also the joint-highest growth rate since Q2 2023, driven by a rebound in industrial activity in March, which rose at its fastest pace since June 2021. Retail sales for March increased by 5.9% year-on-year—the highest growth since late 2023. The March balance of trade also contributed significantly, with the country’s trade surplus more than doubling to $102bn compared to the same period last year. Much of this was due to a 12% increase in exports, as factories rushed to ship goods overseas before the Trump tariffs took effect on 2 April. China’s current effective export tariff with the US stands at 134.7%.

ASSET CLASS REVIEW

Equities

In the US, equity markets stabilised somewhat after a historic period of volatility caused by the reciprocal tariff regime implemented by President Trump. Following the announcement of a 90-day pause on additional tariffs for all countries except China, the negotiation phase has begun, with hopes that deals can be reached between the US and its major trade partners. Regarding China, the US escalated the ongoing trade dispute by imposing new controls on AI chip exports, specifically targeting NVIDIA’s H20 chip. Designed to comply with Biden-era regulations, the H20 chip will now require a special licence to be sold in China. This is expected to significantly impact NVIDIA, with the company projected to take a $5.5bn hit to earnings. AMD has also been affected, with its comparable chips now requiring export licences for China. This comes as US exports to China declined by 36% in the week of 1 to 8 of April according to booking volume across global shipping lanes. In economic commentary, Federal Reserve Chair Jerome Powell spoke at the Economic Club of Chicago, noting that the Trump administration’s new policies could jeopardise the Fed’s goals of price stability and full employment, potentially leading to higher inflation and slower growth. In corporate news, JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America, and Citigroup generated a combined $37bn in trading revenues in Q1 2025, their strongest performance in over a decade, benefiting from increased trading activity due to recent market volatility. For the week, the S&P 500 closed 0.11% higher while the NASDAQ closed -1.12% lower.

In Europe, markets continued to focus on trade tensions while digesting earnings reports from major companies. LVMH, which was recently overtaken by Hermès as the world’s largest luxury goods company, reported weaker-than-expected Q1 results. Sales in its fashion division fell 5% to €10.1bn. Ongoing geopolitical uncertainty has dampened demand for luxury goods in key markets such as China and Japan, and could continue to weigh on consumer spending. ASML also reported Q1 earnings, with orders for its chipmaking machines falling short of estimates by €1bn. The company stated that, despite expected growth in 2025 and 2026, rising macroeconomic uncertainty related to tariffs remains a concern. Meanwhile, Spanish bank Santander surpassed UBS to become the most valuable bank in Europe, with a market capitalisation of €91.3bn. For the week, the Eurostoxx 50 and STOXX 600 rose 1.36% and 3.19% respectively.

In the UK, the FTSE 100 rose despite ongoing trade tensions. Due to the UK being subject to only 10% reciprocal tariffs from the US, and opting not to retaliate, the index was less affected by recent volatility. US Vice President JD Vance stated there was a “good chance” of a trade deal between the UK and US. For the week, the FTSE 100 closed 3.97% higher.

Bonds

Global bond yields fell last week, as expectations of looser monetary policy in both the US and Europe weighed on yields. In the US, while Fed Chair Jerome Powell indicated the Fed was in no hurry to cut rates, the impact of tariffs is expected to challenge the Fed’s dual mandate. Nonetheless, US economic data remains strong, with retail sales posting their strongest gain in over two years. The 10-year yield closed at 4.32% on Thursday in a shortened trading week. In the UK, the 10-year Gilt yield fell to 4.62% after a lower-than-expected inflation print reinforced expectations of three rate cuts by the Bank of England this year.

Commodities

Crude oil prices rose slightly last week but remained at multi-year lows. Prices increased after the Trump administration imposed new sanctions on Iranian oil exports, which could constrain global supply. Additionally, OPEC+ members, including Iraq and Kazakhstan, submitted plans to curb output after exceeding production quotas. However, the IEA forecast last week that global oil demand will slow in 2025 due to the negative impact of tariffs on the global economy—from 1.03 million barrels per day to 730,000 barrels per day. For the week, Brent crude closed at $67.96, while WTI ended at $64.68. In metals, gold prices once again reached new highs, surpassing $3,350 an ounce, driven by continued uncertainty around tariffs and demand for safe-haven assets.

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