Societe Generale in its early Thursday economic news summary pointed out:

-- Euro Stoxx -0.9%, 10-year Bund -4bps at 2.75%, 10-year United States Treasury +4bps at 4.39%. EUR/USD defends 200dma (1.0733). European Central Bank rate cut in April likely after the U.S. announces 25% tariffs on imports of all assembled cars and components effective next Wednesday. Reciprocal tariffs on all nations next week to be "very lenient." European trade commissioner Sefcovic expects tariffs of around 20% applicable equally to all 27 member states.

-- Norway's Norges Bank leaves rate on hold at 4.50%, signals cut later this year, raises rate forecast through 2027 on wages and inflation.

-- Bernstein sector notes: European Union Autos: Punched by the Tariff Man. U.S. Autos: 25% tariffs on all vehicle imports deals blow to sector.

-- Japanese funds sold net 207 billion yen international bonds and bought 272.1 billion yen international stocks last week. International funds sold net 1.78 billion yen Japanese bonds and 1.2 billion yen stocks.

-- Day ahead: U.S. weekly jobless claims. Fed speakers Barkin and Collins. European Central Bank's Guindos, Villeroy, Wunsch, Escriva and Schnabel. Bank of England's Dhingra. Mexico's Banxico forecasts to cut by 50bps.

-- Nikkei -0.6%, EUR 10-year IRS +2bps at 2.70%, Brent crude -0.3% at $73.5/barrel, Gold +0.4% at $3,031/oz.