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NO SURPRISE AT JAPAN TALKS, EXCEPT TRUMP

U.S. President Donald Trump unexpectedly gate-crashed tariff talks with Japan, and markets breathed a sigh of relief that it wasn't a disaster.

Japan was the first major trading partner to negotiate directly with the United States, a test case for a reported 70-plus nations seeking better terms on sweeping tariffs Trump announced and then abruptly tabled this month.

Trump declared "big progress" in the talks he joined with lead Japanese negotiator Ryosei Akazawa, who gave few details in his own readout to reporters just before the Nikkei .N225 started trading in Tokyo, although he said foreign exchange had not been discussed in Washington.

Nasdaq futures NQc1 rose 0.6%, pointing to a recovery from Wednesday's 3% slide, while EUROSTOXX 50 futures STXEc1 dropped 0.3%, signalling a third-straight decline in the broad European gauge.

The U.S. dollar edged higher against the euro EUR=EBS and yen JPY=EBS after the U.S. and Japan trade talks, but was still on course for a fourth-straight weekly decline.

Safe-haven demand pushed gold XAU= to a new all-time high of $3,357.40 per ounce in Asia trading. U.S. Treasuries, whose status as a defensive asset has been badly shaken of late, held steady in Tokyo trading, with yields little changed.

In Frankfurt today, the European Central Bank is expected to cut interest rates for the seventh time in a year to prop up an economy that has become all the more unsteady in the face of Trump's tariffs.

In a relatively light earnings day ahead of Easter Weekend, British supermarket chain Sainsbury's SBRY.L will report annual results, with attention on whether it will follow industry leader Tesco TSCO.L in forecasting lower profits this year.

Chip stocks will be in the spotlight again after a brutal session on Wednesday, in the wake of a warning from ASML ASML.AS as investors parse through the earnings forecast from industry bellwether TSMC 2330.TW to gauge the health of the sector.

In the U.S., American Express AXP.N, Blackstone BX.N, and Truist Financial TFC.N, will report first quarter results, after a string of relatively strong showings among American financial companies that have bucked the dour trend on Wall Street.

Key developments that could influence markets on Thursday:

-- Federal Reserve Bank of Philadelphia issues Manufacturing Business Outlook Survey for April.

-- IMF Managing Director Kristalina Georgieva delivers remarks on the global economy.

-- ECB holds monetary policy meeting in Frankfurt, followed by briefing by ECB President Christine Lagarde.

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(Rocky Swift)

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