� The US has a strong finish with positive response to White House commentary surrounding crucial trade deals as Bessent reportedly sees de-escalation with China.
� Volumes stronger than what we saw in the previous session but still light.
� Breadth strong.
� Earnings were mixed but a relative bright spot with positive sentiment surrounding tariff mitigation strategies to protect guidance.
� Positioning remains supportive with some technical indicators showing signs of where the market would historically bottom.
� Financials, ConsDisc and CommServs led; Staples, Industrials, Healthcare lagged. Trump walking back Powell threats and Bessent comments saw a strong US close and AsiaPac trading higher this morning.
� Optimism grew about tariff discussions with India and Japan and a de-escalation of trade tensions with China - hinting at being �very nice� to China.
� IMF cut global growth. Tencent +3% vs ADR +3.6%.
� The greenback edged up against most majors � ZAR remains in a tight range c18.56.
� Yields are lower: US2y 3.81/US10y 4.34. JGB futures decline as yields advanced.
� Aussie curve bear flattens. Commodities, ex-bullion, are green across the board.
� The rand is stronger this morning, at R18.57/$, after closing stronger yesterday (R18.58/$*).
Key events and data:
� 10h00: SA CPI (March)
� 10h00: Eurozone HCOB manufacturing, services and composite PMI (April)
� 10h30: UK S&P Global manufacturing, services and composite PMI (April)
� 11h00: Eurozone trade balance (February)
� 13h00: MBA mortgage applications (18 April)
� 15h45: US S&P Global manufacturing, services and composite PMI (April)
� 16h00: US new home sales (March)
� 20h00: US Fed Beige Book