Easter lull in activity

Notes/Observations

- Easter lull in activity with market holidays in various countries in Asia, Europe and North America

Asia:

- Japan Mar National CPI Y/Y: 0.5% v 0.5%e; CPI Ex Fresh Food (core) Y/Y: 0.8% v 0.7%e; CPI Ex Fresh Food, Energy (core-core) Y/Y: 0.4% v 0.4%e

- BOJ announcement related to daily bond buying operation saw a cut in purchases of 10-25 year and over 25 year JGBs with some analysts calling it a form of tapering

- Japanese LDP officials continue to debate sales tax increase amid speculation it could again be delayed

- Japan Fin Min Aso expected to discuss forex issues with US Treasury Sec Mnuchin next week

Americas:

- Fed's Kaplan (dove, non-voter): Fed growth estimates have been firming since beginning of the year; getting more confident about 2019 economic growth

- Fed's Bostic (dove, non-voter): Rates might go up or down; preserving optionality

Energy:

- Weekly Baker Hughes Rig Count 1,012 v 1,022 w/w (-1% w/w)

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities

closed for Easter holiday

Speakers

- Italy Dep PM Di Maio (5-Star): League threatening to make govt fall and appear to have contact with ex-premier Berlusconi for another executive

- Japan Top Currency Official Asakawa commented following meeting of senior MoF, BoJ, and FSA officials on financial markets that they discussed possible high volatility during upcoming Golden Week holiday break

- BOJ said to consider trimming its economic growth forecast in its upcoming Quarterly Outlook for Economic Activity and Prices (**Reminder: On Apr 18th reports circulated that BOJ could slightly cut its FY19/20 GDP and CPI forecasts at the upcoming Quarterly Outlook for Economic Activity and Prices. It added that FY21/22 CPI (3-year out) would still be below the 2% target)

- South Korea Vice Fin Min Lee: extra budget could raise GDP growth by 0.1%

Economic Data

- (CN) Weekly Shanghai copper inventories (SHFE): 236.7K v 245.2K tons prior

- (RU) Russia Narrow Money Supply w/e Apr 12th (RUB): 10.27 v 10.16T prior

- (IT) Italy Apr Consumer Confidence Index: 110.5 v 111.3e; Manufacturing Confidence: 100.6 v 100.9e; Economic Sentiment: 98.7 v 99.1 prior

Fixed Income Issuance

- None seen

Looking Ahead

- 07:30 (TR) Turkey Central Bank TCMB Survey of Expectations: 12-month inflation expectation: No est v 15.5% prior

- 07:30 (IN) India Weekly Forex Reserves w/e Apr 12th: No est v $413.8B prior

- 08:30 (US) Mar Housing Starts: 1.225Me v 1.162M prior; Building Permits: 1.300Me v 1.291M prior (revised from 1.296M)