US Treasury yields hit four-month highs as traders look ahead to Wednesday’s inflation print, while JP Morgan CEO Jamie Dimon warns inflation may prove more stubborn than expected. A subsidy war is also heating up as the White House awards chip giant TSMC over $6 billion in grants, with Samsung reportedly set to get a similar deal. Meanwhile, Ether prices post their biggest jump in more than a month over speculation the cryptocurrency could see ETF applications approved soon. And, prices of gold hit another all-time high, the 15th record close this year.

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The US jobs report beats expectations, sending equities higher and tempering expectations the Fed will start easing in June. Meanwhile, the UBS CEO Sergio Ermotti calls on Europe to create more competitive banks, telling CNBC at the Ambrosetti Forum the integration of Credit Suisse is a case study for the continent. US Treasury Secretary Janet Yellen threads the diplomatic needle as she urges China to rein in excess capacity, but China's commerce minister pushes back at accusations of overcapacity during a visit to Europe, rebutting claims the country's EV industry has benefited from unfair subsidies. And, Europe's largest travel group Tui gets set to ring the opening bell in Frankfurt, upgrading to the Prime Standard market after ditching its London listing.

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The Dow sees its worst day in over a year and eyes its worst week in more than a year, as Minneapolis Fed President Neel Kashkari raises the possibility of no rate cuts this year. The U.S. jobs report comes into view with markets expecting payroll growth to slide to 200,000 in March. President Biden warns Israel's leader that America's continued support for its war with Hamas depends on the treatment of civilians in Gaza, calling the humanitarian situation "unacceptable". Elsewhere Bob Iger looks to move on from his boardroom battle with activist Nelson Peltz. And Samsung Electronics guides for a more than 10-fold increase in first quarter operating profit amid a rebound in global chip prices.

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In the U.S., ADP data comes in hot but the service sector sees input prices fall to a four-year low. Federal Reserve Chairman Jerome Powell says it is still too early to predict the path of inflation. Disney CEO Bob Iger fends off his boardroom challenge from activist investor Nelson Peltz, ending the multi-million dollar proxy giant. We hear from CEO of French dairy giant Danone Antoine Saint-Affrique who hails the company’s official partnership with the Paris Olympics as well as its support for the farming industry. Greenhorn Capital’s David Einhorn tells our colleagues Stateside that he has a stake in Belgian chemicals company Solvay which has a top 5 position within his portfolio.

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U.S. Treasury yields maintain a near fourth-month high while the S&P 500 suffers its worst session since early March as inflation fears persist. San Francisco Fed Chair Mary Daly says rate cuts this year are a ‘projection not a promise’. Taiwan is hit by a magnitude 7.4 earthquake, killing at least four and injuring dozens more in the eastern city of Hualien. Disney has reportedly secured enough votes to defeat activist investor Nelson Peltz’s challenge to its board. The results will be unveiled at the company’s AGM later today. Tesla shares slump, losing around $13bn in market cap valuation as deliveries decline for the first time in almost 4 years. And according to a poll conducted by Survey Monkey for CNBC, almost half of all adults around the world are stressed by their personal financial security with inflation the key concern.  

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U.S. Treasury yields rise following better-than expected manufacturing data with odds of a June rate cut slightly slipping. In the UK shop price inflation falls below 2 per cent for the first time in two years, according to the British Retail Consortium. Iran accuses Israel of bombing its consulate in Syria with several senior Revolutionary Guard commanders killed. Tehran has vowed a “harsh” response. In Asia, Xiaomi shares are up boosting the Hang Seng after the tech giant enters the EV sector. This, as BYD sells 300k units in March.  

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Wall Street hits another record high ahead of crucial inflation data. But Federal Reserve Governor Christopher Waller says he still requires several more months of data to gather the confidence to move to cut interest rates. UBS takes a hit of more than $1bn to its 2023 net profit after cutting the negative goodwill from its rescue of Credit Suisse. The lender now admits it may not be able to realise all its expected gains. Outgoing Dutch Prime Minister Mark Rutte has sought to calm tensions following an important trade bilateral meeting in Beijing. Rutte told President Xi Jinping that chip restrictions with companies such as ASML, are not country-specific. In currency news, the yen is at nearly its lowest level against the dollar since 1990. Markets are carefully watching for any BoJ intervention following an emergency meeting in Tokyo.  

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Chinese President Xi Jinping meets with Western executives in Beijing as his country increases efforts to attract FDI at the Bo’ao Forum on Hainan island. However, China also takes up a dispute with the U.S. at the WTO, claiming its EV sector is discriminated against, despite BYD having overtaken Tesla in sales. The yen falls to a 34-year low against the greenback, prompting Japan’s finance minister to warn the government could take ‘decisive steps’ once more to stem the currency’s slide. In Baltimore, MD, the search and rescue efforts to find further victims of yesterday’s catastrophic collapse of the city’s Francis Ford Key bridge now go into recovery mode. President Biden has promised “to move heaven and Earth” to rebuild and reopen the bridge and Baltimore’s port. Shares of Trump Media surge up to 50 per cent after going public in New York which could provide the embattled former President with a vast war chest as election season heats up.

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Boeing CEO Dave Calhoun is to step down at the end of the year as the plane maker scrambles to repair its safety reputation. This week’s upcoming U.S. inflation print pushes Wall Street lower after Fed officials unite to dampen expectations of an early rate cut. The UNSC passes a vote calling for an immediate ceasefire in Gaza and the release of all Israeli hostages with the U.S. notably abstaining. In tech news, Brussels begins its first investigation under the Digital Markets Act, with Meta, Apple and Alphabet targeted over potential anti-competitive market behaviour. And Adam Neumann has reportedly raised $500m to launch a WeWork comeback, attempting to buy the co-office space provider out of bankruptcy.

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The Dow and the S&P 500 record their best week of the year so far as investors applaud signs that major central banks are on track to begin slashing interest rates. Russia observes a day of mourning and four suspects are charged following Friday’s Moscow concert hall massacre and fire. At least 137 are now known to have been killed. IMF Managing Director Kristalina Georgieva says the Chinese economy is facing ‘a fork in the road’ as policy makers and CEOs attend Beijing’s premiere business conference. German business morale ticks up slightly. We hear from the boss of KFW, Stefan Wintels, who says the German economy is once again regaining its confidence. And in autos news, Nissan is to launch its new business plan amid growing competition in the EV sector.

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