Newsquawk Daily US Equity Opening News: ADBE announces USD 25bln buyback; GOOGL unveils chips for AI training and inference

DAY AHEAD: In North America, US MBA mortgage applications and mortgage rates are also due. ECB President Lagarde (neutral; no text expected) is set to speak. The US sells USD 13bln of 20yr bonds. EIA publishes weekly energy inventories; afterhours on Tuesday, the API weekly inventory data was said to show headline Crude stocks drawing down by more than expected at -4.5mln bbls (exp -1.8mln), Cushing stocks posted a build of +0.7mln bbls, distillate stocks drew down by a larger than expected -4.6mln bbls (exp. -2.5mln), while gasoline also saw a larger than expected draw of -5.2mln bbls (exp. -1.3mln). Notable corporates reporting results after-hours include Tesla (TSLA), Texas Instruments (TXN), Lam Research (LRCX), IBM (IBM), and ServiceNow (NOW).
BROKER MOVES: ABNB upgraded at Wells Fargo; ZS downgraded at Morgan Stanley. To see the full list, please click here.
MAJOR MORNING MOVES RECAP: TDY, BABA, PM, UAL, VRT, OTIS, GEV, BA, ISRG, ABNB, ZS, GOOGL. To see the full list, please click here.
US DAILY CONFERENCE CALENDAR: AMD, NVDA, MSI. For the full list, please click here.

US EQUITY NEWS:

TECH:

Adobe (ADBE) - Board approved a new USD 25bln stock buyback programme, running through 30th April 2030.
Cursor, SpaceX - SpaceX said it has an option to acquire Cursor for USD 60bln later this year, or pay USD 10bln for a new partnership, Reuters reports. The deal could strengthen xAI’s position in AI coding tools and give Cursor more computing capacity. The news comes ahead of SpaceX’ expected public debut.
OpenAI - Florida is launching a criminal investigation into OpenAI over ChatGPT’s role in a mass shooting at Florida State University that killed two people last year, WSJ reports. AG James Uthmeier said the investigation focuses on messages between the suspect and ChatGPT.
Anthropic - A small group of unauthorised users accessed Anthropic’s new Mythos AI model via a third-party vendor environment, Bloomberg reports. The users reportedly gained access on the day Anthropic announced limited testing for select Cos. Anthropic said it is investigating. Mythos, announced in April, is being deployed for defensive cybersecurity under Project Glasswing.
Memory Stocks - Bloomberg notes that memory chip makers are posting record profits on surging demand, but their shares still trade at much lower valuation multiples than other leading AI chip Cos. That gap has fuelled debate among investors over whether the memory sector has entered a super cycle and broken from its boom-and-bust past.
GitLab (GTLB), Amazon (AMZN) - GitLab has deepened its integration with Amazon Web Services, allowing joint customers to route GitLab Duo Agent Platform inference through Amazon Bedrock. The company said the arrangement lets AWS customers use existing Amazon Bedrock models, IAM policies and AWS spending commitments for agentic DevSecOps.
TE Connectivity (TEL) Q2 2026 (USD): Adj. EPS 2.73 (exp. 2.69), Revenue 4.74bln (exp. 4.74bln). Guidance: Q3 adj. EPS 2.83 (exp. 2.79), Revenue 5bln (exp. 4.93bln).
Teledyne (TDY) Q1 2026 (USD): Adj. EPS 5.80 (exp. 5.47), Revenue 1.56bln (exp. 1.52bln). Guidance: Q2 adj. EPS 5.70-5.80 (exp. 5.74). Raises FY26 adj. EPS to 23.85-24.15 (prev. 23.45-23.85, exp. 23.82).

