Australia Westpac Leading Index (MoM): -0.1% (March) vs previous -0.08%

Japan Adjusted Merchandise Trade Balance: ¥90.7B (March) vs ¥-374.2B

Japan Exports (YoY) above forecasts (11%) in March: Actual (11.7%)

Japan Merchandise Trade Balance Total below forecasts (¥1106B) in March: Actual (¥667B)

Japan Imports (YoY) registered at 10.9% above expectations (7.1%) in March

Gold price (XAU/USD) attracts some sellers to around $4,720 during the early Asian session on Wednesday. The precious metal falls as renewed Strait of Hormuz disruption stokes inflation concerns. 

BNY’s Bob Savage highlights South Korea’s powerful export rebound, led by semiconductors and strong shipments to China and the U.S., generating a sizeable trade surplus.

OCBC strategists Sim Moh Siong and Christopher Wong highlight that USD/TWD has been grinding lower, supported by strong Taiwan equities, foreign inflows and robust tech exports. They note Taiwan Dollar (TWD) is re-coupling with the technology cycle and remains fundamentally supported.

BNY’s Bob Savage reports that Japan’s Financial System Report judges the banking system broadly stable, with sufficient capital to withstand severe stress scenarios.

South Korea Producer Price Index Growth (MoM) increased to 1.6% in March from previous 0.6%

South Korea Producer Price Index Growth (YoY) up to 4.1% in March from previous 2.4%

Commerzbank’s Charlie Lay and Henry Hao note that the People's Bank of China (PBoC) kept benchmark lending rates at record lows for an 11th straight month, with the one-year LPR at 3.0% and five-year at 3.5%.

BNY’s Bob Savage notes that New Zealand’s Consumer Price Index (CPI) accelerated to 0.9% q/q, keeping annual inflation at 3.1%, with strong non-tradeable components such as electricity and local authority rates.

New Zealand GDT Price Index increased to -2.7% from previous -3.4%

United States Pending Home Sales (YoY) down to -1.1% in March from previous -0.8%

United States Business Inventories below expectations (0.3%) in February: Actual (-1.1%)

United States Business Inventories above expectations (0.3%) in February: Actual (0.4%)

United States Pending Home Sales (MoM) above expectations (0.1%) in March: Actual (1.5%)

TD Securities analysts note Canadian Consumer Price Index (CPI) accelerated to 2.4% year-on-year in March, driven by higher Oil prices, but core measures remained subdued. They see the print as dovish and consistent with Bank of Canada (BoC) guidance to look through temporary spikes.

Geopolitical tensions remain in focus for markets following the latest remarks by US President Donald Trump during an interview with CNBC.

BNY’s Bob Savage notes that equities show the clearest recovery in risk appetite, though holdings remain below mean reversion, especially in South Korea and Taiwan. Developed markets are rebounding faster than emerging markets.

United States Redbook Index (YoY) declined to 6.7% in April 17 from previous 7%

Retail Sales in the United States (US) rose 1.7% to $752.1 billion in March, the US Census Bureau reported on Tuesday. This print followed the 0.7% increase (revised from 0.6%) recorded in February and surpassed the market expectation of 1.4%.

Danske Research Team notes that Canadian headline inflation rose to 2.4% year-on-year in March, slightly below expectations, while core measures stayed stable.

United States Retail Sales (YoY): 4% (March) vs 3.7%

United States Retail Sales ex Autos (MoM) came in at 1.9%, above forecasts (1.4%) in March

United States Retail Sales Control Group above forecasts (0.2%) in March: Actual (0.7%)

United States Retail Sales (MoM) registered at 1.7% above expectations (1.4%) in March

BNY’s John Velis highlights uncertainty around Federal Reserve (Fed) leadership as Kevin Warsh faces Senate confirmation hearings. Political conditions could delay his appointment, while Jerome Powell has pledged to stay as Chair pro tempore until an investigation concludes.

United States ADP Employment Change 4-week average: 54.8K (March 28) vs 39K