Holger Zschäpitz

Good Morning from #Germany, where gas storage levels have climbed back >30%. Still, apart from the Netherlands, no other country has such low levels. On avg over the past 5yrs, storage levels at this time of year were around 53% — that's 22ppts higher than they are now. https://t.co/OEOZUOBCXu

Good Morning from Germany, where two major and opposing forces are shaping the country's economic outlook. On one side, there's a large fiscal package focused on defense and infrastructure, which should give the economy a noticeable boost — but likely not until 2026. On the other https://t.co/1xL2gdlBXm

This chart shows how much uncertainty driven by Trump affects all major asset classes — incl stocks, bonds, currencies, and oil. Stock market volatility is still leading the way, but what's more concerning is that volatility is rising across the board. All the major volatility https://t.co/2ZWYAXOsWC

Good Morning from Germany, where housing prices are rising again, partly thanks to Donald Trump. Acc to Europace, prices for both new and existing homes increased by 0.2% in March. A key reason is falling mortgage rates. Global investors are moving their capital into bonds, and https://t.co/atXiQ6sr8s

Despite all the talk about tariffs, long-term #inflation expectations have stayed stable — or even gone down. The so-called 5y5y inflation expectations are currently at 2.03% for Europe and 2.36% for the US. https://t.co/x7aZJy6sKX

Good Morning from Germany on Good Friday, where this year, chocolate Easter bunny production dropped to 228 million, 12 million fewer than last year, the biggest drop since 2016. One reason for the decline is that chocolate prices have jumped by a third. Lindt’s popular Gold https://t.co/FiUD7f7TNt

Bernard Arnault—once the world's richest man—has slipped to 7th place after disappointing results from LVMH. https://t.co/latsCwvndS

Last one standing! Among the top European stocks—dubbed the "EU Granolas" by Goldman Sachs—Nestlé (the "N" in Granolas) is the only one still firmly in positive territory this year. The others have dropped, some significantly, following profit warnings or investors taking profits https://t.co/zVdnvrmPJF

#ECB cut rates for the 7th time since last June to 2,25% from 2.5% as Trump tariff fears threaten recovery. ECB focus shifted to 'downside risk to the growth outlook.' Markets price in the deposit rate will be at 1.58% in Dec, from 1.71% before ECB's statement. https://t.co/ijZRXIiAyh

Good Morning from #Germany on ECB Day! Acc to the Taylor Rule—which recommends where interest rates should be based on inflation and the labor market—rates in Germany shouldn't be cut. The rule suggests they're already 1.4ppts too low. However, after Trumps "Liberation Day" and https://t.co/LhHTprgAk3

Nasdaq 100 plunges >3% after hawkish Powell remarks. He warns that tariffs are “significantly larger than anticipated.” The key quote from Powell’s speech: “Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in https://t.co/fuKTn7gPBN

#Gold has hit another ATH, as the escalating trade war boosts demand for safe-haven assets. It’s not just countries like China driving demand — investors are also pouring money back into gold ETFs. https://t.co/SWfI5KGn3G

Good Morning from #Germany, where drought conditions have pushed the Rhine River down to a critical level of just 78 centimeters at Kaub this morning – the lowest since 2023. Below this level, shipping becomes severely restricted. That’s a big deal, as the Rhine is a vital supply https://t.co/kVXcibJV74

In case you missed it: 30y Japanese govt bond yields have climbed even more sharply than their US counterparts. Since April 2, Japan’s 30y yield has risen 33bps, while the US 30y yield is up 29bps over the same period. (HT @bilalhafeez123) https://t.co/4meZID7kxo

OOPS! Investors haven’t been this bearish in 30yrs, BofA poll shows. 82% of fund managers expect the global economy to weaken, and a record number intend to reduce exposure to US equities. BUT “peak fear” is not yet reflected in cash allocations, which currently stands at 4.8% of https://t.co/k8xzjB6z4K

Good Morning from #Germany, where investor confidence in the economy has taken a sharp hit following US President Trump's erratic trade policy. The ZEW Institute’s expectations index plunged to -14 in April, down from 51.6 in March – a massive drop. Analysts surveyed by Bloomberg https://t.co/bSPUIGilbS

Markets kicked off the week on a calmer note. The VIX closed at a 30-handle, returning to levels last seen on April 3rd, signaling reduced fear in the equity markets. Only about $18bn worth of shares were traded in the U.S. today – the lowest trading volume since April 2nd. https://t.co/ouhsnGuFWq