COMMUNICATIONS:

Google (GOOGL) - Unveils chips for AI training and inference in latest shot at Nvidia (NVDA). Google is dedicating a chip to running artificial intelligence models, and a separate processor to training models. Amazon is pursuing a similar strategy, as both companies take on Nvidia by offering custom-built silicon as an alternative to graphics processing units. Google’s new chip comes with ample static random access memory, like a forthcoming chip from Nvidia.
Netflix (NFLX), Goldman Sachs (GS) - Netflix is in talks to buy Los Angeles’ Radford Studio Centre, after lenders led by Goldman Sachs repossessed the property following Hackman Capital Partners defaulting on USD 1.1bln of debt. The price has not been finalised, but one source said it could be less than one-third of its USD 1.85bln 2021 sale price.
Trump Media and Technology Group (DJT) - Appointed Kevin J. McGurn as interim CEO with immediate effect, replacing Devin Nunes. McGurn has been an adviser to the company since December 2024.
AT&T (T) Q1 2026 (USD): Adj. EPS 0.57 (exp. 0.55), Revenue 34.5bln (exp. 31.25bln). Subscribers: Postpaid phone net additions 294k (exp. 270k), Retail wireless subscribers totalled 109.3mln (vs 108.4mln Y/Y), Postpaid churn 0.89% (vs 0.83% Y/Y). Guidance: Affirms FY EPS adj. EPS 2.25-2.35 (exp. 2.30).

FINANCIALS:

Goldman Sachs (GS) - A unit of Goldman Sachs Asset Management invested USD 50mln in BLP Digital, a Swiss AI Co. that automates financial processes including invoicing and internal reporting. Goldman Sachs Alternatives is buying the stake from existing shareholders, BLP co-founder Tim Beck said. A valuation was not disclosed.
Blackstone (BX) - Blackstone-owned AirTrunk is planning its first data centre-backed bond, seeking to raise at least AUD 500mln to refinance existing bank loans, Bloomberg reports. The Sydney-based company is aiming to launch the bond in H2.
Capital One (COF) Q1 2026 (USD): Adj. EPS 4.42 (exp. 4.57), Revenue 15.2bln (exp. 15.37bln). Commentary: Exec said results reflected solid top line growth and strong credit performance, adding that the Discover integration continues to go well, and that the company is building momentum from the acquisition.
Western Alliance (WAL) Q1 2026 (USD): Adj. EPS 2.22 (exp. 1.36), Revenue 1.0bln (exp. 959.36mln). NIM expanded 3bps to 3.54%, supported by a 21bps decline in the cost of interest-bearing deposits. Loans grew USD 465mln and deposits USD 5.6bln Q/Q, whilst the total classified assets ratio fell 9bps to 1.08%; net loan charge-offs to average loans were 0.39%, ex-fraud-related items. Tangible book value per share +13.0% Y/Y to USD 61.14, with a CET1 ratio steady at 11.0%. It completed USD 50mln in share repurchases during the quarter.
Interactive Brokers (IBKR) Q1 2026 (USD): EPS 0.60 (exp. 0.60), Revenue 1.68bln (exp. 1.68bln); raised quarterly dividend to 0.0875/shr (prev. 0.08/shr). Customer accounts +31% Y/Y to 4.75mln, Customer equity +38% Y/Y to USD 789.4bln, Total DARTs +24% Y/Y to 4.37mln, Customer credits +35% Y/Y to USD 168.8bln, Customer margin loans +35% Y/Y to USD 86.0bln.
Chubb (CB) Q1 2026 (USD): Core EPS 6.82 (exp. 6.60), Cconsolidated net premiums 14.01bln (vs. 12.65bln Y/Y), Core operating earnings 2.7bln, up more than 80% Y/Y, while P&C underwriting income USD 1.8bln with a combined ratio of 84%; on a current accident year basis excluding CATs, underwriting income rose 9.8% with a combined ratio of 82.1%. Ex-CATs, core operating income increased 10.7% and core EPS rose 13.5%, tangible book value per share grew 21.5%, and adj. net investment income was USD 1.8bln, up more than 10%. Exec said the quarter was an excellent start to the year despite elevated uncertainty, citing Chubb’s globally diversified business, underwriting discipline and strong balance sheet. He added that growth in P&C underwriting income, investment income and life income drove the result, while the prior-year quarter had been affected by the California wildfires.
W. R. Berkley (WRB) Q1 2026 (USD): Operating EPS 1.30 (exp. 1.14), Revenue 3.69bln (exp. 3.19bln). Annualised return on beginning-of-year shareholders’ equity 21.2%, while the accident year combined ratio excluding catastrophe losses was 88.3%. In the insurance segment, gross premiums written +4.5% Y/Y and net premiums written +3.2%, while net investment income rose +12.2%. Co. returned USD 336mln of capital in the quarter through regular dividends and share repurchases, including the repurchase of nearly 4.5mln shares. Management said results reflected continued growth in underwriting and investment income. It added that the balance sheet remains a source of strength, and it is confident in its ability to exceed its 15% target after-tax return on equity for the foreseeable future.
Prudential (PRU) - Said the 180-day extension of Prudential of Japan’s sales suspension will raise the estimated FY26 pre-tax adj. operating income impact to USD 525-575mln, including the earlier USD 300-350mln estimate for the initial 90-day pause. Also estimated a FY27 impact of USD 400-450mln, while saying an independent third-party review remains ongoing. Barclays analysts downgraded Prudential to Underweight from Equal Weight, and cut its price target to USD 91 from USD 110, saying the company faces too many headwinds; it cited regulatory issues at Prudential of Japan, cash flow pressure, potential downward earnings revisions, and an underperforming secondary guaranteed universal life block.
HSBC (HSBC) - Shortlisted Allianz (ALIZY), Daiichi Life Group (DLICY), and Sumitomo Life Insurance (SSUMY) as bidders for HSBC Life Singapore, with binding bids expected in the coming weeks, according to Bloomberg. HSBC may seek a valuation of as much as USD 2bln for the business.
Nordea Bank (NRDBY) - Said Q1 fee income offset a decline in lending profit; net interest income -4% Y/Y to EUR 1.76bln (exp. 1.74bln).
UK Pension Firms - UK Pensions were warned they face large costs if they attempt to offload private market assets, following a warning by the industry regulator about some schemes’ high exposure to hard-to-sell investments, according to the FT.
Moody's (MCO) Q1 2026 (USD): EPS 4.33 (exp. 4.24), Revenue 2.08bln (exp. 2.07bln); raises FY26 share repurchase guidance to USD 2.5bln. Guidance: Reaffirms FY outlook.
CME Group (CME) Q1 2026 (USD): Adj. EPS 3.36 (exp. 3.34), Revenue 1.9bln (exp. 1.87bln).

