Stock futures were lower early Thursday after President Trump unveiled 'liberation day' tariffs that were larger than investors had expected. The new tariffs include a baseline duty of 10% on imports and larger so-called reciprocal tariffs, with China facing total duties of 54%, Vietnam 46% and the EU 20%. Wedbush analyst Dan Ives characterized this slate of tariffs as ‘worse than the worst-case scenario’ the Street was fearing. U.S. stock-index futures declined in after-hours trading, reflecting fears that the tariffs will slow growth, boost inflation and further rattle global markets. "Eye-watering tariffs on a country-by-country basis scream ‘negotiation tactic,’ which will keep markets on edge for the foreseeable future," said Adam Hetts, global head of multi-asset at Janus Henderson Investors. "This is a game changer, not only for the U.S. economy, but for the global economy. Many countries will likely end up in a recession," said Olu Sonola, head of U.S. economic research at Fitch Ratings.

The Swiss market closed weak on Wednesday, mirroring the trend across the region, as investors stayed wary of picking up stocks ahead of U.S. President Donald Trump's tariff announcement later in the day. Stocks, languished in negative territory right through the day's session, and the benchmark SMI, which remained well below the flat line, closed down 98.31 points or 0.77% at 12,588.31, around 70 points off the session's low of 12,518.72. SGS closed down 4.3%. Adecco ended lower by 2.07% and Roche Holding ended nearly 2% down. Lonza Group, SIG Group, Sonova, Novartis, Partners Group and Swatch Group lost 1.2 to 1.8%. Straumann Holding, Julius Baer, Alcon and Sandoz Group also closed notably lower. ABB ended lower by 0.28%. The electrification and automation company reportedly concluded the sale of a 25,500-square-meter land plot to the Swiss city of Zurich as part of an urban development contract. ABB will receive 90 million francs in the first quarter from the deal.

Europe
European stocks closed mostly weak on Wednesday as investors chose to refrain from making significant moves ahead of U.S. President Donald Trump's tariff announcement. The pan European Stoxx 600 fell 0.5%. The U.K.'s FTSE 100 close down 0.3%, Germany's DAX ended 0.66% down, and France's CAC 40 lost 0.22%. Switzerland's SMI closed lower by 0.77%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Iceland, Netherlands, Norway, Russia, Sweden and Turkiye closed weak. Greece, Ireland, Poland, Portugal and Spain ended higher. In the UK market, Rolls-Royce Holdings closed lower by 3%. Vodafone Group, GSK, Persimmon, British American Tobacco, St. James's Place, Fresnillo, Taylor Wimpey, Melrose Industries, Beazley, Imperial Brands, Schroders, AstraZeneca and Croda International lost 1.2 to 2.5%. Bunzl climbed 3.2% and WPP rallied 3%. Marks & Spencer, JD Sports Fashion, Associated British Foods, Whitbread, IAG, Next, Diageo, Natwest Group, Intercontinental Hotels, Barclays and Admiral Group gained 1 to 2.5%. In the German market, Rheinmetall and Bayer lost 4.2% and 4%, respectively. Vonovia, Deutsche Telekom, Deutsche Post, MTU Aero Engines, Infineon Technologies, BASF and Adidas closed down 1 to 2%.

United States
Stocks once again recovered from an early slump to end Wednesday's trading mostly higher, adding to the gains posted in the previous session. The major averages climbed well off their lows to end the day firmly in positive territory. The major averages gave back ground in early afternoon trading but moved back to the upside going into the close. The Nasdaq advanced 151.16 points or 0.9 percent to 7,601.05, the S&P 500 climbed 37.90 points or 0.7 percent to 5,670.97 and the Dow rose 235.36 points or 0.6 percent to 42,225.32. The early weakness on Wall Street came amid concerns about the impact of President Donald Trump's reciprocal tariffs on U.S. trade partners. Trump is scheduled to announce the new tariffs in a Rose Garden event shortly after the close of trading, with White House press secretary Karoline Leavitt indicating the new levies will be 'effective immediately.' Reports suggested Trump's team were still finalizing the details of the plan in the hours leading up to the announcement, although a White House official told CNBC's Megan Cassella the president has now made a final decision on how he wants to proceed. However, as was seen in the two previous sessions, traders seemed to see the early slump as an opportunity to pick up stocks at reduced levels, leading to the subsequent rebound. In U.S. economic news, payroll processor ADP released a report showing private sector employment in the U.S. increased by more than expected in the month of March. ADP said private sector employment jumped by 155,000 jobs in March after climbing by an upwardly revised 84,000 jobs in February. Airline stocks moved sharply higher over the course of the session, with the NYSE Arca Airline Index surging by 2.3 percent after ending Tuesday's trading at its lowest closing level in over six months. Significant strength also emerged among networking stocks, as reflected by the 1.8 percent jump by the NYSE Arca Networking Index. Banking, retail and housing stocks also saw notable strength on the day, moving higher along with most of the other major sectors.

Asia
After US President Donald Trump announced new import tariffs against all countries with which the US trades, the stock markets in East Asia and Australia fell sharply on Thursday. The negative reaction was strongest in Tokyo. The Nikkei 225 leading index lost 3.0 per cent to 34,653 points. The pressure on share prices is being exacerbated here by the yen's strong appreciation in the wake of a broad-based dollar weakness with the feared negative consequences for the US economy as a result of the tariffs. This makes Japanese exports even more expensive in dollar terms. The dollar retreated from around 149.80 yen at the same time the previous day to 147.33 yen.

Bonds
In the U.S. bond market, treasuries turned lower over the course of the session after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 4.0 basis points to 4.196 percent after hitting a low of 4.110 percent.

Analysis
UBS raises Totalenergies to EUR 65 (64) / Buy – Trader
HSBC raises Shell to 3,130 (3,125) p – Buy
HSBC lowers Continental to EUR 69 (70) – Hold

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