Asia Green….Europe RED….Pretty quiet night overall

• Hong Kong: Hang Seng closes UP +2.34% !!
• China CSI 300  +0.99%
• Taiwan KOSPI  +0.31%
• India Nifty 50  -0.49%
• Australia ASX   +0.82%
• Japan Nikkei +0.55%
• All European bourses a sea of red with only German tech slightly green
• US indices in positive territory so far this morning in pre-market, USD FLAT

Overnight Data/News

• Offshore yuan firms over 400 pips to break through 6.82 mark
• SNB Hikes Policy Rate By 50 Bps To 1.50%, As Expected
• SNB Does Not Rule Out Further Interest Rate Rises -Remains Ready To Intervene In Currency Markets
• SNB’s Jordan: Our Liquidity Measures Are Not Gifts -Measures Taken By The Federal Government, FINMA And SNB Have Put A Halt To The Crisis
• Norges Bank Hikes Deposit Rate By 25 Bps To 3.00%, As Expected
• Norges Bank: Bank Rate Will Be Raised Further In May – Now Sees Key Rate At 3.18% In Q2 2023
• Citigroup CEO declares ‘this is not a credit crisis’ after U.S. bank failures
• BofA Lowers Peak US Interest Rate Forecast To 5-5.25% From 5.25-5.5%

US DATA TODAY

OVERNIGHT COMMODITY HEADLINES

Metals

Copper could test $11,000 by year end; less hawkish stance may spark rally, says Saumil Gandhi

Energy

France Strikes Hit Oil Refineries, Rippling Across Crude Markets Action expected to hit refining by about 500,000 barrels a day Strikes mean fewer oil purchases, less supply of refined fuel

Germany’s Transport Ministry sees no need to rush combustion engine phase-out deal with EU

Freeport LNG cancels some March cargoes on restart hiccups- sources