CONSUMER DISCRETIONARY:

Amazon (AMZN) - CEO Andrew Jassy sold 31K shares on 17th April, for a total USD 7.9mln; the sale was pre-scheduled via an SEC-compliant automatic selling plan that Jassy set up in November 2025.
Tesla (TSLA) - Launched a six-seater Model Y L in India, extending its limited local line-up after entering the market last July, Reuters reports. The variant has a longer wheelbase and is priced at INR 6.2mln.
Ford (F) - NHTSA said Ford is recalling 140.2k vehicles within the US.
Toll Brothers (TOL) - Signed an agreement to acquire substantially all assets of Buffington Homes of Arkansas, a privately held luxury home builder based in Fayetteville; terms were not disclosed; deal is expected to close in Q3.
Evolution (EVVTY) Q1 2026 (EUR): Revenue 513mln (exp. 516.2mln), EBITDA 335.3mln (prev. 342mln Y/Y), EPS 1.26 (prev. 1.24 Y/Y); Asia and LatAm improved, but Europe declined and North America faced a weak USD.
Prediction Markets - New York AG Letitia James sued Coinbase (COIN) and Gemini, accusing them of operating prediction markets that violate state gambling laws, WSJ reports. Lawsuits did not include Kalshi or Polymarket, which dominate the growing “event contract” market and say their yes/no contracts are closer to trading than betting.
Best Buy (BBY) - Jason Bonfig is to succeed Corie Barry as CEO.
Tencent (TCEHY), Alibaba (BABA) - Cos. are in talks to invest in DeepSeek, The Information reports.

