Forex markets are steady with a risk-off edge and equities have clawed back some of Monday's severe losses, but President Trump's proposal to slap another blast of punitive trade tariffs on China is keeping the mood a little muted.

• Equities rebound as Spotify launch and Amazon lift sentiment
• Still, we're defensive on equities as uncertainty persists
• Equity rebound gave a boost to the smaller G10 currencies
• Trump's new tariffs have had negligible impact in the forex space
• Commodity space still driven by trade tensions
• Gold is being held back by general metal weakness
• For crude, today's EIA inventory report is key