OPTIONS: Expiries for Apr10 NY cut 1000ET (Source DTCC)
- EUR/USD: $1.0900-10(E3.0bln), $1.0930-50(E3.0bln), $1.0960-65(E668mln)
- USD/JPY: Y143.00($1.3bln), Y145.00($744mln)
- EUR/GBP: Gbp0.8650-65(E643mln)
- AUD/USD: $0.6165(A$744mln), $0.6285($555mln), $0.6400(A$1.3bln)
- NZD/USD: $0.5600-05(N$724mln)
- USD/CAD: C$1.4395-00($1.5bln)
- USD/CNY: Cny7.3500($912mln), Cny7.4000($1.4bln)
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US TSYS: Weakness In Stocks Provides Fresh Support, Friday Highs In Futs Intact
That weakness in equities provides further support to U.S. Tsys, although futures have failed to break Friday’s highs across the curve. Yields 6-10bp lower, 5s outperform, trading back below 4.00%.
EQUITIES: NASDAQ 100 E-Mini Through Trend Support, S&P 500 Probes Friday Low
Further weakness in equities evident here as the NASDAQ 100 e-mini trades through the uptrend line drawn off the early ’23 low.
- S&P 500 e-mini futures test intermediate support at Friday’s low.
- Meanwhile, the UBS Magnificent 7 index hits the lowest level seen since mid-Sep ’24.
Fig. 1: NASDAQ 100 E-mini Futures
Source: MNI - Market News/Bloomberg
US-JAPAN: Muto To Petition Lutnick For Tariff Exemption
Japan’s public broadcaster NHK reporting that Japanese Trade Minister Yoji Muto is expected to meet US Commerce Secretary Howard Lutnick in Washington DC today as Tokyo seeks concessions on steel and aluminium tariffs - set to go into effect on Wednesday - and broader reciprocal tariffs - set to go into effect on April 2.
- The New York Times reports: "Muto is expected to request relief from a potential 25 percent tariff on foreign cars — a measure President Trump has indicated could take effect as soon as April 2... Of all those measures, the auto tariffs would hit Japan’s economy the hardest. Automobiles are the country’s largest export, and the United States is their top destination." The 25% would represent a 10-fold increase from the 2.5% currently levied on US auto imports.
- The Japan Times notes: "Tokyo is paying close attention to all trade developments as Japanese carmakers operate in Mexico and Canada and Beijing is one of its most important trading partners."
- Muto said in Tokyo on Friday, alongside Foreign Minister Takeshi Iwaya and their counterparts from the United Kingdom: “It’s crucial to counter the increasing trade fragmentation that is damaging the global economy, and that we stand up for fair, rules-based international trade.”
