Check out Stella Qiu's European and global markets the day before

The week began with the explosion, but by Friday, the risk rally (uplifted by the trade truce in China and the U.S.) thinned out with traders’ vigilance on rebounds, and there were more twists and turns in the trade legend.

Wall Street and European stock futures have barely changed, while Asian stocks are not big. Hong Kong's Hang Seng Index fell 0.8%, with Alibaba investing more than 5% after its revenue failed to impress investors. Australian stocks performed better, up 0.7%.

The stock market seems to be performing now, as if the tariff war has never happened. MSCI's most extensive index in the Asia-Pacific region outside Japan hovers under seven months. Even Chinese blue chip teams have recovered all losses since President Donald Trump announced the "countdown" tariffs on April 2.

The reduced bond market has caused unexpected declines for U.S. producer prices and soft-core retail sales printing, prompting investors to push their price cuts to the Fed, reaching a 56 basis point drop this year, up from 49 Keys.

On Friday, the 10-year benchmark Treasury bond yield fell 3 basis points to 4.424%, down 7 basis points overnight.

Meanwhile, Trump has been busy trading in the Middle East for the past few days, including a nuclear deal with Iran. Trump's comments say a deal is almost 2% of the transfer of oil prices on Thursday.

But the broader market is very keen on the details of progress in trade negotiations with China and more trade deals with other countries after a deal with the UK.

Let's not forget that tariffs are still much higher than before Trump began the Trade Crusade, the highest since the 1930s.

Walmart, the world's largest retailer, said it has to start raising prices later this month due to the high costs of tariffs, indicating greater pain for U.S. consumers.

While the latest U.S. price data looks benign, the impact of charges is starting to appear in what the Fed calls a tough number, which may only be a matter of time.

The economic calendars in Europe and the United States are a little thin. The U.S. issued Friday, which includes April’s import prices and a survey of consumer sentiment at the University of Michigan, could be useful in measuring the impact of Trump’s tariff manipulation.

Major developments that may affect the market on Friday: