Asian Marco Initial Thoughts: data light in Asia, S Korea released strong Export/Import Prices and good employment data premarket. Focus still on US/Iran peace talk potential.

NZX opened higher but drifting lower. Sentiment positive but little has actually changed I would expect more cautious trading after the rebounds seen yesterday.

Apr 14, 2026

Overview
Khmer New Year celebrations ongoing today, wishing everyone Health, Wealth and Happiness.

Markets rallying in relief on the expectations of more peace talks which is positive but I still do not see a quick resolution to the standoff. Obviously oil deliveries are now slowing so it is less about the price and more about whether some countries can actually get any deliveries.

Citadel CEO Ken Griffin said Tuesday that the global economy is headed toward a recession if the Strait of Hormuz stays shut for much longer.

Chicago Fed President Austan Goolsbee said on Tuesday that if the war in Iran leads to persistently elevated oil prices, thereby delaying progress in bringing

inflation back to the Federal Reserve’s 2% target, the central bank may need to wait until 2027 before cutting interest rates. He said the top priority is to bring inflation back to 2%. If the oil price shock stemming from the Middle East is resolved and inflation returns to the 2% level, rate cuts would then become possible.

The Iran war could end up costing U.S. taxpayers far more than official figures suggest, according to the analysis of one Harvard academic. The first 6 days of the the joint U.S.-Israeli operation against the Islamic Republic, beginning February 28, racked up costs of $11.3 billion, according to the Pentagon’s briefing to Congress.

While a fragile ceasefire is still in place, efforts to reach a lasting settlement have so far proved elusive, with U.S. forces starting a blockade of Iranian ports on Monday after peace talks over the weekend failed. “I am certain we will reach $1 trillion for the Iran war.” said Professor Linda Bilmes, public policy expert at the Harvard Kennedy School, in an internal interview. Read more.

The International Monetary Fund (IMF) on Tuesday lowered its global economic growth forecast for this year to 3.1%, reflecting the Iran war, and warned that growth could fall to 2% if energy disruptions persist. It had forecast in January that global growth would reach 3.3% this year and 3.2% in 2027. The IMF said that if the Strait of Hormuz remains closed for an extended period and drilling and refining facilities suffer further damage, global economic growth is projected to slow to 2.5% this year, while inflation would rise to 5.4%. If energy supply disruptions extend into next year, inflation expectations could become significantly unanchored and financial conditions could tighten sharply, further worsening the situation. Under such a scenario, global economic growth would decline to 2% this year, with inflation exceeding 6%.

All of which seems to underline that even if we see more talks a lot of the damage has already been done.

Housekeeping
On Monday morning I wason RTHK’s Money Talk with host Megha Chaddah and the other guest will be Chi Lo, Senior Market Strategist APAC at BNP Paribas Asset Management We discussed the impact of the US blockade of the Straits of Hormuz and where investors should be looking.
If there is anything you’d like discussed on the show next Monday, then click the link below and let them know. Equally if you just want to listen to the programme, click the link https://www.rthk.hk/radio/radio3/programme/money_talk

Last Thursday afternoon I was on RTHK’s The Close with host Nitin Dialdas and Peter Guy, RTHK’s resident financial expert. We focused on the Trump Ceasefire, impact on stocks and where investors should look for opportunities long with the China inflation and PPI data.
If there is any topic you want discussed on the next programme, when Nitin Dialdas will host and the other guest will be Tariq Dennison, Portfolio Manager, GFM Asset Management then please message me or them via the link, which can also be used to listen to the programme
https://www.rthk.hk/radio/radio3/programme/the_close

For excellent independent research ERI-C.com Provides the best selection of Independent Research, Showcase Events, Introductions & Marketplace, Reports, blogs, trials, podcasts and more https://www.eri-c.com/

There are recent reports from Neil Newman on Japan strategy, Sean Maher on A1 and Gerard Minack along with a lot more very good analysts.

