General Trend:

  • Shanghai Property index extends declines seen in prior session
  • Press speculation Japan sales tax increase could again be delayed
  • Little reaction seen to better Aussie employment change, certain forward looking indicators show caution; markets still expect RBA rate cut
  • Bank of Korea cuts growth and inflation forecasts, implies less likelihood of rate hike

Headlines/Economic Data

Australia/New Zealand

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  • ASX 200 opened +0.3%
  • (AU) AUSTRALIA MAR EMPLOYMENT CHANGE: 25.7K V +15.0KE; UNEMPLOYMENT RATE: 5.0% V 5.0%E
  • (AU) Australia Q1 NAB Business Confidence: -1 v 1 prior

China/Hong Kong

  • Shanghai Composite opened -0.1%, Hang Seng -0.1%
  • (CN) US and China reportedly have set a tentative timeline for next round of face-to-face trade discussions; seek to sign deal as soon as late May – press
  • (CN) Pres Trump: China trade talks are moving along nicely; “you’ll be hearing about” a China deal shortly
  • (CN) China Human Resources Ministry: Yu Jianhua appointed as Vice Commerce Minister & Deputy International Trade Negotiation Representative
  • (CN) China State Planner NDRC said to be drafting a series of stimulus measures of autos and electronics – financial press
  • (CN) China NDRC: Looking into speculation about car stimulus – Chinese media
  • (CN) China Cabinet reiterates stance to continue implementing prudent monetary policy
  • (CN) China said to encourage brokers to issue credit default swaps (CDS) related to private sector bonds – Chinese Press
  • (CN) China PBoC sets yuan reference rate: 6.6911 v 6.7110 prior (strongest CNY fix since March 21st)
  • (CN) China PBoC Open Market Operation (OMO): Injects CNY80B in 7-day reverse repo v CNY160B injected in 7-day reverse repos prior: Net: CNY80B injection v CNY160B injection prior

Japan

  • Nikkei 225 opened flat
  • (JP) Japan Oct 2019 increase of sales tax might be delayed, cites LDP lawmaker Hagiuda – Local Press
  • (JP) Japan Finance Min Aso may discuss forex issues with US Treasury Sec Mnuchin next week; Aso is expected to travel to the US on April 25th (Thursday) – Japanese press
  • (JP) Japan Finance Min Aso: Deflationary mindset of company executives is changing; trade issues such as Brexit and China still present risks
  • (JP) JAPAN APR PRELIMINARY PMI MANUFACTURING 49.5 V 49.2 PRIOR

Korea

  • Kospi opened +0.1%
  • (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 1.75%; AS EXPECTED; sees GDP growth and inflation below Jan projection; Omission of some references seen in prior statement does not mean easing of policy is now under discussion
  • (KR) North Korea leader Kim has overseen a test of a new tactical guided weapon – KCNA
  • (KR) South Korea Fin Min Hong: South Korea is not considering currency re-denomination – Yonhap

Other Asia

  • Indonesia Rupiah rises amid focus on election results

North America

  • (US) NY Fed’s Logan: Might need to respond to unanticipated changes in reserves by conducting repo operations; any discussion of a standing repo facility is in its early stages

Levels as of 1:20 ET

  • Nikkei 225, -0.8%, ASX 200 -0.1%, Hang Seng -0.6%; Shanghai Composite -0.2%; Kospi -1.2%
  • Equity Futures: S&P500 -0.2%; Nasdaq100 -0.2%, Dax -0.3%; FTSE100 -0.2%
  • EUR 1.1301-1.1289 ; JPY 112.08-111.87 ; AUD 0.7199-0.7165 ;NZD 0.6732-0.6711
  • Gold -0.2% at $1,273/oz; Crude Oil -0.1% at $63.73/brl; Copper -0.2% at $2.954/lb
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