<p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">US dollar had a notable rise towards the end of last week, aided by the climb in US 10-year treasury yields to 2.96%, a fresh three year high. The Euro also weakened after ECB President Draghi expressed concerns that the growth cycle in the Eurozone area could have peaked. </span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">In Asia, the HKMA has defended the USD-HKD peg via the buying of HKD. Liquidity has tightened and resulted in the climb of 3M HIBOR to a 3-year high of 1.36%. Further intervention could be negative for the </span><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Hong Kong equities and property market with the withdrawal of ultra-cheap money. </span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">On the other hand, China is providing liquidity boost by cutting the RRR by 100 bps for the Chinese banks. Outflow restrictions could also be eased with a possible increase of quota under the QDLP and QDIE programs. This is a signal that the Chinese authorities are confident of the RMB and working towards the long-term aim of RMB internationalisation. </span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">The geopolitical environment has improved with North Korea announcing that it will halt nuclear tests and close its test site. This sets the stage of a potential meeting between US President Trump and North Korea Leader Kim in the coming months. While it is a marked improvement from previous tough rhetoric, President Trump has warned that the nuclear crisis is far from being resolved. </span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">This week will see a deluge of earnings release in Asia. These include Chinese banks, Chinese insurers as well as Chinese oil majors. Large Korea companies such as Samsung Electronics and SK Hynix are reporting results this week. Also, a number of Japan tech companies such as NTT Docomo, Canon and Nidec will be making earnings announcement. In the US and Europe, large tech and oil companies such as Microsoft, Facebook, Amazon, Google, Intel, Exxon Mobil, Chevron and Shell will be releasing their earnings.  </span></p><p><span style="text-decoration: underline;"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Monday – 23 April </span></span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Macro data: Manufacturing PMI for Japan, Eurozone and US </span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Earnings: </span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">US and Europe – Google, UBS and Haliburton</span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Asia – HDFC Bank and Chalco</span></p><p><span style="text-decoration: underline;"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Tuesday – 24 April </span></span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Macro data: Australia CPI</span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Earnings: </span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">US and Europe – Coca Cola, 3M, Texas Instruments and Caterpillar</span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Asia – SK Hynix, Reliance Industries and NIDEC</span></p><p><span style="text-decoration: underline;"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Wednesday – 25 April </span></span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Earnings: </span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">US and Europe – Facebook, Visa, AT&amp;T</span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Asia – Canon and China Vanke</span></p><p><span style="text-decoration: underline;"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Thursday – 26 April </span></span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Macro data: South Korea GDP, ECB Deposit Facility Rate</span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Earnings: </span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">US and Europe – Amazon, Microsoft, Intel, Shell, Total</span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Asia – Samsung Electronics, China Construction Bank, Ping An Insurance, China Life, Sinopec, CNOOC, Baidu</span></p><p><span style="text-decoration: underline;"><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Friday – 27 April </span></span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Macro data: Japan Industrial Production, GDP for France, UK and US, US core PCE</span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Earnings: </span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">US and Europe – Exxon, Chevron and Airbus</span></p><p><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Asia – ICBC, Agricultural Bank of China, Bank of China, China Merchant Bank, BOC HK, Bank Central Asia,  Petrochina, NTT Docomo</span></p><p><b><span style="font-family: Calibri; font-size: medium;" face="Calibri" size="3">Edmund Chan, CFA</span></b></p>