It is MiFID II compliant, you can try Before You Buy, there is Research Evalution. and information can be shared across team or firm. It has Different Views at the Best Price. Buyers transact at offered prices or with vendor permission, by agreement. ERIC’s industry low commission rates - charged only to sellers - allow both buyers and sellers to realise better net pricing simulataneously. The differentiated price discovery mechanism entertains private bids and negotiation (on or offline) to broaden demand capture and liquidity. If you have any problems connecting, call or message me and I will sort your issue out.

Mark Tinker’s latest Market Thinker In Memorium a testimony to Richard Kersley who recently passed away.

Prior to that on the markets he wrote Commodity Markets didn’t think this would last He notes ‘Writing a monthly note when the news - or often perhaps just the noise - changes daily is always tricky. Waiting till after the easter holiday has left us finishing on the morning of the ceasefire announcement and markets spiking…..nevertheless…’ He sums up the current position and notes Short Uncertainties - internal technicalities dominating while Medium Term Risks - existing issues haven’t gone away. Finally Long Term Trends - the end of the $ centric system. Well worth a read.

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HEADLINES & NEWS

NEW ZEALAND & AUSTRALIA

Telix Pharmaceuticals Ltd (ASX: TLX) after the radiopharmaceuticals company announced a US$550 million convertible notes offering. The company’s managing director and CEO, Dr. Christian Behrenbruch, said: “The refinance of the existing Convertible Bonds represents our proactive approach to capital management. The new Convertible Bonds will continue to provide the business with cost effective financing.” Telix notes that the new convertible bonds represent attractive, low-cost financing and are non-dilutive until any potential future conversions occur. The initial conversion price will be at a premium to Telix’s current share price.

Fewer flights, $800m fuel blowout as Iran crisis hits Qantas. The airline’s surging fuel prices are hitting its profits, forcing it to trim domestic routes and step back investments.

$200 a barrel: The oil contracts that show how fuel crisis could worsen Asian refineries are paying surging premiums to get hold of immediately available oil, driving up the cost of petrol and diesel they will deliver to Australia.

‘Urgent meeting’: ABC peace deal over pay on brink of collapse. The staff union has called an “urgent meeting” on potential further industrial action after accusing the public broadcaster’s management on back-peddling on pay grade rises.

$3.1m per job: does the employment case for data centres stack up? For every $3.1 million invested in data centre infrastructure, according to the industry’s own figures, Australia gets one permanent data centre job.

JAPAN
The International Monetary Fund said on Tuesday it expected the Bank of Japan to raise interest rates gradually, but at a slightly faster pace than projected six months ago. After Japan’s economy expanded ‌1.2% in 2025, growth is projected to slow to 0.7% in 2026 and 0.6% in 2027, the IMF said in its World Economic Outlook report, roughly unchanged from its forecasts in October. Inflation is expected to moderate this year and converge toward the BOJ’s 2% target by end-2027 as food and commodity prices ease, the IMF said.

Finance Minister Satsuki Katayama said on Tuesday she and PM Sanae Takaichi had told the trade minister to avoid commenting on ‌the Bank of Japan’s monetary policy, stressing decisions on policy tools should be left to the BOJ. On Sunday, Economy, Trade and Industry Minister Ryosei Akazawa said an April hike “could be among options” to support Japan’s currency as the country’s real interest rates remained quite low.

NISSAN MOTOR (7201.JP) announced on Tuesday (14th) a comprehensive revamp plan, including AI-empowered autonomous driving systems and a range of electric vehicle options, in a bid to advance its business restructuring program. Nissan unveiled its new X-Trail sport utility vehicle, Rogue SUV and Juke compact car, and announced it will reduce its vehicle lineup by 20% to 45 models, with 80% of sales to be concentrated in three core family series. The company aims to achieve annual sales of 1 million units each in the China and US markets by fiscal year 2030, and targets annual sales of 550,000 units in the Japan market by then. Nissan stated that in the China market it will prioritize rapid model development and cost efficiency, strengthen its pure electric product lineup, and position China as an export hub to ship products to markets such as Latin America and SE Asia. The company plans to export the China-manufactured N7 mid-size sedan and Frontier Pro pickup to these two regions.

