General trend

- JPY trades slightly firmer; Kuroda commented on FX.

- UST yields rose after RBA statement.

- South Korea bond yields drop amid inflation data (Reminder: Bank of Korea [BOK] to purchase up to KRW2.0T in Govt bonds on Tues [Apr 5th]).

- US Treasury Statement: Will not permit any USD Denominated debt payments to be made by Russian Govt Accounts at US Financial institutions [refers to bonds due 2022 and 2042].

- Nikkei 225 has pared the opening gain.

- US equity FUTS trade slightly lower.

- Shanghai’s new COVID cases hit record high.

- Shanghai and HK markets return from holiday on Wed [Apr 6th].

- S&P ASX 200 pared rise amid RBA language shift [REIT and Resources indices lag].

- RBA speakers in focus for Wed: Appearance by Michele Bullock, Deputy Governor, and Christopher Kent, Assistant Governor (Financial Markets), before the Senate Economics Legislation Committee (Budget Estimates) - Fed’s Brainard to speak on Tues [Apr 5th]; FOMC minutes are due on Wed [Apr 6th].

Headlines/Economic data

Australia/New Zealand

- ASX 200 opened -0.1%.

- (AU) Reserve Bank Of Australia (RBA) leaves cash rate target unchanged at 0.10%; as expected; drops word patient from statement.

- (NZ) New Zealand 8-month Budget Deficit NZ$8.3B (vs forecast of -NZ$12.7B).

- (AU) Australia Mar AIG Construction Index: 56.5 v 53.4 prior.

- (AU) Reserve Bank of Australia (RBA) Dep Gov Bullock: Current domestic and international environment dominated by uncertainty (Will be first RBA meeting since appointment).

- (NZ) New Zealand Mar Corelogic House Prices M/M: 0.7% v 0.8% prior; Y/Y: 23.0% v 25.2% prior.

- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence: 93.4 v 91.1 prior.

- (NZ) Bank of New Zealand (private bank): Expects RBNZ to raise the official cash rate (OCR) by 25bps in April and 50bps in May [previously expected 25bps rate hikes at each meeting].

- (AU) Australia Mar Final PMI Services: 55.6 v 57.9 prelim (confirms 2nd consecutive expansion).


- Nikkei 225 opened +0.8%.

- (JP) Japan PM Kishida: Must ensure price increases do not hamper recovery; Confirms drawing up countermeasures to deal with prices in Apr.

- (JP) Japan Feb Labor Cash Earnings Y/Y: 1.2% v 0.6%e; Real Cash Earnings Y/Y: 0.0% v -0.7%e.

- (JP) Senior BOJ Official: Domestic CPI likely to hover ~2.0% for some time during Apr and onward; Price rise must be accompanied by increases in corporate profits, wages for inflation to sustainably achieve 2%.

- (JP) Bank of Japan (BOJ): Statement by KURODA Haruhiko [Governor of the Bank of Japan] concerning the Bank's Semiannual Report on Currency and Monetary Control before the Committee on Financial Affairs, House of Representatives, on April 5.

- (JP) Former Japan government adviser Hara said BOJ should raise interest rates to ensure the country will not fall out of lockstep with monetary policy in the rest of the world - financial press.

- (JP) Bank of Japan (BOJ) offers to purchase ¥1.0T in Japan T-bills.

- (JP) Japan Chief Cabinet Sec Matsuno: Continuing to consider appropriate actions against Russia.

- (JP) Japan Fin Min Suzuki: Confirms Japan to use current reserve funds for supportive measures; Stability in FX is important; Sudden moves in FX need most attention.

- (JP) Bank of Japan (BOJ) Gov Kuroda: Recent FX moves 'somewhat rapid'; Sees unstable moves in global financial markets; Reiterates domestic economy likely to recover; inflation to clearly accelerate due to increase in energy prices.

- (JP) Japan Industry Min Hagiuda: To decide details of oil release after receiving details from IEA.

- (JP) Japan MoF sells ¥2.6T v ¥2.6T indicated in 0.1% 10-year JGBs; avg yield 0.2010% v 0.1790% prior; bid to cover: 3.61x v 3.24x prior.


- Kospi opened +0.3%.

- (KR) South Korea Mar CPI M/M: 0.7% V 0.6%E; Y/Y: 4.1% V 4.0%E (Highest since 2011, above target for 12 months).

- (KR) Bank of Korea (BOK) Lee Hwan-seok (acting Gov): Inflation might remain at 4% level for a while [above 2.0% target], upside risks to inflation path have risen since Feb forecast; need to manage consumer inflation expectation - comments after Mar CPI data.

- (KR) South Korea Fin Min Hong: to increase tax cuts on oil products to 30%, up from 20% [in line]; Mar inflation data reflects the impact from Ukraine war.

- (KR) South Korea Mar Foreign Reserves: $457.8B v $461.8B prior.

- (KR) South Korea Presidential office sent the hearing request for Bank of Korea (BOK) Gov Nominee Rhee on Monday (Apr 4th); National Assembly is required to finish the hearing process within 20 days after receiving the request - Local press.

China/Hong Kong

- Hang Seng opened closed for holiday; Shanghai Composite opened closed for holiday.

- (CN) World Bank expects China's Economy to grow by 5.0% during 2022.

- (CN) Shanghai City, China, reports 13,354 new coronavirus infections for the first time (prior 9,006); China overall reported 16,590 new virus cases (prior 13,000).


- (SL) Sri Lanka Central Bank to postpone today's monetary policy review.

North America

- (MX) Mexico Finance Ministry: Does not see contagion from Credito Real; closely monitoring the co's financial situation.

- (US) Follow Up: US Treasury Statement: Will not permit any USD Denominated debt payments to be made by Russian Govt Accounts at US Financial institutions [refers to bonds due 2022 and 2042].

- (CA) Reportedly Canada to spend C$2B in current budget to accelerate production of minerals for EV supplies - press.


- (IE) Ireland Mar PMI Services: 63.4 v 61.8 prior (13th consecutive expansion).

- (UK) Ukraine Foreign Min Kuleba: No place for Russia on Human Rights Council in UN.

- (RU) Latest Russia Sovereign bond coupon payments have not yet received US Treasury authorization to be processed by JP Morgan.

Levels as of 01:20 ET

- Nikkei 225, +0.1%, ASX 200 +0.1% , Hang Seng closed; Shanghai Composite closed ; Kospi flat.

- S&P500 Futures: -0.1%; Nasdaq100 -0.1%, Dax -0.2%; FTSE100 -0.1%.

- EUR 1.0979-1.0962 ; JPY 122.86-122.37 ; AUD 0.7609-0.7535 ;NZD 0.6978-0.6942.

- Gold -0.2% at $1,929/oz; Crude Oil +1.2% at $104.47/brl; Copper +0.6% at $4.8117/lb.

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