• Indices from Asia-Pacific traded lower today. Nikkei plunged 2.35%, S&P/ASX 200 dropped 1.2% and Kospi moved 1.35% lower. Stock markets in China also moved lower. Hong Kong market is close due to public holiday
• US futures trade below Friday’s cash close

• European futures point to a lower opening of today’s cash session
• Morgan Stanley and Goldman Sachs both expect more substantial equity sell off
• Shanghai is tightening its COVID-19 lockdown in some districts
• ECB Holzmann said two or even three steps to hikes would be appropriate this year
• PBOC will launch a $15 billion relending facility to support the transport, logistics and storage sectors
• China’s trade surplus surged to $51.12 billion in April, beating market forecasts of $50.65 billion.
• UK plans to increase tariffs on imports of platinum, palladium from Russia and Belarus
• G7 nations pledge to ban or phase out Russian oil.
• Saudi Arabia cut the price of its Arab Light crude grade to Asia and Europe
• Cryptocurrencies trade lower – Bitcoin fell 2.8% while Ethereum trades 3.0% lower
• Brent and WTI oil are trading 1.40% higher
• Precious metals pull back amid USD strengthening, with palladium being top laggard (-3%)
• CAD and USD are the best performing

USDCNH pair broke above major resistance at 6.72 and reached its highest level since November 2020.