Japan’s greenhouse gas emissions fell by 1.9% in fiscal 2024, which ended in March 2025, government data showed on Tuesday, the third straight annual fall and the lowest since ‌records began on lower manufacturing energy use and greater use of renewable and nuclear power. Japan’s GHG emissions totalled 1.046 billion metric tons of carbon dioxide equivalent in fiscal 2024, down from 1.067 billion tons a year earlier, environment ministry data showed.

SOUTH KOREA
The import price index rose 16.1 percent on-month last month, accelerating sharply from a 1.5 percent increase in February, according to the preliminary data from the Bank of Korea. It marked the steepest gain since January 1998, when prices jumped 17.8 percent. The figure also marked the ninth consecutive monthly increase since July 2025. On an on-year basis, the index climbed 18.4 percent in March. The increase came as the price of Dubai crude, South Korea’s benchmark, soared 87.9 percent on-month to $128.52 per barrel in March, as the Middle East conflict, which began late February following US-Israeli strikes on Iran, disrupted global oil supplies.

The International Monetary Fund on Tuesday left its 2026 growth forecast for South Korea unchanged at 1.9%, with the government saying a supplementary budget and other policy support helped cushion the economy against mounting external shocks. In its April world economic outlook, the IMF maintained the same projection it gave in January, bucking a broader run of downward revisions by other institutions. The OECD in March cut its Korea forecast to 1.7 percent from 2.1 percent in December, while French bank Natixis slashed its estimate by 1 percentage point to 0.8 percent, the first sub-1 percent projection by any institution this year. Korea’s forecast remained slightly above the 1.8 percent average for 41 advanced economies.

Discount-store chain Daiso, operated by Asung Daiso, topped 4 trillion won ($3 billion) in sales for the first time last year, fueled by rising demand for budget-friendly goods amid prolonged inflation. The company posted 4.53 trillion won in revenue and 442.4 billion won in operating profit on Tuesday, up 13.4 percent and 19.2 percent, respectively, from a year earlier. Expanded offerings in cosmetics, fashion and health supplements helped drive the growth, while seasonal lines such as summer cooling goods and Christmas collections also proved popular, according to the company.

The International Remote Baggage Screening (IRBS) program had been available only for passengers transferring at Atlanta, Georgia, according to the Ministry of Land, Infrastructure and Transport. The program will be extended to two international airports in Detroit and Minneapolis starting Thursday, it said. The expansion was made in cooperation with the US Transportation Security Administration, and Customs and Border Protection, with the two sides also agreeing to further improve transfer procedures in the future. Under the system, X-ray images of baggage checked at Incheon are transmitted in advance to the US, allowing security officials there to screen luggage before the aircraft arrives. If no issues are detected, baggage is transferred directly to connecting flights.

TAIWAN
President William Lai yesterday urged service members to test the military’s strengths to the utmost in this year’s Han Kuang No. 41 virtual exercise, while urging lawmakers to pass the administration’s special defense budget without any cuts. Lai visited the joint command headquarters hosting two weeks of computer-assisted tabletop simulations as part of this year’s iteration of the annual large-scale military drills, which started on Saturday. The drills are billed as high-intensity, open-ended war games testing every level of command and type of formation in a simulated defense against an invasion by the Chinese People’s Liberation Army.

The US last year imported US$59.6 billion more of Taiwanese goods than the previous year, the largest increase among US trading partners, the “2026 Economic Report of the President” released on Monday by the US Council of Economic Advisers showed. While the 61.5 percent annual increase in Taiwanese goods demonstrated the nation’s growing importance in the US supply chain, it was still dwarfed by an annual increase of 125.3 percent in imports from Switzerland in the year, the report showed. Among the US’ major trading partners, Vietnam, Ireland and Mexico also saw substantial increases of their goods shipped to the US last year, while US imports significantly fell from China, Canada, Germany, South Korea and Singapore.

