- Stocks and the yuan rose after President Biden said the Trump administration's tariffs on China were being reconsidered. The dollar and treasuries both fell.
- US equity futures rose on expectations that bargain hunters will help pull the S&P 500 out of a bear market. Energy and basic materials led gains in Europe's Stoxx 600 index, while shares in Asia and emerging markets rose.
- After European Central Bank President Christine Lagarde said the ECB is likely to start raising interest rates in July and exit sub-zero territory by the end of September, the euro rose to its highest level in four weeks. Most of the region's bonds fell. Treasuries fell as investors debated the Fed's tightening path amid growing concerns about an economic slowdown.
- Traders interpreted Biden's comments that he will discuss US tariffs on Chinese imports with Treasury Secretary Janet Yellen when he returns from his Asia trip to signal that some Trump-imposed measures may be reversed.
- ECB's President Lagarde: We are likely to be in a position to exit negative interest rates by the end of Q3.
- Biden confirmed yes when asked if the US is willing to defend Taiwan.
- ECB's President Lagarde: Crypto is worth nothing and should be regulated.