CONSUMER STAPLES:

Danone (DANOY) Q1 2026 (EUR): Sales 6.708bln (exp. 6.69bln), as formula recalls and Middle East conflict hit specialised nutrition; guidance was unchanged.
Reckitt (RBGLY) - Q1 LFL sales growth of 0.6%, below expectations, as weak US cold and flu demand and Middle East supply disruption weighed; brands including Strepsils and Dettol rose 1.3%; maintained FY 2026 LFL net revenue outlook for its core business of between +4-5%.
Philip Morris International (PM) Q1 2026 (USD): Adj. EPS 1.93 (exp. 1.83), Revenue 10.2bln (exp. 9.89bln). Guidance: FY EPS 8.36-8.51 (exp. 8.40). Commentary: The Middle East conflict had a small impact in Q1, affected shipments to Global Travel Retail and certain markets in the region. Performance continues to be driven by the international smoke-free business. IQOS continued to lead the growth of the global category, in which PMI holds approximately 77% volume share.

INDUSTRIALS:

United Airlines (UAL) Q1 2026 (USD): Adj. EPS 1.19 (exp. 1.09), Revenue 14.6bln (exp. 14.38bln). TRASM +6.9% Y/Y, CASM +4.4%, CASM-ex +5.9% Y/Y. Operating cash flow 4.8bln, FCF 2.9bln, with ending available liquidity of USD 17.2bln, total debt, finance lease obligations and other financial liabilities of USD 24.2bln, and trailing 12-months net leverage of 2.0x. Commentary: Exec said the results showed the resilience of United’s long-term strategy despite escalating fuel expense, adding that the group’s financial position and brand loyalty allowed it to make tactical adjustments while maintaining its long-term focus. Guidance: Q2 adj. EPS 1.00-2.00 (exp. 2.00). FY26 adj. EPS 7.00-11.00 (exp. 9.78, prev. 12.00-14.00), FY26 adj. total CapEx less than 8.0bln. Plans to reduce 5 points of planned capacity for the rest of the year, sees Q3 and Q4 capacity flat to up around 2% Y/Y, and sees year-end 2026 total mainline aircraft of 1,180, and total regional aircraft of 440.
Lockheed Martin (LMT) - Received two US Navy contract modifications: USD 36.97mln for engineering and technical support for the Integrated Submarine Imaging System, and USD 70.11mln to expand work supporting Romania as an F-35 Foreign Military Sales customer.
ABB (ABBNY) - Raised annual revenue outlook after Q1 orders jumped, driven by data centre demand for its power-grid products. Co. now expects high single-digit to low double-digit comparable revenue growth (prev. 6-9%).
Vertiv (VRT) Q1 2026 (USD): EPS 0.95 (exp. 1.00), Revenue 2.65bln (exp. 2.64bln). Guidance: Q2 adj. EPS 1.37-1.43 (exp. 1.43), Sales 3.25-3.45bln (exp. 3.4bln). FY net sales 13.5-14bln (exp. 13.63bln), Adj. diluted EPS 6.30-6.40 (exp. 6.12).
Otis Worldwide (OTIS) Q1 2026 (USD): Adj. EPS 0.89 (exp. 0.90), Revenue 3.57bln (exp. 3.5bln); raised dividend 5% to USD 0.44/shr. Guidance: FY26 adj. EPS 4.20-4.24 (exp. 4.24), Revenue 15.1-15.3bln (prev. 15-15.3bln, exp. 15.05bln), Adj. FCF 1.6-1.65bln (prev. 1.6-1.67bln), Adj. operating profit 2.5bln (prev. 2.5-2.6bln).
GE Vernova (GEV) Q1 2026 (USD): Revenue 9.3bln (exp. 9.18bln). Guidance: FY26 revenue 44.5-45.5bln (prev. 44-45bln, exp. 44.65bln). Now expects to reach USD 200bln of backlog in 2027 vs prev. exp. of 2028.
Boeing (BA) Q1 2026 (USD): Adj. EPS -0.20 (exp. -0.65), Revenue 22.2bln (exp. 22.00bln), Adj. FCF -1.45bln (exp. -2.61bln). Commentary: Expect certification of 737-7 and 737-10 in 2026, first delivery in 2027; 737 programme continues to produce at 42/month rate and 787 programme continues to stabilise production at 8/month. Maintains access to its USD 10bln undrawn credit facility.
Westinghouse Air Brake Technologies (WAB) Q1 2026 (USD): Adj. EPS 2.71 (exp. 2.51), Revenue 2.95bln (exp. 2.96bln). Guidance: Raises adj. EPS to 10.25-10.65 (prev. 10.05-10.45, exp. 10.45), backs revenue 12.19-12.49bln (exp. 12.34bln).
Masco (MAS) Q1 2026 (USD): Adj. EPS 1.04 (exp. 0.88), Revenue 1.92bln (exp. 1.83bln). Guidance: Reaffirms FY26 adj. EPS 4.10-4.30 (exp. 4.17).

