Asian Stocks Slip as Iran Tensions, Samsung Weakness and Fed Caution Weigh on Markets 
Oil Prices Slip but Stay on Track for Weekly Gains as U.S.-Iran Conflict Persists 
US Stock Futures Steady as US-Iran Tensions and Fed Inflation Concerns Weigh on Markets 
US Back-to-School Spending Seen Falling as Families Focus on Essentials 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Deutsche Bank Sees Global Capital Shifts Reshaping Long-Term U.S. Dollar Outlook 
US Stock Futures Steady as Oil Prices Ease, Iran Talks Boost Market Sentiment 
Japan Eyes Bigger GPIF Investment in Domestic Assets as BOJ Independence Concerns Grow 
Gordie Howe Bridge to Open July 27 After U.S.-Canada Reach Toll Revenue Agreement 
Fed Reaffirms 2% Inflation Goal, Vows Forceful Action to Anchor Price Expectations 
China Inflation Cools in June as Producer Prices Hit Four-Year High 
The headline non-oil domestic exports figure for April is likely to register a robust expansion of 14.8 percent y/y. While this is a moderation from the average pace of about 19 percent in February-March period, it is a more accurate reflection of the fundamental demand. That is, the strong numbers over the past two months were partly inflated by the base effect.
In addition, export demand may also be peaking. Latest PMIs for April saw the overall manufacturing PMI eased by 0.1 point to 51.1 while the electronics PMI also dipped a tad to 51.6, from 51.8 previously. While the declines are marginal, the sub-indexes may be suggesting that the pace of expansion in manufacturing activities could be nearing the peak, DBS Bank reported.
Electronics exports will remain the key driver but pharmaceuticals could provide additional upsides given that the industry had gone into an industry specific down-cycle in January-February, and is expected to return to the full capacity level in April. Overall, April’s NODX is the first set of figures for Q2 2017 and it could well provide a glimpse of what lies ahead for the economy.
