Market Performance - Global stock markets experienced mixed results last week, with the US indices leading gains: Nasdaq up by 7.3%, S&P 500 up by 5.7%, and Dow Jones up by 5.0%[3] - European markets saw a collective pullback, while only Vietnam's VN30 index recorded an increase, with other markets experiencing varying degrees of decline[3] Economic Indicators - The US dollar index fell below the 100 mark, and the 10-year US Treasury yield approached 4.6%, despite March CPI data being weaker than expected[3] - Core CPI, excluding food and energy, rose by 2.8% year-on-year, marking the lowest level since March 2021[3] Tariff Adjustments - The Trump administration eased tariffs, implementing a 90-day suspension of tariffs for countries that do not retaliate, reducing tariffs to 10% during this period[3] - The Customs and Border Protection (CBP) agency updated guidelines to exempt certain products from "reciprocal tariffs" and reported system issues for tariff exemptions[3] Dollar Confidence - The report questions whether the recent tariff adjustments can restore confidence in the US dollar, which has been impacted by the tariff increases aimed at addressing US fiscal issues[3] - The potential for a shift from a "dollar-centric" market to a new paradigm where non-US currencies like the euro, yen, pound, and yuan gain prominence is highlighted[3] Investment Strategy - It is recommended to reduce exposure to US dollar assets and increase allocations to non-US assets, particularly in European, Japanese, Hong Kong, and Indian markets[3] - The volatility in financial markets presents opportunities for reallocation and diversification[3] Risk Factors - Risks include potential unexpected rebounds in overseas inflation, weaker-than-expected global economic conditions, and escalated geopolitical tensions that could lead to market volatility[3]