CHINA
China yesterday accused the US of “dangerous and irresponsible” behavior over its blockade of Iranian ports, with Chinese President Xi Jinping vowing Beijing would play a “constructive role” in promoting peace in the Middle East. US President Donald Trump has threatened to sink ships entering or leaving Iranian ports and coastal areas after peace talks between Washington and Tehran failed over the weekend. The blockade came into force at 2pm GMT on Monday, despite the US and Iran agreeing to a fragile two-week ceasefire days earlier.

The General Office of China’s State Council has released its opinions on improving the drug pricing formation mechanism, emphasizing the need to fully leverage the decisive role of the market in resource allocation, better utilize the role of the government, support the development of a unified national market in the pharmaceutical sector, and improve a market-oriented drug pricing formation mechanism. The opinions proposed measures including optimizing the initial pricing mechanism for innovative and other newly launched drugs, leveraging the guiding role of medical insurance payment standards in drug price formation, guiding pharmacies to reasonably set retail drug prices, and strengthening the supply and price stabilization for drugs in shortage.

The turbulence in the Middle East weighed on China’s trade as export growth in March fell short of forecasts. China’s exports rose 2.5% year-on-year in dollar terms in March, and imports hit a monthly record, as turbulence in the Middle East and rising fuel costs weighed on the country’s trade. The March export growth figure fell short of a median forecast of 8.6% among analysts surveyed by Bloomberg, and the 21.8% recorded in January and February combined, when China celebrated the lunar new year holiday. The weakening momentum comes as Beijing prepares for renewed trade talks with the US ahead of a planned meeting in mid-May between Presidents Donald Trump and Xi Jinping. Imports, by contrast, jumped 27.8%, driven by higher energy costs and a surge in purchases of high‑tech components linked to the AI boom. Customs officials warned that geopolitical instability, volatile oil markets and disrupted logistics have created a “complex and severe” trade environment, with China’s trade with the Middle East already slipping after early year gains. Despite softer exports, China still posted a US$51 billion monthly trade surplus, though analysts note that rising import values and the inability to pass higher energy costs to foreign buyers could narrow that surplus in the months ahead.

The Philippines discovered cyanide on Chinese boats operating around a disputed atoll in the South China Sea, Philippine security officials said on Monday. Authorities said laboratory tests confirmed the presence of the highly toxic substance in bottles seized by the Philippine Navy in operations at Second Thomas Shoal (Renai Shoal) last year. Officials warned that the cyanide could have had serious consequences for marine life and weaken the reef supporting a warship that Manila grounded on the atoll to reinforce its maritime claim.

US Treasury Secretary Scott Bessent on Tuesday said China had been an unreliable global partner during the Middle East war by hoarding oil supplies and ‌limiting exports of some goods, mirroring its actions with medical goods during the COVID-19 pandemic. Bessent told reporters he had spoken with Chinese officials about the issue. He dodged a question about whether the dispute would derail U.S. President Donald Trump’s plan to visit Beijing in mid-May, but said Trump and Chinese President Xi Jinping had a very good working relationship. Now it was stockpiling more oil instead of helping ease the global demand shortage caused by Iran’s closure of the Strait of Hormuz, which carries 20% of the world’s oil, he said. China already had a strategic petroleum reserve that was roughly the same size as that of the ‌entire ⁠reserve held by the 32-member International Energy Agency, but it was continuing to purchase oil. “They continued buying, and they’ve been hoarding, and they have cut off exports of many products,” Bessent said.

