Asia

In January we pointed out "the last bubble standing," as China's crashing equity market had spurred massive inflows - directed by a "well-meaning" central-planning committee's propaganda - sparking a massive bubble in Chinese corporate bond markets (in an effort to enable desperately weak balance-sheet firms to roll/refi their debt and keep the zombies alive). That has now ended as China's junk bond risk has soared to 5-month highs with its worst selloff since 2014. As HFT warns, "we should avoid junk bonds."

Nations representing almost 60%of the world’s oil production will gather in Doha on April 17 to discuss "freezing their output at January levels" in an effort to stabilize prices. According to Bloomberg, Russia, Saudi Arabia, Qatar and Venezuela made a preliminary deal in February and are seeking to add more producers and extend the recent price recovery, but, despite the exuberant squeeze early this week, oil prices are fading modestly as D(oha)-Day looms.

• Global stocks, dollar and oil cool ahead of Doha meeting (Reuters)
• Oil Falls Before Doha as Global Markets Brace for Weekend Risk (BBG)
• China Growth Slows; Revival Policies Appear to Gain Traction (WSJ)
• White House hopefuls Clinton, Sanders joust in Brooklyn brawl (Reuters)
• Trump talks up 'New York values' as protesters demonstrate against him (Reuters)
• Sanders Can’t Clarify Wall Street Plan in Testy Clinton Debate (BBG)
• Goldman's Blankfein Said to Push Deepest Cost Cuts in Years (BBG)

Good news is still bad news after all.

After last night's China 6.7% GDP print which while the lowest since Q1 2009, was in line with expectations, coupled with beats in IP, Fixed Asset Investment and Retail Sales (on the back of $1 trillion in total financing in Q1)...

• Global shares reach four-month high, forex hit by Singapore sting (Reuters)
• Dollar Rally Hits Commodities as Europe Halts Global Stock Gains (BBG)
• Currencies Across Asia Fall Sharply Against U.S. Dollar (WSJ)
• IEA expects limited impact from oil output freeze at Doha (Reuters)
• IEA Sees Oil Oversupply Almost Gone in Second Half on Shale Drop (BBG)
• BofA Profit Declines 13% on Trading Slump, Energy Reserves (BBG)
• BlackRock quarterly profit falls 20 percent (Reuters)