Today's news headlines:

'China's strong PMIs show economic recovery gaining traction'.
PMI data out of China overnight showed signs that the economy remains strong, with manufacturing and non-manufacturing both topping estimates. Initiatives by the government to spur consumer spending and support industrial projects have started to bear fruit. They are anticipated to help spur growth in the coming year, with economists estimating 5.3% GDP growth in 2023 from 3% in 2022. Positive messaging from Premier Li Qiang was also noteworthy, suggesting China will become an 'anchor for world peace'. (Bloomberg) 

'UK house prices fall at sharpest annual pace since 2009'. 
Nationwide estimates that the average home price in the UK has fallen 3.1% in the last year as rising interest rates and a squeeze in the cost of living put people off getting on the property ladder. However, with consumer budgets still under pressure, it seems unlikely the market will rebound in the short term, at least according to Nationwide. Rightmove appears to be more upbeat, suggesting new homes coming onto the market are actually demanding higher asking prices. (Bloomberg) 

Today

Asia equities gained overnight, with European markets following suit as investors remain upbeat on the outcomes from the recent banking turmoil and a positive growth picture out of China. US equity futures are higher this morning while the US Dollar gained ten basis points on a trade-weighted basis as markets await crucial PCE inflation data out of the US later today.  

Events

Japan Tokyo Core CPI YoY (Mar): 3.2% (est. 3.1%)
China Manufacturing PMI (Mar): 51.9 (est. 51.6)
Germany Retail Sales MoM (Feb): -1.3% (est. 0.5%) 
UK Nationwide HPI MoM (Mar): -0.8% (est. -0.3%) 
Eurozone flash CPI and Core CPI YoY (Mar): 10:00AM
Canada GDP MoM (Jan): 1:30PM
US Core PCE Price Index (Feb): 1:30PM
US Chicago PMI (Mar): 2:45PM
European Central Bank President Christine Lagarde Speaks: 4:00PM

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