The founder of Chinese property giant Evergrande Group has pleaded guilty to charges of fraud and bribery, a court said yesterday, the latest blow for what was once the country’s leading developer. Evergrande’s rise was propelled by decades of rapid urbanization and rising living standards, but in 2020, its access to credit dramatically narrowed when the government introduced curbs on excessive borrowing and speculation. The company defaulted in 2021 after struggling to repay creditors. Founder Xu Jiayin, 67, known as Hui Ka Yan in Cantonese, was reportedly held by police in 2023, with Evergrande saying he had been subjected to measures “due to suspicion of illegal crimes.”

HONG KONG
Placement / Rights
Zhu Di Holdings (01413.HK) announced a proposed one-for-two rights issue to issue up to 164 million shares at a subscription price of HKD0.214 per share, representing a 28.67% discount to the closing price on today (14th). The gross proceeds are expected to be HKD35.1 million, with net proceeds of approximately HKD33.52 million. The net proceeds will be used to finance the renovation project of the Yi’ao Hotel building under the Shengguoyuan Commercial Centre located in Jimei District, Xiamen City.

Economy
The Census and Statistics Department announced that the current diffusion index on business receipts for small and medium-sized enterprises (SMEs) fell from 45.3 in February, which was in contractionary territory, to 44.3 in March, while the business receipts expectations index for the next month stood at 46.9. Analysed by sector, the current diffusion index on business receipts for most of the surveyed sectors declined MoM in March, particularly the logistics sector, which dropped from 42.9 to 35.7, and the import and export trade sector, which decreased from 47.4 to 46.3. The current diffusion index of new orders for the import and export trade sector edged down from 47.1 in February to 46.8 in March, while the new orders expectations index for the next month was 47.6. A government spokesman said that the business sentiment among SMEs softened slightly in March, reflecting the impact of escalating geopolitical tensions in the Middle East. The current and expectations indices for SME business receipts retreated slightly from the near two-year highs recorded in the previous month. Nevertheless, overall employment conditions remained stable, with the relevant index showing a slight improvement from the previous month. Looking ahead, heightened geopolitical tensions in the Middle East are expected to continue affecting local business sentiment, although the ongoing economic expansion will provide some support. The government has introduced short-term and targeted measures to address the recent rise in fuel prices and will continue to closely monitor developments.

Buybacks
KUAISHOU-W (01024.HK) disclosed in a filing that on April 14, it repurchased 445,000 shares on the Stock Exchange at prices ranging from HKD44.52 to HKD44.62 per share, involving a total consideration of approximately HKD19.86 million. Since the ordinary resolution was passed on June 19, 2025, the company has cumulatively repurchased 32.1009 million shares, representing 0.7493% of its share capital.

Xiaomi Group (01810.HK) disclosed in a filing that on April 14, it repurchased 2.79 million shares on the Stock Exchange at prices ranging from HKD30.6 to HKD31 per share, involving a total consideration of approximately HKD85.85 million. Since the ordinary resolution was passed on June 5, 2025, the company has repurchased a cumulative 331 million shares, representing 1.28% of its share capital.

AIA (01299.HK) disclosed in a filing that on April 9, it repurchased 3.162 million shares on the Stock Exchange, at prices ranging from HKD86.95 to HKD88.85 per share, involving approximately HKD277 million. Since the ordinary resolution was passed (May 23, 2025), the company has cumulatively repurchased 149 million shares, representing 1.3998% of its share capital.

HSI Short Selling Tuesday 20.9% vs 23.3% Mondy
Top shorts China Shenhua (1088) 54%, Chow Tai Fook (1929) 50%,

Tingyi (322) 47%, Henderson Land (12) 45%, Li Ning (2331) 43%, MTRC (66) 42%, Petrochina (857) 42%, New Oriental (9901) 41%

