From Marc to Market:
There have been three developments to note. First, President Trump’s trip to China has been postponed by at least a month. The White House linked it to the war efforts, but earlier reports claimed Chinese officials were disappointed with the lack of progress in the preparatory efforts. The US administration also appeared to warn the meeting could be at risk if Beijing did not help open the Strait of Hormuz. That said, reports suggest Iranian oil shipments are still making their way to China. Second, the Reserve Bank of Australia hiked its policy rate for the second time this year. The decision was close, and although the Australian dollar initially dipped on the news, it recovered to approach $0.7100. Third, Beijing announced it would tighten cuts on fertilizer (nitrogen-potassium) and reiterated the existing restrictions on the export of urea.
Brent and WTI oil are trading firmly within yesterday’s ranges. The dollar is mostly softer, with only the Canadian and New Zealand dollar among the G10 failing to find traction. Equities in Asia Pacific and Europe are firmer, but the advance may be challenged in North America today. European 10-year benchmark yields are softer, but the US yield is slightly firmer....
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