Easter Monday holiday in Europe keeps participation limited

Asia

- Markets closed for Australia, China, Hong Kong, New Zealand, Taiwan.

- Japan Feb Final PMI Services confirmed its 14th straight contraction (48.3 v 46.5 prelim)

- Japan Senior LDP official Toshihiro Nikai: If there is a shortage of funds, always would like to respond aggressively, including compiling an extra budget.

- BOJ moved forward on proof of concept for central bank digital currency.

- China PBOC said to have asked lenders to keep credit supply under control and not allow it to go beyond last year levels (Note: control could result in a significant decline in credit)

- China saw IPOs cancelled at record pace post Ant Group crackdown.

Coronavirus:

- UK PM Johnson calling on everyone in UK to take COVID tests 2x a week under a new system of COVID passports being looked at for widespread use.

- Biden Administration has placed JNJ in charge of the contracted plant in Maryland that ruined 15M COVID vaccine doses, also has requested the plant only make JNJ vaccine and not AstraZeneca as well.

Europe:

- Easter Monday sees holidays in Austria, Belgium, Croatia, Czech, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, Netherlands, Norway, Poland, Portland, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, United Kingdom.

- France Fin Min Le Maire: Cuts 2021 GDP growth forecast from 6.0% to 5.0%

- ECB's Visco (Italy): Uneven pace of vaccinations poses the greatest threat to a global economic recovery.

- S&P affirmed France sovereign rating at AA; outlook Stable.

Americas:

- Mar Change in Non-farm payroll: +916K v +660Ke; Unemployment Rate: 6.0% v 6.0%e (Friday)

Energy:

- Suez Canal backlog has been cleared as the last of 420 ships passed through the canal as of Saturday, Apr 3rd.

Speakers/Fixed income/FX/Commodities/Erratum

Equities

Indices [Stoxx600 closed, FTSE closed, DAX closed,, CAC-40 closed, IBEX-35 closed, FTSE MIB closed, SMI closed, S&P 500 Futures +0.5%]

Market Focal Points/Key Themes: All major European bourses closed for holiday; no corporate events scheduled during upcoming US session.

Speakers

- Spain Econ Min Calvino stated that might cut its 2021 GDP growth forecast (**Note: currently seen around 7.0%)

- BOJ said to see impact of several 100s of billions of yen on the bankingsector's profits if it deepens its negative interest rate further.

- India Finance Ministry Monthly Bulletin: Domestic recovery was resilient despite pick-up in virus cases. Did see upside pressure in inflation.

Currencies/Fixed Income

- USD held on to recent gains aided following Friday’s US payroll report that helped to bolster optimism that the US economy would outpace its global peers.

- EUR/USD at 1.1750 area in dull trading with Europe closed fro holiday.

- USD/JPY steady at 110.60.

Economic data

- (RU) Russia Mar PMI Services: 55.8 v 53.1e (3rd straight expansion); PMI Composite: 54.6 v 52.6 prior.

- (TR) Turkey Mar CPI M/M: 1.1% v 1.1%e; Y/Y: 16.2% v 16.2%e; CPI Core Index Y/Y: 16.9% v 16.3%e.

- (TR) Turkey Mar PPI M/M: 4.1% v 1.2% prior; Y/Y: 31.2% v 27.1% prior.

- (BR) Brazil Mar FIPE CPI (Sao Paulo) M/M: 0.7% v 0.8%e.

Fixed income Issuance

- None seen.

Looking Ahead

- 07:25 (BR) Brazil Central Bank Weekly Economists Survey.

- 08:00 (IN) India announces details of upcoming bond sale (held on Fridays)

- 09:00 (SG) Singapore Mar Purchasing Managers Index (PMI): No est v 50.5 prior; Electronics Sector Index: No est v 50.8 prior.

- 09:45 (US) Mar Final Markit PMI Services: 60.2e v 60.0 prelim; PMI Composite: No est v 59.1 prelim.

- 09:45 (US) Mar ISM New York: No est v 35.5 v prior.

- 10:00 (US) Feb Factory Orders: -0.5%e v +2.6% prior; Factory Orders (ex-transportation): No est v 1.7% prior.

- 10:00 (US) Feb Final Durable Goods Orders: -1.1%e v -1.1% prelim; Durables (ex-transportation): -0.9%e v -0.9% prelim; Capital Goods Orders (non-defense/ex-aircraft): No est v -0.8% prelim; Capital Goods Shipments (non-defense/ex-aircraft): No est v -1.0% prelim.

- 10:00 (US) Mar ISM Services Index: 58.5e v 55.3 prior.

- 10:00 (MX) Mexico Feb Total Remittances: $3.4Be v $3.3B prior.

- 10:00 (MX) Mexico Central Bank Economist Survey.

- 10:30 (MX) Mexico Mar PMI Manufacturing: No est v 44.2 prior.

- 11:00 (CO) Colombia Mar PMI Manufacturing: No est v 50.2 prior.

- 11:30 (US) Treasury to sell 13-Week and 26-Week Bills.

- 13:00 (MX) Mexico Mar IMEF Manufacturing Index: No est v 49.1 prior; Non-Manufacturing Index: No est v 49.4 prior.

- (AR) Argentina Mar Government Tax Revenue (ARS): No est v 716.6B prior.

- 16:00 (US) Weekly Crop Progress Report.

- 18:00 (CO) Colombia Central Bank Mar Minutes.

- 19:30 (JP) Japan Feb Household Spending Y/Y: -5.0%e v -6.1% prior% prior.

- 19:30 (JP) Japan Feb Labor Cash Earnings Y/Y: -0.5%e v -0.8% prior; Real Cash Earnings Y/Y: -0.1%e v -0.1% prior.

- 20:00 (CO) Colombia Mar CPI M/M: 0.4%e v 0.6% prior; Y/Y: 1.5%e v 1.6% prior

- 20:00 (CO) Colombia Mar CPI Core M/M: No est v 0.7% prior; Y/Y: No est v 0.9% prior.

- 20:30 (SG) Singapore Mar PMI (whole economy): No est v 54.9 prior.

- 21:00 (PH) Philippines Mar CPI Y/Y: 4.8%e v 4.7% prior.

- 21:30 (AU) Australia Mar ANZ Job Advertisements M/M: No est v 7.2% prior.

- 21:30 (AU) Australia Feb Home Loans Value M/M: No est v 10.5% prior.

- 21:45 (CN) China Mar Caixin PMI Services: 52.1e v 51.5 prior; PMI Composite: No est v 51.7 prior.

- 23:35 (JP) Japan to sell 30-Year JGB Bonds.