Tariffs put a damper on the markets

Uncertainty about US tariffs (amounts, products and countries affected, duration, etc.) will continue to fuel investor fears well into next week. April 2 will be D Day for tariffs. That said, there is other news that should not be overlooked. France’s 2024 budget deficit came in narrower than expected (-5.8% against a forecast of -6%), Spain’s budget deficit also decreased (-2.8% excluding exceptional expenditure linked to the floods), and the UK’s budget was revised to remain in line with targets – reminding us that the markets will be swayed by other factors. Preliminary inflation figures for March in France and Spain (below expectations) point to a similar trend in Germany and Italy on Monday and in the eurozone next Tuesday.