Daily summary: Subdued volatility on closed, Good Friday markets (18.04.2025)

• The vast majority of stock markets are closed on Good Friday. This also results in trading on many commodities being halted as well. Today, the Asian market, the currency market, and the cryptocurrency market operated normally.

• The macroeconomic calendar was essentially empty today. The only significant data concerned inflation in Japan.

• Core inflation in Japan accelerated to 3.2% in March, driven by continued increases in food prices. The core CPI, in line with market forecasts, accelerated from February’s 3% increase. This marks the third consecutive year in which inflation has exceeded the Bank of Japan’s 2% target, complicating next week’s monetary policy decision as the central bank weighs growing price pressures against the risks tied to U.S. tariffs.

• The Nikkei 225 gained 1% today, while the Shanghai Composite lost 0.11%.

• Currency markets are showing limited volatility. Among major currency pairs, fluctuations do not exceed 0.2%. EURUSD is consolidating after recent gains, remaining close to the 1.1400 level. Yesterday, the ECB decided on another interest rate cut.

• Donald Trump met with former Federal Reserve Board Governor Kevin Warsh to discuss the potential removal of Jerome Powell from his position as Chair of the Federal Reserve before the end of his term, according to CNBC. Sources say Warsh advised the U.S. President against intervening in the matter.

• According to the Shanghai government, Nvidia CEO Jensen Huang stated that Shanghai is an important R&D hub for the tech giant.

• Netflix reported strong Q1 results last night, with revenues reaching $10.54 billion (a 13% year-on-year increase) and earnings per share of $6.61, exceeding analysts’ expectations. The company forecasts Q2 revenue of $11.04 billion, above Wall Street estimates, and maintains its full-year guidance despite economic uncertainties.

• Shares rose 3.5% in after-hours trading, surpassing the $1,000 mark.

• Next week, negotiations are expected between the U.S. and key trade partners, including Japan and China. Additionally, companies like Tesla, Alphabet, and Meta will release their earnings reports.

• Monday is still a public holiday for most Western economies, but it is a regular business day in the U.S., so Wall Street will operate as usual. On that day, we will continue to provide market commentary for you.

We wish you a peaceful Easter holiday!