- ICYMI - Deutsche Bank now forecasting a US recession
- Shanghai says lockdown will continue until everyone is COVID-19 tested
- Standard Chartered says Chinese stocks are likely seen the worst, likely to outperform
- China - Caixin services PMI for March 42.0 (prior 50.2)
- Moody's says supply strains will worsen for Asia-Pacific companies
- China reports 20,472 new coronavirus cases
- PBOC sets USD/ CNY mid-point today at 6.3799 (vs. estimate at 6.3793)
- US more Russia sanctions Wednesday: 2 of Russia's biggest banks & also Putin's daughters
- New Zealand – ANZ Commodity Price index for March +3.9% m/m (vs. prior +3.9%)
- US media: Sen. Sinema says a path to revival for Biden's Build Back Better agenda unlikely
- Reports the US will send an additional $100m in Javelin anti-tank missiles to Ukraine
- US Treas Sec Yellen to give speech on cryptocurrency policy, regulation - Thursday 7 April
- More coming from the RBA on Wednesday 06 April 2022 - Bullock, Kent speaking
- Shanghai report more than 17,000 new coronavirus infections for the day
- Asian Development Bank cuts its China 2022 GDP forecast to 5.0%
- RBA June 7 date with destiny?
- More than 60 cities in China have moved to prop up the housing market
- Citi on the RBA and AUD
- US Treas Sec Yellen says wants to speed aid to countries facing food price challenges
- BOJ head Kuroda said the "intervention" word on Tuesday ... then USD/JPY ripped overnight
- Head of the BIS says the low inflation era may be over
- Trade ideas thread - Wednesday 06 April 2022
- Oil inventory survey shows headline crude build
- Leon Cooperman (hedgie) says there is a chance of US recession next year
- White House Psaki says US is working with other countries to increase oil supply
- US major indices give up gains seen over the last two trading days
Rising bond yields, in the US and globally, kicked on by a hawkish Brainard during US time on Tuesday, continued here during the session. FX moves extended also. Notably, EUR/USD dropped under 1.09 and USD/JPY rose (briefly) above 124.00. The ranges were not large.
China returned from its 4-day weekend today. The Shanghai Composite and Hong Kong’s Hang Seng both fell. Coronavirus news from China was grim, with record case numbers for Shanghai and the country as a whole. Renewed testing of Shanghai’s 26m or so residents started today with city authorities saying the lockdown will remain in place until testing is done. Economic data from China today was the Caixin Services PMI for March, this plunged into deep contraction. And the coronavirus situation in China has only worsened since March.
The oil price steadied to a little higher. Gold is little changed.
Bitcoin dropped under US$45K but has rebounded to above there as I post. The US Treasury announced that Secretary Yellen would be speaking on crypto on Thursday, 7 April (see bullets above).
