Equities: Major markets generally firmer Wednesday. Japanese equity markets closed lower, dragged down by the shipping sector. However, most other Asian markets were up, save for China. European bourses were volatile and directionless in the morning session, but settled into a strong rising trend late in the day, never looking back. U.S. stocks strengthened too, in early activity, but later fell into considerable volatility - though closing not far from the daily highs.

Bonds: Japan higher Wednesday, Europe and U.S. lower. JGBs were broadly higher. However, European benchmarks fell across the curve. Treasuries weakened with Europe early on, but recovered some of the ground later, after a successful ten-year auction.

Currencies: Mixed dollar Wednesday. The dollar rose strongly against the yen in Asian and European hours, but gave back some of the gain in U.S. trade, closing near ¥90.50. Against the euro, the US currency strengthened in late Asian hours but much more than reversed the advance later, closing near $1.3660.

Japan: Orders slip back Very much matching expectations this time around, core machinery orders (excluding shipping and utilities) fell by 3.7% M/M in January.

China: Export growth up. Trade data for February showed exports growing by 45.7% Y/Y, a much more marked gain than in January, when exports were up 21.0%.

Thailand: Policy on hold, but hike drawing closer. As expected, the Bank of Thailand kept its benchmark interest rate on hold for a seventh straight meeting in March, leaving the 1-day repurchase rate at 1.25%. 　 　 　 　 　 　 　 　 　 　

• ECONOMIC AND CREDIT MARKET OUTLOOK
• US ECONOMIC AND CREDIT MARKET OUTLOOK Pierre Ellis, New York
• Treasuries fell back Wednesday, more than offsetting the small Tuesday gains, with the two-year yield rising a bit more than three basis points and the ten-year yield up two.
• Daily Calendar
• JAPAN Andrew Wroblewski, London
• ASIA Andrew Wroblewski, London
• CHINA
• PHILIPPINES
• SOUTH KOREA
• THAILAND
• OCEANIA Andrew Wroblewski, London
• AUSTRALIA

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