� Equities dip lower, woke up support which saw the market finish in the green.
� The credit downgrade was quickly looked past and treasuries recovered, although dollar remained weak.
� Economic data is light and no big surprises to macro-outlook changing significantly from JPM�s investor day.
� That said, note another day of Fed speakers downplaying near term rate cuts.
� Low beta plays won again. Healthcare, Industrials and Materials outperformed, while Energy, Consumer Discretionary and Tech lagged.
� AsiaPac is taking its lead from the US rebound, trading green across the board.
� The RBA lowered its cash rate target by 25bps.
� China�s 1y loan prime rate was cut to 3% from 3.1%, as expected.
� CATL opened 13% higher in its Hong Kong debut.
� Nothing concrete, but a move in the right direction with the Trump/Putin call.
� Eyes on India and Japan for trade deals.
� The greenback is slightly firmer vs majors and EMFX � ZAR c18.09.
� Offshore yuan and AUD are slightly weaker.
� Yields moved lower into the close and are holding those levels this morning: US2y 3.97/US10y 4.45.
� JGB futures under pressure after a weak 20y auction.
� Commodities are mixed, but in muted moves � copper, oil and gold are slightly lower while plat and iron ore are slightly firmer.
� The rand is unchanged this morning, at R18.07/$, after closing weaker yesterday (R18.07/$*).
Key events and data:
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� 10h00: Eurozone current account balance (March)
� 16h00: Eurozone consumer confidence (May)
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