CROSS ASSET: US Equity Futures Re-open Lower, Yen Firms

• Gold had a strong session overnight in the US finishing at US2,917.89, a gain of +0.87%
• As tariff headlines dominated markets, safe haven assets like gold performed well.
• The trade war is now fully underway with over US$100bn of retaliatory tariffs from Canada, China imposing tariffs on agricultural products and Mexico set to announce their reply this weekend.
• Markets are now fearful of stagflation, pushing bond yields higher and gold higher.
• What now looks like profit taking last week, the last two days of gains are pairing back the losses from last week.
• Having broken back through the 20-day EMA of $2,887.68, gold’s next key technical will be the 24 February high of $2,951.73. 

• 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.