LIVE MARKETS-Everything everywhere, but not quite at once

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EVERYTHING EVERYWHERE BUT NOT QUITE AT ONCE

There's a fair bit in the news at the moment, not sure if you've noticed, and one challenge for investors says Andrzej Szczepaniak senior economist at Nomura is not just balancing their various impact but the fact that they are all happening on different time frames.

There's tariffs of course, and they are moving markets now.

Then he says there is the background worries about French politics, but that's probably only a markets story for the second half of the year.

And then there's the impact of the massive amount of spending to come from Germany, but that probably doesn't start showing up on the ground, and in economic data, until next year.

For some asset classes, it's fairly easy. German spending, and now tariffs, both seem to make the euro go up.

For investors in shares and bonds, it's harder. The 10-year German yield jumped from 2.48% before German fiscal reforms was announced to nearly 3% in mid March DE10YT=RR with analysts targeting as high as 4% in a couple of years.

But if any investor thought to get in on that trade early, they'd have taken a battering. Tariffs have send German yields down, and the 10 year was last at 2.54%.

"This time inconsistence is one of the biggest things for investors to grapple with," says Szczepaniak.

(Alun John)

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