Daily Brief Macro: 5 Things We Watch – Cyclicals and more

• Loads of stuff are going on in Global Macro, with global equities on the rise yet again, the JPY struggling a bit after unsuccessful attempts from policymakers, including the verbal FX intervention from MoF and BoJ today, and the Spanish HICP numbers, which we hit right on the mark! The benign base effects and dovish outlook has potentially paved the way for a cut in June, but what should you look out for in the meantime?
• We give you 5 topics from our watchlist.
• This week we are watching out for the following 5 topics within global macro.

• TikTok /: ByteDance holds firm against selling TikTok despite U.S. ban threat
• Corruption /: Head of Chinese Football Association sentenced to life in prison
• CMB /: Exclusive: China Merchants Bank punishes two private banking executives, sources say

• Powell’s dovish tone at the press conference led to initial market reaction, but subsequent dollar rally due to revised growth and inflation forecasts in the SCP release
• Market leaning towards higher median dot in SCP, but overall outlook remains for shallower cutting cycle by Fed
• Yen vulnerability due to negative real yields despite BOJ rate hikes, yen weakening may impact other Asian currencies and markets

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Cautious but promising signs emerge from China’s consumer demand landscape.
• According to China’s statistics bureau, consumer prices saw a 0.7% increase year-on-year in February, marking the first rise since August.
• The extended Lunar New Year holiday period, spanning 8 days instead of the usual 7, nearly matched pre-pandemic domestic spending levels.