� The US ended in the red, near the lows after a late day.
� FT headline from Trump ordering US Chip software designers to stop China sales hit markets into the bell.
� Nothing incremental from the Fed Minutes to shake markets - cautious.
� Soft data from both the Richmond and Dallas Fed supportive of a marginally more positive turn in sentiment � prints still negative but reflective of stabilization from a month ago.
� Hombuilders/Housing space hit with mortgage applications falling as supply/demand dynamics see inventory levels in the US Housing market at the highest seen since the pandemic.
� Volumes weak. Breadth terrible�but LOs were better to buy.
� Elsewhere decent prints from DKS and ANF helped sentiment in apparel though Macy�s flagged tariff impact despite a solid Q1.
� All sectors closed the red today with defensives lagging; Utilities, Materials and Energy the underperformers.
� Tech and CommServs were hit by the Trump headline but outperformed along with REITS.
� NVDA did enough in the outlook to get the stock going�even with stripping out the 8bn from China, it�s a staggering nr.
� AsiaPac is better bid with Japan putting in a strong showing - yen assisting.
� Markets are reacting to the US trade court blocking most of Trump�s global tariffs � expect some spicy commentary alongside the appeal to follow.
� The BOK cut, as exp but said there is chance of larger cuts in the future � it also lowered GDP forecasts.
� Japan�s consumer conf beat.
� Tencent +50bps vs ADR -2%.
� The greenback has gained ground against majors and EMFX � ZAR c17.95.
� Yields are higher: US2y 4.01/US10y 4.50.
� Aussie yields are higher across the curve but JGB futures reversed opening losses.
� Yields spreads in Asian dollar bonds are compressing further.
� Commodities, ex-bullion and plat, are higher with oil the star performer.
� The rand is weaker this morning, at R17.96/$, after closing weaker yesterday (R17.94/$*).
Key events and data:
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� 11h00: SA PPI (April)
� 14h30: US GDP (Q1:25), initial jobless claims (24 May)
� 15h00: SA SARB interest rate decision � 25 bps cut expected
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