Morning Commentary: Emerging markets quiet as Europe remains closed for Easter; U.S. stocks drop

By Rebecca Melvin

New York, April 2 – Following another bout of market volatility last week, emerging markets remained quiet on Monday as market players returned from the long holiday weekend. Financial markets in Europe and Australia remained closed on Monday for Easter Monday.

No new issues were heard to be announced in emerging markets. But it was expected that issuers would bring deals opportunistically when conditions were favorable.

Monday’s market tone was negative with U.S. stocks taking another hit as investors eyed China’s retaliatory trade actions and U.S. technology stalwarts were trading down.

China announced it is imposing tariffs on U.S. pork, fruit, commodities and other kinds of goods. The move was taken in response to the Trump Administration’s steel and aluminum import tariffs, which are going to hit Chinese producers.

Meanwhile U.S. Treasuries were down slightly, with rates slightly higher, but more or less toggling a flat line to their recent levels.

Looking ahead, market players will be watching Friday’s U.S. jobs report for clues regarding future Federal Reserve monetary policy. The Fed raised rates in March for the first time this year.

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