LIVE MARKETS-Three weeks post Liberation Day: scores on the doors

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THREE WEEKS POST LIBERATION DAY: SCORES ON THE DOORS

It's now been three (very, very long) weeks since U.S. President Trump announced his reciprocal tariff plans, sending shockwaves through global markets. Time to take a look at where markets stand:

STOCKS

The S&P 500 .SPX is still about 7% below its pre-Liberation Day closing price, as some investors, not only concerned about the growth impact from tariffs, have questioned the U.S. exceptionalism narrative that has seen money pour into U.S. assets in recent years.

The Solactive Magnificent 7 Index .MAG, which tracks the performance of Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms and Tesla, is down about 10%.

Europe is faring somewhat better. The STOXX 600 .STOXX is down about 4%, while Germany's DAX .GDAXI is just 2.4% below its pre-Liberation Day level and Britain's FTSE 100 .FTSE is less than 2% below. The index is on an eight-day positive streak, its longest run in two years.

Asia-Pacific stocks are also holding up ok.

Chinese equities .CSI300, despite the tit-for-tat tariffs with the U.S., are just 2.5% below their April 2 close.

But the stand-out performer has been South Korea's Kospi .KS11, which is actually up 0.8% since reciprocal tariffs were announced.

CURRENCIES

In a surprising turn of events, the biggest loser among major currencies since Trump's tariff announcement has been the U.S. dollar.

The currency has slipped to a decade low against the safe-haven Swiss franc CHF=EBS and a 3-1/2 year trough against the euro EUR=EBS.

"It was consensus with tariffs that the U.S. dollar would strengthen," says Frédérique Carrier, head of investment strategy for RBC Wealth Management in the British Isles and Asia.

"The consensus had not taken into consideration the extent and speed to which confidence in U.S. institutions would be eroded."

GOVERNMENT BONDS

It was the dramatic selloff in U.S. Treasuries that some analysts argued spooked Trump into pausing most of the reciprocal tariffs for 90 days.

In the week of April 7-11, the benchmark 10-year Treasury yield US10YT=RR posted its biggest weekly increase in more than two decades. The 30-year yield US30YT=RR saw its biggest weekly jump since 1987.

But Trump's pause stabilised markets and the U.S. 10-year is only up about 11 basis points since Liberation Day.

In contrast, German bonds have massively outperformed, as investors flocked to non-U.S. safe-haven assets.

The 10-year Bund yield DE10YT=RR is down 25 basis points since Liberation Day, while the 2-year Schatz yield DE2YT=RR is down 31 bps, as investors expect the ECB to cut rates at a faster clip.

(Samuel Indyk)

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