Investors' risk appetite rebounded slightly last week, a trend that largely continued into Friday's session. In the eurozone,
government bond yields rose slightly, even though ECB's Holzmann, who had been advocating for a pause in rate cuts,
acknowledged the disinflationary impact of tariffs and said the ECB's next rate decisions were "completely open".
In the US, Treasury yields fell and the curve flattened amid conflicting statements on US China trade talks,
with Trump speaking of ongoing negotiations, which Beijing denies, and news suggesting that China might not actually be imposing the
125% tariff levy on some US products such as pharmaceuticals.
Equity indices rose across the board on both sides of the Atlantic, with US indices boosted by the final reading of the
University of Michigan Consumer Confidence for April, which show a slighty better picture than the flash estimate. In the
currency market, the dollar strengthened in this context, capping a week of gains against the euro and yen.