 The global equity selloff appears to have passed its peak—at least for now. After days of heavy risk-off moves driven by fears surrounding the upcoming US reciprocal tariffs announcement on Wednesday, traders have taken a cautious step back into a wait-and-see mode. US indexes clawed back most of their earlier losses overnight, closing mixed. Asian markets followed with mild gains in early Tuesday trading. Currency markets, meanwhile, are staying largely range-bound in Asian session. Despite the calm surface, risk aversion remains evident in the performance breakdown. Kiwi, Aussie, and Loonie are still the worst performers for the week so far. On the flip side, Yen and Dollar are leading the pack, followed by Euro. Sterling and Swiss Franc are holding middle ground. A major focus for today will be Eurozone’s flash CPI data. Recent media reports have revealed that some ECB officials are warming up to the idea of pausing rate cuts at the upcoming meeting on April 17. Odds now stand at around 65% for another 25bps reduction. While the doves remain committed to further easing, many appear willing to skip a meeting if hawks insist on more time to assess evolving risks. Any upside surprise in today's inflation print would strengthen the hawkish camp and make a pause more likely. US ISM Manufacturing Index will also draw much attention. After briefly returning to expansion territory for just two months, the index is expected to slip back into contraction. Beyond headline activity, the price component will be scrutinized, especially in light of the impending tariffs. Prices index has surged from around 50 to over 60 this year—further acceleration could signal inflationary pressures re-emerging on the supply side..... | 
