Bloomberg Surveillance Bloomberg Surveillance TV: April 28, 2025
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Apr 28, 2025 
Abigail Yoder, a strategist at JPMorgan, shares key insights on earnings season and its potential impact on equity markets. Kelly Ann Shaw, a partner at Hogan Lovells and former Trump trade advisor, delves into the complexities of ongoing U.S.-China trade negotiations, exploring potential deals. Neil Dutta, head of U.S. economic research at Renaissance Macro, discusses whether the data points toward a bullish outlook or an impending economic slowdown. Together, they navigate the intricate interplay of market dynamics and global trade challenges.
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Strong Earnings Amid Uncertainty
- Earnings have been stronger than expected, led by AI-driven demand.<br>- Companies mostly avoid drastic full-year guidance cuts, managing expectations amid uncertainty.
Policy Pivot Key to Bull Market
- Bullish equity case depends on a trade policy pivot from the administration rather than a Fed cut.<br>- Market expects tariff reduction on China to 10-15%, making trade impacts more manageable.
EU Trade Deal Challenges
- EU-U.S. trade deal unlikely soon due to entrenched EU regulations and tariff issues.<br>- Tariffs are only a small part; non-tariff barriers like subsidies and taxes pose bigger challenges.