CM Bank (3968) 39%, China Overseas (688) 37%, Techtronics (669) 37%, PingAn (2318) 37%, Haidilao (6862) 37%, BYD (1211) 36%, China Res Land (1109) 36%, Hengan (1044) 35%, Anta Sports (2020) 33%, China Hong Qiao (1378) 33%, Wuxi Apptec (2359) 32%, Laopu Gold (6181) 32%, JD-SW (9618) 32%, SHKP (16) 31%, China Res Mixc (1209) 31%, Longfor (960) 31%, Meituan (3690) 30%

Sinopec (386) 29%, Nongfu Spring (9633) 29%, HK & China Gas (3) 29%, ZTO Express (2057) 29%, OOIL (316) 28%, Xingyi Solar (968) 28%, CSPC Pharma (1093) 28%, Xingy Glass (868) 28%, Ali Health (241) 27%, Zijin Mining (2899) 27%, CCB (939) 27%, CATL (3750) 26%, BYD Electronic (285) 26%, CK Asset (1113) 26%, CKH (1) 26%, China Res Beer (291) 25%, Sunny Optical (2382) 25%, Bud APAC (1876) 25%, CKI (1038) 25%, Lenovo (992) 25%

WATCH
LING YUI HOLDINGS (00784.HK) announced that four original shareholders have agreed to sell a 70.02% stake in the company to an independent third party, HYPHENLOS, involving 560 million shares for a total consideration of HKD133 million, equivalent to HKD0.2375 per share. Upon completion, the purchaser will be required to make a mandatory general offer at a cash price of HKD0.2375 per share, representing a 34.03% discount to the closing price before the trading suspension. Meanwhile, the company proposed to change its Chinese name to “Ai Life International Group Limited”. HYPHENLOS Group is a provider of genetic testing solutions, primarily focusing in China on applying molecular diagnostics technology to achieve precision medicine. The company has applied for the resumption of trading in its shares on Wednesday (15th).

Ronshine China (03301.HK) announced that in March, total contracted sales amounted to RMB278 million, down 39.4% YoY; contracted gross floor area reached 24,108 square meters. The average selling price was RMB11,547 per square meter. For the first three months, cumulative contracted sales totaled RMB533 million, representing a decline of 51.2% YoY; contracted gross floor area involved was approximately 47,153 square meters. The average selling price was RMB11,307 per square meter.

GENSCRIPT BIOTECH (01548.HK) announced that its subsidiary Legend Biotech, pursuant to its collaboration and license agreement with Janssen Biotech, recorded net trade sales of approximately USD597 million for CARVYKTI in 1Q26, representing a YoY increase of 61.8%.

ELITE INTL (00585.HK) announced that Oshidori International (00622.HK) has transferred its entire holding of 141 million shares in the company to an independent third party, Mr. Han Xuyang. Upon completion, Mr. Han will become a substantial shareholder and the single largest shareholder of the company, holding a 17.10% stake. At the same time, Mr. Han has been appointed as Chairman and Executive Director of the company, while the incumbent Chairman and Executive Director, Kitchell Osman Bin, has resigned from the chairmanship but will remain as an Executive Director.

HONBRIDGE HOLDINGS (03788.HK) announced that its subsidiary Primary Gold has obtained approval from the Northern Territory Government’s Department of Lands, Planning and Environment for the Mine Management Plan covering the Rustlers Roost and Quest 29 projects (Mt Bundy Gold Project), and has been granted authorization to commence mining operations. In accordance with the JORC Code, the Mt Bundy Gold Project currently holds gold resources of 3.47 million ounces and gold reserves of 1.88 million ounces.

China Datang Corporation Renewable Power Co., Limited (01798.HK) announced that in June, total power generation amounted to 2.7559 million megawatt hours, representing a YoY decrease of 20.87% compared with the same period in 2025. Of which, wind power generation reached 2.3006 million megawatt hours, down 26.02% YoY; photovoltaic power generation totaled 445,301 megawatt hours, up 21.98% YoY. For the first three months, cumulative total power generation amounted to 8.8541 million megawatt hours, down 9.43% YoY.

