11:19 UGI Reportedly KKR proposes ~$9.0B takeover offer at $42.50/shr - WSJ11:04 AMZN Plans to raise Louisiana data center investment from $12B to $18B with a third data center campus; Will also invest up to $400M in water infrastructure upgrades at no cost to residents11:15 (IR) Reportedly the US is considering a smaller military presence in the Persian Gulf once the Iran war ends - Washington Post09:30 (US) Pres. Trump: No talks or conversations going on, or scheduled, with Iran; Hormuz Strait is open and operating; All water mines removed or detonated11:41 (RU) Russia Pres Putin: Russia and Myanmar are discussing refinery construction project for hydrocarbon production - Russian press11:32 (NZ) Fonterra Global Dairy Trade Auction Dairy Trade price index: +2.3% v +0.1% prior
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(CN) China reportedly discussing frontloading stimulus to counter tariff hit - press

**Reminder: earlier, Analysts: China policymakers expected to undertake "more" proactive measures to support the property sector - financial press
- earlier, Renewed speculation that China may have room to cut RRR– People's Daily Op-ed
- earlier, China govt: US should stop using tariffs as a weapon to suppress china's economy and trade - China state media
- on Mar 21st, China PBOC reiterated would cut RRR and interest rates at appropriate time

**Note: on Apr 6th, Trump said not making China deal unless the trade deficit is solved – financial press
- on Apr 4th, China announces extra 34% tariffs on “all” US goods; effective from April 10th; also announces restrictions on some rare earth-related items – Press

**Note: on 'Liberation Day', US announced 34% reciprocal tariff on China (against 67% that is applied on US)
12:24 (US) Market Trading Hours Summary: As expected, Dec PCE runs hotter than CPI, Q4 GDP impacted by shutdown; Supreme Court strikes down IEEPA tariff powers
S&P 5007725 0.26%EUR/USD1.16 0.45%USD/JPY159.03 0.34%GBP/USD1.34 0.74%OIL--Gold4420.4 8.31%