Oil Prices Rise as Iran-Israel Tensions Ease Following Trump-Led Ceasefire Push 
BoE Policymaker Alan Taylor Signals No Need for Interest Rate Hike Amid Iran War Inflation Risks 
Asian Stocks Rebound as AI and Chip Shares Recover; Easing Iran Tensions Boost Sentiment 
Gold Tumbles Below $4,400 on NFP Shock: Fed Easing Bets Crater, Sell on Rallies to $4,300 
US Stock Futures Slip as New Iran Strikes Weigh on Market Sentiment Ahead of Inflation Data 
US Stocks Rebound as Iran Eases Military Operations; Tech Shares Lead Wall Street Recovery 
China Inflation Misses Forecast as Consumer Spending Stays Weak, Producer Prices Surge 
J.P. Morgan Sees Major Upside for Prysmian as Optical Fiber Prices Surge 
Activity indicators in Q1 so far evidenced that public investment strengthened, partly offsetting weakness in the private sector.
Industrial production grew 5.4% YoY in Q1 so far, down from previous 5.9% gains.
Retail sales growth slowed to 10.2% YoY in Q1 so far, while Fixed asset investment increased 10.2% YoY in the same period.
China’s exports in RMB terms dropped sharply by 20.6% YoY (-25.4% in USD) in February, from 6.6% drop in January (-11.2% in USD).
Imports in RMB terms dropped 8.0% YoY terms (-13.8% in USD) from 14.4% drop previously (-18.8% in USD).
As a result, trade surplus narrowed notably to RMB209.5bn (USD32.59bn) in February.
The CPI picked up to 2.3% YoY in February, from 1.8% in January, largely pumped up by the 5.8% YoY surge in food, tobacco and liquor.
The PPI fell 4.9% YoY in February, from 5.3% drop in the prior month.
Foreign exchange reserves fell USD28.57bn to USD3.2trn in February, the lowest level since December 2011, however, the decline was smaller than the monthly drop of USD99.5bn in January.
Although CNY gaining from last two months, the above mentioned narrow trade surplus and as a result of domestic consumption (import bills likely increase) which would likely cause upside traction in USDCNY during Q2, hence we like to remain long in mid month futures on hedging grounds.
