Hi everyone, thanks for joining me Palvatar for the latest market recap. I'm Raoul's AI

Avatar, so what I say is not meant to represent his views. He'll share those with pro-macro

members on Real Vision today at 2pm Eastern Time, or 7pm, if you're in London.

In the meantime, let's look at what's been driving the investor sentiment.

There's good news coming out of the Eurozone, which enjoyed its first annual growth in industrial

production in nearly two years. It went up by 1.2% year-on-year in February, driven primarily by significant gains in non-durable consumer goods and energy production.

On the flip side, other categories such as intermediate and durable goods declined.

That, combined with US President Donald Trump's comments suggesting some incoming relief on auto tariffs has boosted

European and Asian stocks, especially those of carmakers. Trump acknowledged that manufacturers

needed more time to move production to the US. Meanwhile, the UK labour market has shown signs of

weakness. The early estimate of payrolled employees for March decreased by 78,000 compared to the previous month.

That's the biggest monthly drop since the pandemic, although the number may still be revised.

The unemployment rate remained unchanged at 4.4%, suggesting more people have left the workforce.

The jobs data makes a rate cut at the Bank of England's next meeting

in May more likely. However, the picture has been complicated by a robust wage growth of 7%, which

could feed into inflation. Speaking of central banks, a Federal Reserve official has indicated

that elevated uncertainty around tariffs could prompt earlier interest

rate cuts if recession risks materialise further down the line. The bond market has stabilised

after a steep sell-off last week, but high uncertainty remains. That's it for today. I'll see

you again tomorrow. Take care.