It's not that there was any news - or late social media posts from POTUS himself - to change the market's outlook.
It's more that the rally has been built on optimism for a softer, more flexible stance from President Donald Trump, but the uncertainty remains - the tariff deadline is still April 2, and there's still no clarity on what will or won't happen that day.
MSCI's index of world equities started the week with a 1.2% rally, narrowing to a 0.3% rise on Tuesday, and just barely staying above water very early in the latest session.
Japan's Nikkei, for example, began brightly with gains of 1%, but those were halved by midday. Likewise, Hong Kong's Hang Seng rose more than 1% early on, but was only up 0.3% just after noon.
U.S. equity futures flipped from small gains to small losses.
For now, pan-European STOXX 50 futures are signalling a 0.1% rise.
To recap, Trump suggested on Monday that not all the levies he's threatened will be implemented on April 2, and "a lot of countries" could get some exemptions, without giving further details.
At the same time, investors got a reminder of how erratic the trade situation can be, with the announcement of 25% tariffs on buyers of Venezuelan oil and gas.
And considering Trump has dubbed next Wednesday "Liberation Day", you would think it would bring at least some fireworks.
Certainly for markets, the day could be a crucial one, either signalling a more flexible approach to tariffs going forward, or confirming a hard line, and how difficult it is to read Trump's intentions.
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