OIL: OPEC+ Adds Supply, Prices Decline on Uncertainty. 

• Bank Indonesia to Sell 276D SUVBI Bills
• Bank Indonesia to Sell 95D SUVBI Bills
• Bank Indonesia to Sell 32D SUVBI Bills
• Bank Indonesia to Sell 367D SUVBI Bills
• Bank Indonesia to Sell 185D SUVBI Bills
• Thailand to Sell THB 7 Bn of 2072 Bonds
• Thailand to Sell THB 30 Bn  of 2035 Bonds
• Vietnam To Sell VND 1.0Tln 2040 Bonds; (TD2540037)
• Vietnam To Sell VND 0.5Tln 2055 Bonds; (TD2555052)
• Vietnam To Sell VND 12.0Tln 2035 Bonds; (TD2535023)
• Hong Kong to Sell HK$1.5 Bn 5-year Bonds
• Hong Kong to Sell HK$0.5 Bn 20-year Bonds
• China to Sell 40 Bn Yuan 63-Day Bills
• Bank of Korea to Sell 2 Tn Won 2-Year Bonds
• South Korea to Sell 5.8 Tn Won 30-Year Bonds
• South Korea to Sell 2 Tn Won 63-Day Financial Bills
• India to Sell INR120 Bn 182-Day Bills
• India to Sell INR140 Bn 91-Day Bills
• India to Sell INR70 Bn 364-Day Bills 

In local morning trade, NZGBs are sharply cheaper after US tsys finished with a bear-steepener, yields 4-9bps higher.

• This came after US tsys reversed off Tuesday morning's yield lows as stocks rebounded off lows. Nasdaq firmly in the green before making a late retreat ahead of the close. Another factor was a retreat in Bunds amid reports officials were proposing an E500B "whatever it takes" defence fund.
• No substantive US data Tuesday, "I do factor in some effect of tariffs on inflation on prices. I do think we're going to see that later this year," Williams told a Q&A at a Bloomberg Invest event.
• Focus now turns to President Trump addressing the joint session of Congress tonight at 2100ET. Followed by ADP private employment data tomorrow morning at 0815ET.
• Late session chatter that President Trump wants to announce a minerals deal with Ukraine after all.
• Swap rates are 7-9bps higher, with the 2s10s curve steeper.
• Today, the local calendar will see ANZ Commodity Price data.
• On Thursday, the NZ Treasury plans to sell NZ$250mn of the 0.25% May-28 bond, NZ$200mn of the 4.25% May-36 bond and NZ$50mn of the 1.75% May-41 bond.

Yen lagged broader USD shifts through Tuesday. USD/JPY tracks near 149.75/80 in early Wednesday dealings, losing a little bit of ground versus the USD for Tuesday's session. All the other majors have rallied against the USD, led by the EUR (up over 1.25%). Broader stagflationary concerns for the US economy weighed on dollar sentiment. 

• USD/JPY broke below 148.60 support during Tuesday trade, a level that had been building in significance. Spot traded as low as 148.10 but bounced back ahead of the APAC crossover, tracking back towards 150.00 in latest dealings.
• Sentiment has been impacted by late US Tuesday comments from US Commerce Secretary Lutnick, who hinted tariff relief/compromise with Canada and Mexico could be announced Wednesday in the US during a Fox News interview. This has aided CAD and MXN sentiment and broader risk appetite. US yields also spiked late in US trade, the 10yr yield back to 4.25%, after touching 4.10% earlier in Tuesday trade.
• This moves have seen the traditional yen safe underperform through the latter stages of Tuesday US trade and early Wednesday Asia Pac trade. On the upside for USD/JPY, key short-term resistance has been defined at 151.30, the Mar 3 high. Clearance of this level is required to signal a base.
• Locally today we have the final Feb reads for the Jibun bank PMIs (services and composite). We also have a speech from Deputy Governor Uchida.
• In the option expiry space note the following for NY cut later: Y147.90-00($702mln), Y148.50($505mln), Y149.00($720mln), Y151.00-10($1.0bln), Y151.85-00($1.0bln).