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Wall Street's response to tariff shock: client calls and bonus worries
  • April 10, 2025

Wall Street's response to tariff shock: client calls and bonus worries

With markets crashing after U.S. President Donald Trump announced his latest tariffs, Citigroup’s banking head Viswas Raghavan called a global meeting of senior bankers on Monday and told them to get on the phone with their clients. Raghavan's message was simple, according to one banker on the call: Stay close to clients because if you do not, a competitor will. Raghavan told them to assure clients that Citi, which nearly collapsed during the 2008 financial crisis, had plenty of funds this time to weather the tariff storm, said the banker, one of two who recounted the call.

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Global credit default spreads narrow as markets rally
  • April 10, 2025

Global credit default spreads narrow as markets rally

The cost of insuring against sovereign and corporate defaults on European and Asian debt fell on Thursday as investors breathed a sigh of relief at a pause on some of the heaviest U.S. tariffs. U.S. President Donald Trump on Wednesday stunned markets with an abrupt decision to introduce a 90-day pause on the import tariffs on dozens of countries that were due to come into effect, with the exception of China.

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Full S&P 500 recovery this year still far-fetched despite rally
  • April 10, 2025

Full S&P 500 recovery this year still far-fetched despite rally

(Bloomberg) -- Even after Wednesday’s furious rebound in US stocks, the chances that the S&P 500 Index will end the year with a gain remain slim, if history is any guide.In the 16 times the US stock benchmark has dropped 15% or more at any point in a year, like it had before the rally, the S&P 500 has only recovered to end the 12-month period positive on three occasions, according to data compiled by Ryan Detrick at Carson Group LLC. Those instances — 2020, 2009, 1982 — occurred in times when th

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Selloff resumes on Wall Street as markets weigh tariff risks
  • April 10, 2025

Selloff resumes on Wall Street as markets weigh tariff risks

(Reuters) -Wall Street's main indexes fell on Thursday on concerns over the impact of high tariffs on global economy, with stocks pulling back from the sharp gains a day ago when U.S. President Donald Trump moved to temporarily lower the levies on some countries. The U-turn came less than 24 hours after the new tariffs took effect on most trading partners, lifting the S&P 500 to its biggest single-day percentage gain since 2008 on Wednesday. The Nasdaq posted its biggest one-day jump since 2001.

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