- APAC stocks were mostly subdued following the US sovereign rating downgrade by Moody's which spurred a mild 'sell America' impulse (ES -1.1%).
- US Treasury Secretary Bessent said countries will get a letter with a US tariff rate if they are not negotiating in good faith and he thinks that rate would be the April 2nd level.
- The House Budget Committee approved President Trump's tax cut bill to set up a possible vote as soon as this week.
- Chinese Industrial Production topped forecasts, Retail Sales disappointed, House Prices continued to contract Y/Y.
- USD is slightly softer vs. peers, EUR/USD stalled just shy of 1.12, Cable sits around the 1.33 mark, JPY marginally outperforms peers.
- UK and the EU are expected to agree on Monday to a major post-Brexit reconciliation, according to the FT.
- US President Trump said he will speak with Russian President Putin on Monday at 10:00EDT/15:00BST.
- Looking ahead, highlights include US Leading Index Change, EU-UK Talks, Speakers including Fed’s Bostic, Williams, Logan & Kashkari, Supply from the EU.
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