📊 Morning Update | 30 April 2025 ⠀ 🌏 Asia-Pacific Markets: Stock indices show modest moves. 🇨🇳 China: -0.60% to 0.00% 🇯🇵 JP225: -0.20% 🇦🇺 AU200: flat 🇸🇬 SG20: -0.25% 🇺🇸 US index futures: -0.45% to -0.55% 🧾 SMCI earnings shock: Chipmaker SMCI 📉 slashed revenue & EPS forecasts due to client delays and inventory issues. Gross margins fell. 💥 Stock dropped 15% after-hours, dragging down Nvidia & other tech peers. 🇺🇸 Trade Deals Delay: US Treasury Sec. Bessent said Trump must personally approve 18 trade deals — none finalised yet. Markets may be jumping the gun. 🐌 🤝 Trump–Carney Call: Trump congratulated 🇨🇦 PM Mark Carney on his win. Both pledged to cooperate as sovereign partners. 🤝 Meeting coming soon. 🇦🇺 Australia CPI: Q1 inflation slightly beat forecasts: 📈 +2.4% y/y. Rate cut still expected at RBA’s 19–20 May meeting, but tone may stay cautious amid global uncertainty. AUD rose slightly. 🇨🇳 China PMI Mixed: 📉 Official manufacturing PMI fell to 49.0 (vs 49.8 forecast). 📈 Caixin PMI held at 50.4. Small exporters remain resilient despite tariff headwinds. Export orders saw biggest drop since July 2023. 💵 Goldman Sachs on USD: Chief economist sees 🟰 another 5% drop in the dollar — may fuel inflation but help exports. US slowdown = more USD weakness. 🇯🇵 Japan Data: 👷 Industrial production fell -1.1% m/m in March (vs -0.5% expected). 🛍 Retail sales +3.1% y/y but below forecasts. BOJ expected to keep policy unchanged at Apr 30–May 1 meeting.