Once again: what a week. (It feels like I’m saying that a lot lately.)

Nothing like a bit of panic-about-an-economic-collapse to prompt the kind of wild swing action we’ve seen on the ASX200 and Wall Street this week; the local bourse clocked its worst, and best days, since COVID in the space of five.

Australian consumer sentiment is perhaps a more reliable temperature gauge when it comes to the zeitgeist at the moment, given the market doesn’t really know what to make of anything.

Consumer sentiment among surveyed Aussies is, in fact, at six month lows – an indictment on Trump’s tariff plans. Of course, some at home are bullish on what Donnie is doing. May they find no reason to regret that.

ANZ-Indeed job ads remain +16% higher than pre-COVID levels, suggesting the ways the pandemic shifted labour markets hasn’t gone anywhere. (Also: Japan trips are up +35% YoY as currency markets favoured a Japanese getaway.)

So what about the US? Well, inflation in the US is falling for now. Surely helping that are lower fuel prices.

But more interesting for Australians is how China’s economy fares in the face of a new trade war that has seen it place retaliatory tariffs on its own against the US.

Right now, China is expected to start buying more Chinese shares on its own right while Chinese publicly-listed companies are set to start rolling out coordinated share buybacks in a bid to keep the market healthy onshore.

Wall Street, clearly, doesn’t want a US-China trade war. Donnie doesn’t care.

But what he does seem to care about is US bond yields. With the 10Y approaching 5% – that’s a bad thing, it means nobody is buying them – Donnie said he was prompted to call a 90 day pause on tariffs that go beyond the blanket 10% affecting the entire planet.

Except for China, of course – his longtime main rival. It appears at this stage neither side is wiling to budge, but, he has called Xi a “friend” in the last 48 hours. So there’s that.

As I write this – at 4.15pm AEST – US futures are in the green with the S&P500 tipped to jump +1.2% and the NASDAQ +1.5%.

For a list of what else happened this week I think investors should take note of, check out the list below.

In the meantime, have a great weekend, and resist the urge to compulsively check your portfolios.

Australian Economy

ANZ-Indeed job ad numbers fall -7.9% YoY but still +16% over pre-COVID

Consumer sentiment hits 6mth low as US tariffs divide opinion

As currency rates look tasty, Aussies travelling to Japan up +35% YoY

International Equities

Chinese publicly-listed firms reportedly gearing up for mass buybacks in tariff response

Trump’s 145% tariffs on China spur yet another panic sell-off on Wall Street 

US stock market investors likely to look to ASX for safe haven trades

International Economies 

India Central Bank cuts interest rates in response to Trump tariffs

Japan, 3rd largest economy, to get first-in-line spot to discuss tariffs with Trump admin

China expected to further boost stimulus efforts in response to US tariffs (and its own)

JP Morgan boost prediction of ‘global recession’ to 60% odds

Recession risk could see interest rate cuts accelerate in Europe (and down under)

Commodities

Gold notches fresh record highs as USD tumbles

Bitcoin hits YTD low as conviction in ‘digital gold’ wavers amid rout

Chile’s copper regulator says price of the metal has probably peaked in 2025 

Geopolitics

In a bid to appease Trump, Vietnam flags plans to buy more US defence hardware 

Hong Kong to sign more free trade pacts with countries in response to US tariffs

EU prepares bracket of retaliatory tariffs on US but peace and calm for now 

Regulatory, Odds & Ends 

Trump trade advisor Navarro calls Musk a “car assembler” as two bicker

Canada takes US to WTO over 25% auto parts tariffs