China Leads Asia Lower
Hong Kong tech index 
tumbled 3.8% — steepest fall in 3 weeks.
Alibaba -3% after AI bubble warning Xiaomi -6.6% after discounted share sale
US & EU equity futures also slipped.
BOJ Minutes: More Hikes Ahead?
Japan’s policymakers 
discussed further rate increases.
Despite January’s 0.5% hike, real rates still “significantly negative”.
One member sees rates at 1% by end-2025.
Japan’s Anti-Inflation Push
PM Ishiba plans swift anti-inflation steps after fiscal 2025 budget passes.
Inflation hit 3.6% in Dec 2024 — highest since Jan 2023.
Tariff Jitters Fade (for now)
Markets price out worst-case tariff fears ahead of Trump’s April 2 “Liberation Day”.
Targeted tariffs likely on 15 countries, not broad industry-wide.
Blackstone’s Jon Gray: “Watch tariff diplomacy evolve.”
Fed’s Bostic now sees just one rate cut in 2025 due to tariff concerns.
Gold Steady Near $3,000
Gold rises to $3,015/oz amid haven demand, still shy of last week’s $3,057 high.
Investors balancing risk appetite with tariff uncertainty.
Rupiah Hits Crisis-Era Lows
Indonesia’s currency tumbles 
as concerns grow over budget cuts under President Prabowo’s ambitious spending plans.
China Eases Lending
PBOC allows banks to bid for different rates on 1-year loans — a new step in revamping monetary policy.
30-year bond futures rose on the news.
Alibaba Hiring Again
Chairman Joseph Tsai signals end to headcount decline after 12 quarters.
Says Xi Jinping’s recent meeting with tech leaders was a clear hiring signal.
Oil & FX Snapshot
• Oil (WTI): holding steady
• Gold: $3,015/oz
• USD Index: flat
• EUR: $1.0803
• JPY: ¥150.56
Crypto Dip
• bitcoin -1.6% to $86,504
• ether -1.9% to $2,045 Pressure from macro uncertainty.
Australia Budget Watch
Treasurer Jim Chalmers to announce budget today.
Expected deficit: A$40bn through June 2026 (vs Dec forecast: A$46.9bn).
