22nd April 2025

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TRADE:

• Japan sees little scope for a grand deal on yen in talks with the US, where Reuters sources suggest Tokyo will push back against any request to boost its currency as it sees little scope for direct action such as currency intervention or an immediate rate hike by the central bank. (RTRS)
• Japan's Finance Minister Kato said authorities are to ask banks to help support financing at small companies affected by US tariffs. Kato also said he was arranging to hold a meeting with US Treasury Secretary Bessent, where they plan to discuss forex issues. (RTRS)
• Japan Keidanren Business Federation Chief Tokura said he wants FX to stabilise as much as possible, and that rapid FX fluctuation is not desirable for the economy when he was asked about the Dollar's fall below 140 yen. (RTRS)
• Japan Economy Minister Akazawa said he shared PM Ishiba's stance that agriculture will not be compromised to protect auto industry in U.S. tariff talks. (Newswires)
• A USTR statement confirmed that USTR and India’s Ministry of Commerce and Industry have finalized the terms of reference to lay down a roadmap for the negotiations on reciprocal trade, saying India’s constructive engagement so far has been welcomed. (RTRS)
• US trade officials finalized tariff levels on solar cells and panels from Southeast Asia, a key step toward wrapping up a year-old trade case. Tariffs of up to 3,521% on imports of solar cells from Cambodia, Thailand, Vietnam and Malaysia would effectively make the products unmarketable to US consumers. (RTRS/WSJ)
• South Korea's acting President Han Duck-soo said during a Cabinet meeting on Tuesday that he expects trade talks this week with the US to pave the way toward a mutually beneficial solution. (RTRS)
• Thailand's negotiations with Washington on steep trade tariffs were postponed because the US has asked Bangkok to review important issues, PM Shinawatra said. A new meeting date was being scheduled, she said. (RTRS)
• Vietnam's PM said negotiation is the key to boost stable and balanced trade with the US, adding that Vietnam stands ready to negotiate with the US in accordance with US side's request. (RTRS)
• Vietnam's trade ministry has issued a directive to crack down on illegal transhipment of goods to the US and other trading partners as it tries to avoid steep U.S. tariffs. (RTRS)

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MACRO:

• Spot gold hit $3,500/oz for the first time.
• WSJ's Timiraos, "Trump Is Laying the Groundwork to Blame Powell for Any Downturn". (WSJ)
• Bearish Dollar Bets Move Toward Levels That Raise Risk of Recoil. (BBG)
• Top pension funds are stepping back from competing head-on with private equity groups to buy up companies, instead opting to invest alongside them to secure access to the best deals amid a recent tough period for exiting investments. (FT)
• North Dakota is facing an economic downturn in its local economy as executives and state officials warn the fall in crude prices due to Trump's trade war threatens the state's oil and gas industry. (FT)
• The CFTC is asking for public comment on allowing round-the-clock trading in derivatives markets. (BBG)
• Chinese trade flows have held up in April despite the imposition of tariffs, with Chinese ports having processed a 10% increase in containers processed vs a year ago in the week to April 20th. The 90-day delay in Trump's reciprocal tariffs is likely keeping activity buoyed to other trading partners. (BBG)
• The cost to borrow the offshore yuan in Hong Kong dropped to the lowest since data became available in 2013, putting pressure on the Chinese currency even as the dollar weakens. (BBG)
• A growing number of small and medium-sized Chinese banks have lowered deposit rates since the beginning of April in an effort to reduce funding costs and preserve interest margin. (Securities Times)
• China's automobile exports reached 1.54 million units in the first quarter of the year, up 16% compared with the same period a year earlier, an industry official said. (RTRS)
• Yen Extends Gains to Break Psychological Level of 140 Per Dollar. (BBG)
• A Japan Ministry of Finance survey showed the impact of Trump’s tariff campaign has already filtered through to Japanese companies, with about 10% saying the measures have affected their businesses and more voicing concern on the future jolt. (BBG)
• Japanese investors offloaded more than $20bn in international bonds as Trump’s tariffs shook in the two weeks to April 11th, according to preliminary data from Japan’s Ministry of Finance. (FT)

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GEOPOLITICS:

• Russian troops have retaken the St. Nicholas Belogorsky monastery in the border village of Gornal, ending a reported 10-day standoff with Ukrainian forces in the Kursk region.
• China has arrested a former senior anti-graft official on suspicion of taking bribes as the country continues its crackdown on corruption, state news agency Xinhua said on Tuesday.
• Russian President Vladimir Putin proposed on Monday bilateral talks with Ukraine for the first time since the early days of the war, and his Ukrainian counterpart Volodymyr Zelenskiy said Kyiv was eager to discuss a halt to attacks on civilian targets.

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EQUITIES:

• Alphabet pays Samsung an “enormous sum of money” every month to preinstall Gemini on its phones and devices, according to court testimony, even though the company’s practice of paying for installations has twice been found to violate the law. (BBG)
• India under tariff pressure to give Amazon and Walmart’s Flipkart full market access. (FT)
• US patients lose access to cheaper weight-loss drugs as market for replicas winds down. (FT)
• Nomura to buy Macquarie’s US and European asset management units for $1.8bn. (FT)
• Suntory CEO said Trump’s tariffs could drive a recession that will make companies reluctant to invest in the world’s largest economy. (BBG)
• Nio said it would launch its Firefly EV in Europe in the third quarter, later than initially forecast, after it underestimated challenges involved in sales and service network expansions in the region. (RTRS)
• LG and Samsung have sued India's government to quash a policy which increases payouts to electronic-waste recyclers. (RTRS)
• Roche Holding AG will invest $50 billion in pharmaceuticals and diagnostics in the US in the next five years. (BBG)
• Helvetia Holding AG agreed to buy Baloise Holding AG to form Switzerland’s second-largest insurance group. (BBG)
• Elliott Investment has built a GBP 79mln short position against Antofagasta, which is equivalent to 0.52% of its share capital. (The Times via Newsquawk)

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