PVM BITs | Kim Jong Un meets Vladimir Putin

Oz : Core inflation —an average of the trimmed mean and weighted median measures and regarded as the RBA's preferred inflation measure — came in at 1.4 per cent over the year, the weakest reading since the series started in 2003, Oz bills down 18bp.. Today we get BoC, CAD hasn’t benefited from higher crude prices, economy slowed, there was a small tightening bias, will they go full dovish?

PBOC said to be likely to pause RRR cuts. better-than-expected Q1 data reduces urgency for RRR cuts, PBOC likely to pause to assess economic conditions before making further move, Easing bias remains unchanged but PBOC sees less room this year for cutting RRR, this comes with the view that fiscal stimulus plays a bigger role in spurring growth

HYG – one to keep an eye on, if risk starts to unwind (chart)

Cannabis investing's latest bet: A new marijuana ETF with the ticker YOLO

Government debt (as % of GDP) for the US and Germany (chart)

Mnuchin & Lighthizer head to China for trade talks again to restart chat on the thorny issue of intellectual property

Brazil’s pension reform bill passes first test - Development will be seen as win for president in effort to tackle country’s fiscal problems

Fed Seems Resigned to Bubble Risk in Effort to Extend Expansion

German IFO Expectations (Apr): 95.2 (est 96.1, prev 95.6)…no green shoots there!

Texas Instruments Casts Doubt on 2019 Semiconductor Rebound After Solid Q1 - Texas Instruments shares were indicated lower in pre-market trading Wednesday after the chipmaker cautioned that a much-anticipated rebound in global semiconductor demand could be delayed in the early half of next year

Saudi’s Al-Falih: Saudi Arabia Ready To Respond To Buyers Whom Have Had Iran Waivers Lifted

The meeting with Kim Jong Un could allow Vladimir Putin to emerge as an essential player in the North Korean nuclear standoff

Markets

SPX just about broke highest closing high, all-time intraday high is around 2940 though, more than 74% of stocks closed above their 200dma yesterday, the most since February 2018. SPX down about 20pct within 95days, and up 25pct in 120 days..

Crude remains elevated, while consolidating above $65 area, mayn will start to talk/think of retesting $70+ highs of Sep last year

USD remains firm overall, USDCHF tested 1.0240 area yesterday (2015-2016 highs), break of which would call for 1.06+ technically, not there yet, but if risk can remain strong beyond earnings..some weakness still in EMG, particularly TRY and ZAR

Bonds pretty quiet, in fact they rallied a little, even as SPX approaching new highs