Huaneng Power International, Inc. (00902.HK) announced that in 1Q26, it completed on-grid power generation of 101.489 billion kWh, representing a YoY decrease of 4.82% compared with the same period in 2025. The average on-grid tariff was RMB460.73 per MWh, down 5.63%.

China Southern Airlines (01055.HK) announced its key operating data for March. Passenger capacity increased 12.36% YoY, while the passenger load factor reached 85.78%, up 1.05 ppts. During the month, cargo capacity increased 3.79% YoY; cargo and mail traffic rose 2.77%; and the cargo and mail load factor was 5.03%, down 0.54 ppts.

FOSUN PHARMA (02196.HK) announced that its subsidiary HENLIUS (02696.HK) has received approval from the National Medical Products Administration to conduct a Phase I clinical trial of HLX05-N (recombinant anti-EGFR human-mouse chimeric monoclonal antibody injection) for the treatment of metastatic colorectal cancer. HENLIUS plans to commence the relevant clinical studies once conditions are in place. The company stated that HLX05-N is a biosimilar of cetuximab injection independently developed by the group, intended for the treatment of metastatic colorectal cancer and head and neck squamous cell carcinoma. As of March 2026, the group s cumulative R&D investment in HLX05-N at the current stage amounted to approximately RMB54 million.

Gerry Keefe, HSBC HOLDINGS (00005.HK)’s head of banking in both Europe and the Americas, has left the company and will move to a role outside the financial services industry, Bloomberg reported, citing an internal memo. Keefe’s responsibilities will temporarily be assumed by Jo Miyake, Head of Banking for Asia and the Middle East.

SINO-OCEAN GROUP (03377.HK) announced that contracted sales for March this year amounted to approximately RMB1.42 billion, representing a YoY decline of approximately 40.83%. Contracted gross floor area (GFA) sold was approximately 93,600 square meters, with an average selling price of approximately RMB15,200 per square meter. For the first three months of this year, cumulative contracted sales amounted to approximately RMB3.04 billion, down approximately 42.42% YoY. Cumulative contracted GFA sold was approximately 212,000 square meters, with an average selling price of approximately RMB14,300 per square meter. Including the group’s construction management projects undertaken with its joint ventures and associates, contracted sales for March this year were approximately RMB220 million, with contracted GFA of approximately 20,900 square meters and an average selling price of approximately RMB10,500 per square meter. For the first three months of this year, cumulative contracted sales from construction management projects amounted to approximately RMB500 million, with cumulative contracted GFA of approximately 48,800 square meters and an average selling price of approximately RMB10,200 per square meter.

Tuesday closings in EUROPE & US
DAX 0.99%, CAC 1.12%, FTSE 0.25%
Markets opened higher, FTSE & DAX traded sideways whilst the CAC worked slightly better on hopes of more peace talks as the US implemented its blockade of the Straits of Hormuz which China described as “dangerous and irresponsible.” Also helping sentiment was comments coming from the newly elected regime in Hungary. Oil dropped. Novo Nordisk 4% announced it is partnering with OpenAI to “bring new and better treatment options to patients faster.”

LVMH 0.062% but off the day’s initial lows following a disappointing quarterly earnings report that missed expectations on Monday.

BMW -1.7% announced that, affected by weak demand in China and the US, its sales were impacted, with global deliveries falling 3.5% in 1Q to 565,748 vehicles. During the quarter, sales of the BMW and MINI brands in Europe rose 3%, but this was insufficient to offset declines of 4.3% and 10% in the US and China, respectively.

Renault SA 1.04% will cut its global engineering staff ‌by between 15% and 20% over the next two years, a spokeswoman said on Tuesday, in a bid to become more agile in the face of competition from low-cost Chinese rivals. The ⁠job cuts would amount to up to 2,400 staff, based on a current engineering workforce of around 11,000 to 12,000 people. Renault had 100,541 employees in total at the end of last year.

European investors also monitored earnings updates from Kering 2.92%, Givaudan 2.68%, Sika 7.94% and Publicis Groupe 2%.

