Good morning from Berlin. Asia mixed w/ Hong Kong, China & Taiwan higher as Trump-Xi summit looms. N.Korea missile launch dampens sentiment.
Economic data due from Asia today (Fed speaker up soon)
It continues: Shanghai cement makers limit up, HK-listed BBMG another +16% after Monday's 35% jump despite Morgan Stanley cut to underweight
Shares of Chinese building material companies going nuts at the reopen in Shanghai. Cheers to the new "Shenzhen/Pudong" trade
Japanese PM Abe: To Work Closely With US And South Korea Over Missile – Kyodo -Could See Another Provocation From North Korea
So whenever BOJ raises rates , we find out how long the Zombies can keep stumbling around before they topple over ?
Japan Nikkei PMIs: Services 52.9 (prior 51.3) & Composite 52.9 (prior 52.2)
Australia - Services PMI for March: 51.7 (prior 49.0)
Japan Chief Govt Spokesman Suga: North Korea's Missile Launches Extremely Problematic Action – RTRS
Yonhap- North Korea fires an unidentified projectile in East Sea
South Korean BoP Current Account Balance (USD) Feb: 8400.2M (prev 5377.8M) -BoP Goods Balance (USD) Feb: 10545M (prev 7814M)
WH Official: U.S. Plans No Change In Deployment Of Thaad Anti-Missile System In South Korea Despite Chinese Complaints
New Zealand data - ANZ job ads for March - higher again
US stocks squeak out gains in the major indices
OIL - Private inventory data shows bigger than expected draw in headline crude stock
More from Fed's Tarullo: Fed targets its dual mandates, not specific interest rate
Fed's Tarullo remarks on regulation - nothing on the economy nor monetary policy
No charges will be brought against Fed's Lacker
Susan Rice controversy finally has given Republicans in Congress a viable Democratic target...
WSJ reports former National Security Adviser is on a list of witnesses drawn up by the committee as part of its probe.
Graham accuses Susan Rice of having a history of “political manipulation” http://hill.cm/f9bW3uT
Donald Trump Jr. calls Susan Rice interview denying leaks "fake news" http://hill.cm/8WkyQdg
Susan Rice denies Obama administration inappropriately unmasked Trump team members http://hill.cm/USTKfKw
Susan Rice denies "unmasking" Trump officials http://thebea.st/2oW6v7L
Something to consider , as this story develops...
WH Official: North Korea Issue Seen As "Test" For Relationship - Clock Is Quickly Running Out, All Options Are On The Table For Us"
WH Official: Trump, Xi Meeting Seen As First Step In Results Oriented Relationship
WH Official:Trump To Discuss With Xi A New "Elevated" Streamlined Framework For Dialogue With "Clear Deadlines For Achieving Results" - RTRS
TRUMP DELEGATION for Xi mtg to include Tillerson, Mnuchin, Ross, Kelly, Mattis, Bannon, Kushner, Cohn, McMaster, Sessions, Bossert, I'm told
Trump's chief of staff, Reince Priebus, will be at Mar-a-Lago for Xi visit, too.
Replace & Repeal Talks Faltering....
Repeal & Replace revival not going to happen swiftly , it would appear.
France Election News & Polling...
Macron Seen As Having Best Project For France, Melenchon Second After Debate Among 11 Candidates - Elabe Poll
Melenchon Seen As Most Convincing In French Election Tv Debate, Macron Second - Elabe Poll
Melechon, Macron, Fillion Tied As Most Convincing In French Election Debate – Opinionway
CDS show growing #Frexit concern. ISDA 2003 CDS outperformed 2014s this yr as latter offer protection against re-denomination risk (via BBG)
Serge Galam, who predicted Trump's unlikely victory, sees a Le Pen win as 'likely'
*FRANCE'S LE PEN SAYS EURO EXIT TO WAIT FOR GERMAN, ITALY VOTES
France, Ipsos poll: Le Pen (FN-ENF): 25% ↓ Macron (EM-NI): 25% ↑ Fillon (LR-EPP): 18% Mélenchon (FG-LEFT): 15% ↑ Hamon (PS-S&D): 10% ↓
France, Opinion Way poll: Le Pen (FN-ENF): 26% ↑ Macron (EM-*): 24% Fillon (LR-EPP): 20% ↑ Mélenchon (FG-LEFT):... http://fb.me/3doxZIsiK
France: Presidential election (run-off), Opinion Way poll: Macron (EM-*): 61% (-2) Le Pen (FN-ENF): 39% (+2)
France: Presidential election (run-off), Opinion Way poll: Fillon: 56% (-2) Le Pen: 44% (+2)
France, Ifop poll: Age: 18-24 Macron (EM-*): 30% Le Pen (FN-ENF): 30% Mélenchon (FG-LEFT): 17% Hamon (PS-S&D): 13% Fillon (LR-EPP): 6%
France, Ifop poll: Age: 65+ Fillon (LR-EPP): 36% Macron (EM-*): 24% Le Pen (FN-ENF): 17% Mélenchon (FG-LEFT): 8% Hamon (PS-S&D): 7%
France, Ifop poll: Change s/ last
Macron (EM-*): +1
Le Pen (FN-ENF): -
Fillon (LR-EPP): -1
Hamon (PS-S&D): -3
France, Ifop poll Groups w/ #LePen majority, 2nd round vs #Macron FN-ENF voters 98% DLF-EFDD vote/ 68 Workers 58 Lowest education level 56
EU's Dijsselbloem says meeting Greece made good progress, talks continue Wednesday
Possible deal in coming weeks means not close at present time..
Odds & Ends From Around Europe....
*HUNGARIAN PARLIAMENT APPROVES LAW TARGETING SOROS'S CEU
SPAIN'S CONSTITUTIONAL COURT BLOCKS PART OF CATALONIA 2017 BUDGET RELATED TO INDEPENDENCE REFERENDUM - SPOKESWOMAN - Reuters
Rabobank On European Bond Spreads Alongside #ECB Tapering
RTRS - GOVERNMENT OF GIBRALTAR SAYS SPANISH NAVY PATROL SHIP MADE ILLEGAL INCURSION INTO GIBRALTAR TERRITORIAL WATERS ON TUESDAY
A 10yr Eurobond would yield between 1.2%-1.6%, according to analysis by @bondvigilantes https://www.bondvigilantes.com/blog/2017/04/04/eurobonds-one-bond-fund/ …
Resigning, First Minister of Murcia says a three-way Cs-Podemos-PSOE coalition could be governing the region "within 48 hours".
CORRUPTION: In resignation speech, as judges press range of fraud charges, First Minister of Murcia talks of honesty, respect, effort.
Production again at 660,000 bpd as Sharara field back on stream - https://www.libyaherald.com/2017/04/04/production-again-at-660000-bpd-as-sharara-field-back-on-stream/ …
Transport Ministry looks to reactivation of Zuwara port expansion -
New offshore gas and condensate discovery - https://www.libyaherald.com/2017/04/04/new-offshore-gas-and-condensate-discovery/ …
Reopening of British embassy denied - https://www.libyaherald.com/2017/04/04/reopening-of-british-embassy-denied/ …
Presidency Council presses ahead with reforms to NOC and oil ministry - https://www.libyaherald.com/2017/04/03/presidency-council-presses-ahead-with-reforms-to-noc-and-oil-ministry/ …