Morning Update – 15/04/16 – by Arjun Lakhanpal

Morning all.. Wall St was quiet and closed marginally higher in a choppy and rather confusing session yesterday.. Asia had a quiet night as well with the Nikkei closing down 0.65%.. FX markets have been quiet even with China GDP hitting consensus.. USDJPY made a new recent high at 109.73 but is drifting off as the Nikkei fell. AUD held broad gains from yesterday on the China data but Kiwi benefitted most, rising to a high of .6897. China March Ind Prod beat; 6.8% y/y vs 5.9% cons with Q1 GDP inline with exp at 6.7% y/y.. China Stats Office: economy is steadying; downward pressure on econ cannot be underestimated; will keep econ in a reasonable range; improvement in data is due to recent policy measures & supply side reforms; property sector made a bigger contribution to growth; exports unlikely to keep same growth level in coming months.. In Japan BoJ’s Kuroda: recent strengthening of the Yen was excessive, although it’s corrected somewhat; Will continue to monitor FX moves-Japan Fin Min Aso: G20 agreement wont prevent Japan from intervening in FX; G20 promise to avoid competitive FX devaluation does not apply to neg rates.. This morning we get UK Construction output and the EU, Italian and Norway Traade baalance and that is it for Europe.. Good luck..