� The US closed strong across the board in a relatively quiet session following EU tariff delay and long-end yields decline globally as Japan considers reducing issuance.
� Breadth good. LO�s better for sale (strong skew in healthcare), while HFs better to buy (tech led) - Beta and Sentiment best performing.
� Jump in the May Consumer Confidence and Dallas Fed Mnfg print also supportive.
� Positioning in the US still appears light though chance Nvidia�s earnings today may also re-engage a tech-driven move higher if retail resume buying.
� Tech and ConsDic led - TSLA a standout at Musk pledge a 24/7 return to his companies and CRM/INFA both higher on M&A headlines.
� All sectors ended higher but Energy and Utilities the laggards.
� AsiaPac is seeing very little follow-through from the US close but things seem calmer across the region.
� Eyes remained on Japan, post 40y bond auction that had the lowest demand since July.
� SK�s chip plays are better bid ahead of NVDA later.
� Tencent -1.2% vs ADR -70bps.
� The greenback has gained ground vs both majors and EMFX � ZAR c17.97.
� Kiwi dollar climbed after RBNZ signalled rates are in neutral zone.
� Yields, at the longer end of the curve is higher: US2y 3.96/US10y 4.47.
� JGB futures extended losses.
� Commodities are better bid, albeit in muted moves.
� Plat and copper the only notable losers.
� Futures have relinquished some of its earlier gains but are still slightly higher from our close.
� The rand is weaker this morning, at R17.96/$, after closing weaker yesterday (R17.93/$*).
Key events and data:
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� 10h00: Eurozone ECB 1 yr and 3 yr inflation expectations (April)
� 14h30: US MBA mortgage applications (23 May)
� 20h00: US FOMC meeting minutes (7 May)
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