Nikkei opens -1.2%

Japan's economy minister Kiuchi cited strong wage momentum and improving job conditions underpinning a moderate recovery, while pledging nimble government action to address Middle East conflict risks.

RBA minutes show eight of nine board members backed the May rate hike to 4.35%, citing rising inflation risks from the Gulf conflict, with markets now pricing a 75% chance of a further August rise.

International ETFs offer lower P/E ratios (14-18.6) vs S&P 500 (31.9), with strong returns (up to 21%) & dividends.

Japan's Q1 GDP grew an annualised 2.1%, beating forecasts of 1.7%, but analysts warn the Iran war energy shock is set to slow growth sharply and could force the BOJ to delay rate hikes.

ICYMI - EU plans supply chain rules forcing firms to source key parts from three suppliers Brussels is moving to hardwire supply chain diversification into law, with China the primary but not the only target.

Viking Therapeutics' VK2735 shows 12.2% weight loss but faces tolerability risks. High risk, high reward for investors.

PBOC sets USD/ CNY reference rate for today at 6.8375 (vs. estimate at 6.7909)