EM ASIA CREDIT: India (Baa3/BBB-/BBB-) bonds remain stable

• RES 4: 119.852 3.382 proj of the Mar 6 - 11 - 12 price swing        
• RES 3: 119.706 3.236 proj of the Mar 6 - 11 - 12 price swing          
• RES 2: 119.500 Round number resistance   
• RES 1: 119.410 High Apr 4                                    
• PRICE: 119.360 @ 06:14 BST Apr 7  
• SUP 1: 118.430/117.641 Low Apr 4 / 20-day EMA       
• SUP 2: 117.410 Low Mar 27    
• SUP 3: 117.600 Low Mar 28 
• SUP 4: 117.080 Low Mar 25 and a ey short-term support    

Bobl futures are trading at their recent highs. Last week’s gains resulted in a break of key resistance at 119.040, the Feb 28 high. This strengthens bullish conditions and signals scope for a continuation. The focus is on the 119.500 handle next and 119.706, a Fibonacci projection. The contract is overbought, a pullback would allow this condition to unwind. Initial firm support lies at 117.766, the 20-day EMA.

MNI (London) - BBG sources note that “China’s policymakers discussed measures over the weekend to stabilize the economy and the markets in the face of US President Donald Trump’s tariff onslaught, including whether to accelerate plans to unleash stimulus to bolster consumption”.

• The Hang Seng rallies ~400 points off early afternoon lows, before fading from best levels. E-minis and Euro Stoxx futures also edge higher before the move stalls.
• USD/CNH falls ~150 pips but the move is quickly halved.
• AUD/USD adds 30 pips, but once again, the move is quickly halved.
• Pullbacks from initial knee-jerk moves seems to come as the details of the article are a little more guarded than the headline
• It notes that “for now, officials have concluded China has built up a sufficient arsenal of tools to support its economy and tide over the current turmoil. The scale and the timing of the stimulus are yet to be finalized and the plan could still be subject to change”.