� Its green across the board over in AsiaPac, with Hong Kong and China in the lead.
� Tencent +2.2% vs ADR -3.7% which should provide some support to was a tough session for NPNPRX.
� The greenback is marginally softer vs majors and EMFX � ZAR c18.23.
� Sterling extended gains on hopes of a trade deal.
� A BOE rate cut today is locked in.
� Yields are slightly higher in early trade: US2y 3.79/US10y 4.29.
� Aussie curve bull flattens with 10y lower, JGB futures reverse early gains after a weak 10y auction.
� Commodities are better bid with oil and precious metals higher, but base metals are trading lower.
� The US finished at the highs. Volumes average. Breadth good. Value > Growth > Momentum.
� Defensive bias maintained. Apple comments re AI search dragged Mag 7 lower during session, Trump saying �no� to potential for pulling back tariffs on China and then limited sound bites for the bulls from Powell also weighed.
� No major changes from previous meeting and his commentary on employment maybe not as bad as some feared.
� Headlines late in day suggesting Trump to rescind global chip tariffs gave markets a boost.
� Earnings continue to generally beat and some good price action again in industrials. Healthcare, Consumer Discretionary and Financials outperformed, while Comm Services, Materials and Tech lagged.
� The rand is weaker this morning, at R18.25/$, after closing weaker yesterday (R18.19/$*).
Key events and data:
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� 13h00: SA manufacturing production (March)
� 13h00: UK BOE interest rate decision � 25 bps cut expected
� 14h30: US initial jobless claims (3 May)
� 15h00: UK Decision Maker Panel (DMP) 3m and 1yr inflation expectations (April)
� 17h00: US NY Fed 1 yr inflation expectations (April)
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