ENERGY:

US Energy - Trump admin is considering extending a maritime shipping waiver that eased movement of oil, gasoline and other commodities between US ports as the Iran war strains global energy supplies, according to Bloomberg. The 60-day waiver, issued on 18th March exempts cargoes from Jones Act requirements, and is due to expire in May.
Energy Inventories - Afterhours on Tuesday, the API weekly inventory data was said to show headline Crude stocks drawing down by more than expected at -4.5mln bbls (exp -1.8mln), Cushing stocks posted a build of +0.7mln bbls, distillate stocks drew down by a larger than expected -4.6mln bbls (exp. -2.5mln), while gasoline also saw a larger than expected draw of -5.2mln bbls (exp. -1.3mln).
Global Inventories - Goldman Sachs said global visible oil inventories are likely to fall to record lows even if Hormuz flows start recovering by end-April, as flows remain about 10% of normal and any rebound is expected to be gradual.
China Crude - Chinese oil majors are selling West African and other crude cargoes after government-owned refiners cut utilisation to the lowest level since 2022, according to Bloomberg.
EQT (EQT) Q1 2026 (USD): Adj. EPS 2.33 (exp. 2.16), Revenue 3.38bln (exp. 3.24bln). Commentary: Exec highlighted record FCF generation and balance sheet strengthening, citing Cos. low-cost, integrated platform and peer-leading breakeven as key advantages. Exec added Cos. platform and breakevens position it to benefit from both global energy reliability needs and rising US power demand, particularly in Appalachia. Guidance: Q2 total sales volume 570-620Bcfe, Maintenance capex 525-595mln, growth capital capex 210-235mln. FY26 total sales volume 2,275-2,375Bcfe, growth capex 580-640mln.
Exxon (XOM) - Mulling the sale of its gas stations in Hong Kong, Bloomberg reports. The assets may be valued at USD 500-600mln, sources said. Deliberations are ongoing with no final decision yet

MATERIALS:

BHP Group (BHP) - Beat Q3 iron ore output estimates, with WAIO production of 69.8mln tons (exp. 68.9mln), while copper output fell 7% to 476.8K tons (exp. 479.2K). Said FY26 copper output should be in the upper half of its 1.9-2mln ton range. It added that talks with China Mineral Resources Group had concluded. Separately, BHP has reached a supply deal with China Mineral Resources, ending a months-long standoff that had disrupted steel mills’ access to key products and affected markets; the dispute began late last year after long-term supply contract talks broke down and restrictions on purchases of BHP output gradually increased.
AkzoNobel (AKZOY) Q1 2026 (USD): Adj. EBITDA 345mln (exp. 325.2mln), aided by price hikes and cost savings, while maintaining 2026 guidance despite Middle East costs. It announced an agreement to sell AkzoNobel Pakistan to Packages Group, with the deal expected to close in H2.
Sonoco (SON) Q1 2026 (USD): EPS 1.20 (exp. 1.20), Revenue 1.676bln (exp. 1.71bln). Commentary: Exec said the quarter reflected solid performance despite severe winter weather disruptions, a fire that destroyed a recycling facility in South Carolina, and rapidly changing macro and geopolitical conditions. Exec added that Consumer Packaging exceeded expectations, while Industrial Paper Packaging faced operational and demand challenges, with productivity and a favourable price/cost environment more than offsetting lower volume/mix. Guidance: FY26 adj. EPS at the low end of 5.80-6.20 guidance range (exp. 5.94), Revenue 7.25-7.75bln (exp. 7.46bln).