DOW 0.66%, NDX 01.96%, S&P 1.18%, Russel 2K 1.32%
Markets opened higher and worked better through the day on increased hopes of further peace talks between the US and Iran. The S&P closed1% off a new record high as oil prices continue to fall. Tech stocks rallied Oracle 4.7%, building on the more than 12% gain it saw in the prior trading day. Nvidia and Palantir Technologies also notched a winning session.

March’s PPI 0.5% MoM or 4% YoY rose much less than expected, Core PPI was also up less than expected.

According to ADP Research, in the four weeks ended March 28 this year, US private employers added an average of 39,250 jobs per week. This marked the fourth consecutive week of improvement in hiring conditions.

National Federation of Independent Business (NFIB) showed that the Small Business Optimism Index fell by 3 points in March this year to 95.8, the lowest level since April 2025 and below market expectations of 98.6. The index is now below its 52-year average of 98. The Uncertainty Index rose by 4 points to 92, well above its historical average of 68. NFIB Chief Economist Bill Dunkelberg said the 20% small business deduction under the Tax Cuts for Working Families Act and other tax provisions supporting small businesses have had many positive effects on small firms. However, the sharp surge in oil prices has unsettled both consumers and businesses. Small firms have had to absorb these higher input costs and pass them on to customers.

Still, shares of some companies came under pressure after the release of fresh earnings results. Wells Fargo -5.7% after it posted disappointing numbers. JPMorgan -0.8% reported better-than-expected Q1 figures, but it cut its net interest income guidance.

Airlines in focus with United Airlines 2% suggesting merger with American Airlines 8% but that would probably raise antitrust concerns.

CarMax -151%. Q4 adjusted earnings of 34 cents per share and revenue of $5.95 billion surpassed analysts’ estimates, but reflected declines YoY

BlackRock 3% on Q1 earnings and revenue that beat the Street.

Novo Nordisk 3.3% after the company announced a partnership with OpenAI.

Kevin Warsh’s hearing as nominee for FOMC Chair scheduled for next week but there in unlikely to be a vote as Senator Tom Tillis is maintaining his hold out while the DoJ investigates current Chairman Powell.

Banks JPMorgan Chase -0.82%, Citigroup 2.61% Wells Fargo -5.7%, Amex 0.97%
Ecommerce Meta 4.41%, Apple -0.14%, Amazon 3.81%, Netflix 3.02%, Disney 1.39%, Zoom Comms -0.48%, Alphabet 3.56% and Microsoft 2.27%
Tech NXP Semi 0.91%, Nvidia 3.8%, Micron 9.17%, AMD 3.34%, Skyworks 1.38%, Intel 2.13%
Industrial/Discretionary Boeing 0.73%, Caterpillar 0.32%, Simon Property 1.12%, Kohl’s 1.19%, Gap -1.46%, United Airlines 2.1%, Carnival 3.39%, Wynn Resorts 2.45%
Healthcare Eli Lilly -0.76%, UntiedHealth 0.38%, Johnson & Johnson 0.9% Merck -0.16%
Auto Ford 4.52%, GM 3.42%, Tesla 3.34%
Energy Chevron -2.48%, Exxon Mobil -2.23%, ConocoPhillips -3.55%
Consumer Staples Campbell Soup -0.84% General Mills 0.41%, JM Smucker 2.99%

Tuesday US CLOSING DATA
USD weaker Bitcoin 1.55% at $74,271 VIX -3.97% at 18.36
US Bonds T10 down moe than 4 bpts to 4.252%, T2 down more than 3 bpts at 3.749% and T30 down more than 3 bpts at 4.865%
OIL Brent down 4% at $94.79, WTI -8% at $91.28 (May and Jun futures trading higher in early trades).
Spot Gold 1.1% Spot Silver 3.3%, Copper 0.04% Platinum 0.1%, Palladium -1%.

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