Another day of GREEN (so far….)

• Hong Kong: Hang Seng closes UP +0.58%
• China CSI 300  +0.81%
• Taiwan KOSPI  +0.38%
• India Nifty 50  +0.76%
• Australia ASX  +0.23%
• Japan Nikkei   -0.31%
• All European bourses all in positive territory so far this morning
• US indices also in positive territory so far this morning in pre-market, USD FLAT

Overnight Data/News

• PBoC Fixes USDCNY Reference Rate At 6.8886 (prev fix 6.8771 prev close 6.8866)
• PBoC To Inject CNY239Bln Via 7 Day Reverse Repos At 2.0% In Open Market Ops
• Spanish CPI (M/M) Mar P: 0.4% (est 0.7%; prev 0.9%) – Spanish CPI (Y/Y) Mar P: 3.3% (est 3.9%; prev 6.0%) – Spanish CPI EU Harmonised (M/M) Mar P: 1.1% (est 1.6%; prev 0.9%) – Spanish CPI EU Harmonised (Y/Y) Mar P: 3.1% (est 3.7%; prev 6.0%)
• Spanish Retail Sales SA (Y/Y) Feb: 4.0% (prev 5.5%) – Spanish Retail Sales (Y/Y) Feb: 3.5% (prev 7.1%)
• Italian Unemployment Rate Feb: 8.0% (est 7.9%; prevR 8.0%)
• Italian PPI (M/M) Feb: -1.3% (prev -9.9%) – Italian PPI (Y/Y) Feb: 10.0% (prev 11.6%)
• Eurozone Economic Sentiment Mar: 99.3 (prev 99.8)
• Eurozone Consumer Confidence Mar F: -19.2 (prev -19.2) – Eurozone Industrial Sentiment Mar: -0.2 (est 0.5; prevR 0.4) – Eurozone Services Sentiment Mar: 9.4 (est 10.0; prev 9.5)
• Eurozone Cons Inflation Expec Mar: 18.9 (prev 17.7) – Eurozone Selling Price Expec Mar: 18.7 (prev 23.8)
• China’s Premier Li: Urged To Ensure Stability Of Global Supply Chain -Urges To Maintain World Order Under UN Framework
• ECB’s Frank Elderson: “If The Inflation Forecasts Are Met, Rates Will Have To Be Raised” – El Pais
• Russia Detains Wall Street Journal Reporter On Spying Charges – BBG
• EU Von Der Leyen Our relationship with China is one of the most intricate and important. How we manage it will be a determining factor for our future economic prosperity and national security-speech
• Fraud in UK public spending soars under poor oversight
               – National Audit Office (NAO) watchdog
             – NAO: govt accounts pointed to fraud of £21.0 Bln in FY 2020/21
               and FY 2021/22 vs. £5.5 Bln previous two years
• AT1 Yields Near Record Show Lasting Damage From Credit Suisse

CHART OF THE DAY

Spec positioning in WTI futures and options contracts is at its net-shortest since January 2016, when prices were hanging out around $26/bbl at the bottom of that 2014-16 cycle– via Rory Johnston

US DATA TODAY