HEALTHCARE:

Medicare - The Centres for Medicare and Medicaid Services will extend until the end of 2027 an interim programme covering obesity drugs including Eli Lilly’s (LLY) Zepbound and Novo Nordisk’s (NVO) Wegovy, WSJ reports. The move follows signals that major Medicare insurers would not initially join a separate long-term payment model due to start in 2027.
Intuitive Surgical (ISRG) Q1 2026 (USD): Adj. EPS 2.50 (exp. 2.11), Revenue 2.77bln (exp. 2.62bln). Worldwide procedures (da Vinci and Ion combined) +17% Y/Y, with da Vinci procedures +16% and Ion procedures +39%. Co. placed 431 da Vinci surgical systems (vs. 367 Y/Y), including 232 da Vinci 5 systems (vs 147), and placed 52 Ion systems (vs 49). Management said da Vinci procedures grew 19%, led by continued strength in general surgery and gynaecology, while noting that the lower growth rate vs prior quarters reflected ongoing challenges in China and Japan. Co. also said it did not see any significant Q1 impact from possible ACA subsidy changes, but remains cautious on any future effect. Guidance: FY26 worldwide da Vinci procedure growth 13.5-15.5%, Adj. gross profit margin 67.5-68.5% of revenue, including an estimated tariff impact of 1.0% of revenue, Adj. operating expense growth 11-14%. Co. also said Chief Medical Officer Myriam Curet will retire this quarter and Jamie Wong will succeed her as Chief Medical Officer.
Moderna (MRNA) - Said the first participants in the US and UK have been dosed in a Phase 3 trial of its investigational mRNA-based H5 pandemic influenza vaccine, mRNA-1018. The study will assess safety and immunogenicity in about 4,000 adults. CEPI said in December 2025 it would invest up to USD 54.3mln to support development towards licensure.
Roche (RHHBY) - Experimental multiple sclerosis pill, fenebrutinib, sharply reduced relapses in late-stage trials, strengthening its case for approval. However, Bloomberg said that questions remain over how much it slows long-term disability, and safety concerns, including deaths seen in the trials, have not been fully resolved.
Sanofi (SNY) - Tzield approved in the US to delay the onset of stage 3 type 1 diabetes in young children. Expanded approval includes children aged one year and above with stage 2 T1D to delay the onset of stage 3.
Teleflex (TFX) - CVC Capital Partners and GTCR have teamed up and submitted a takeover offer for medical equipment provider Teleflex, according to Bloomberg. The firms have been working together to assess a potential deal to take the company private.
Elevance Health (ELV) Q1 2026 (USD): EPS 12.58 (exp. 10.83), Revenue 49.5bln (exp. 48.20bln). Operating expense ratio 12.8%, included a USD 935mln accrual representing its current best estimate of the identified potential exposure related to the CMS notice. Recorded a charge of USD 129mln related to business optimisation. Benefit expense ratio was 86.8% (+40bps), reflecting expected elevated medical cost trend in Medicaid business, partially offset by improved performance in Medicare. Guidance: FY adj. EPS 26.75 (exp. 25.70, prev. 25.50), and reaffirm operating cash flow of at least USD 5.5bln. Commentary: Said ⁠it has made deliberate changes to its Healthcare plans and ⁠exited select locations to manage sustained pressure in its Medicaid plans for low-income people. Raising FY adj. EPS guidance, supported by greater visibility into the balance of the year. Actions are driving more consistent performance, positions Elevance for continued improvement over time.
Boston Scientific (BSX) Q1 2026 (USD): Adj. EPS 0.80 (exp. 0.79), Revenue 5.2bln (exp. 5.17bln). Guidance: Q2 adj. EPS 0.82-0.84 (exp. 0.86). Cuts FY26; adj. EPS 3.34-3.41 (prev. 3.43-3.49, exp. 3.46), Revenue +7-8.5% (prev. +10.5-11.5%).
Merck (MRK) - Among those interested in Inhibrx's (INBX) experimental cancer drug, Reuters reports citing source.

GEOPOLITICS:

US-Iran Ceasefire - President Trump indefinitely extended the ceasefire with Iran while maintaining the naval blockade of the Strait of Hormuz after planned peace talks collapsed. He said Pakistan, which is mediating, had asked the US to hold off on fresh strikes, and that the ceasefire would continue until Iran submits a new proposal and discussions conclude. Axios, however, reported that Trump is giving Iran three to five days to unify behind a counter-offer or the extended ceasefire could end; US officials reportedly said that divisions between Iran’s military and civilian negotiators have stalled the talks.
Strait of Hormuz - A container ship was fired on near the Strait of Hormuz after being approached by an Iranian gunboat, the UK Navy said. UK MTO said the IRGC boat opened fire about 15nm off Oman, causing heavy damage to the vessel’s bridge. The ship was not named. Separately, at least two fully laden Iranian tankers sailed out of the Persian Gulf and past a US blockade this week, part of a flotilla that moved roughly 9mln barrels of oil to the market, Vortexa said; the Hero II and Hedy passed into the Arabian Sea on 20th April, and can together carry up to 4mln barrels. Elsewhere, the UK and France will hold a new summit of military planners on reopening the Strait of Hormuz as PM Starmer and President Macron continue diplomatic efforts to restore free transit; more than 30 countries will join the two-day conference in London to advance military plans for reopening the strait once conditions permit following a sustainable ceasefire agreement.
Iraq - The Trump administration suspended USD shipments to Iraq and froze security cooperation with its military, escalating pressure on Baghdad to dismantle Iranian-backed militias, according to Iraqi and US officials cited by the WSJ. Treasury officials recently blocked a cargo-plane delivery of nearly USD 500mln in banknotes from Iraqi oil sale proceeds held in Federal Reserve Bank of New York accounts, the report notes.

MACRO:

South Korea - South Korea’s FX deposits fell by a record in March, as a weaker KRW currency led companies to convert holdings into local currency. BoK data showed deposits held by residents dropped by USD 15.4bln to USD 102.2bln at the end of March, with corporate accounts making up most of the decline.
China Bond Sale - China’s biggest yuan bond sale in Hong Kong since 2023 drew record-low yields on 2yr and 15yr debt; the finance ministry issued CNY 15.5bln of 2s, 3s, 5s and 15yr notes, with the 2yr issue sold at a 1.32% yield, and the 15yr at a 2.08% yield. Separately, China regulators called on underwriters and market participants to promote issuance, investment, and trading of floating-rate bonds to help manage risks from potential interest-rate volatility.
UK Inflation - UK CPI rose 0.7% M/M in March (exp. 0.6%), with the annual rate rising to 3.3% Y/Y (exp. 3.3%, prev. 3.0%); the core rate rose by 0.4% M/M (exp. 0.5%), with the annual rate of core CPI easing to 3.1% Y/Y (exp. 3.2%, prev. 3.2%); the services inflation reading rose to 4.5% Y/Y (exp. 4.40%, prev. 4.30%). Pantheon Macroeconomics said the data was largely energy-driven, with Easter airfares and clothing discounting distorting the detail, so the medium-term inflation outlook is little changed; Pantheon thinks the data is not enough to trigger imminent MPC hikes, but it added that firm underlying services inflation should limit rate cuts, and could tilt policy towards hikes if oil prices remain elevated.

TRADE:

Japan Trade Data - Japan’s exports rose 11.7% Y/Y in March (exp. 11%); imports increased 10.9% (exp. 7.1%). The trade balance came in at JPY 667.0bln (exp. 1,106bln). The finance ministry said export growth accelerated as demand in China rebounded, while the Middle East conflict had not yet significantly affected imports.
US-Canada - Ahead of a review of the US/Mexico/Canada trade agreement, Canada’s new chief trade negotiator to the US Janice Charette said Ottawa wants reciprocity from Washington after making significant concessions to address President Trump’s concerns. These were her first major public remarks since Canada PM Carney appointed her in February.