China signals loose policy, boosts fiscal and tech investment pushICYMI: IEA warns Europe may have ~6 weeks of jet fuelIndia ICYMI: RBI FX intervention intensifies, curbs refiners’ dollar buyingNZ PM Luxon rejects leadership challenge as political pressure builds - watch the kiwiPBOC sets USD/ CNY reference rate for today at 6.8622 (vs. estimate at 6.8206)Singapore exports surge on AI demand, beating forecastsJapan officials' 'no comment' when asked if BoJ hike delay could trigger sharp yen fallTrump pump again - says war in Iran "should be ending pretty soon"Bank of Japan Governor Ueda "no comment" on declining mkt expectations for April rate hikeTrump pump - says it'll be great for Hezbollah if they act nice and wellG7 warns on war’s economic risks, signals action on inflation, supply chainsUnverified reports Tehran plans to begin “initial steps” toward Bab al-Mandab blockNZ food prices fall, spending slows as RBNZ maintains cautious stanceECRI: Markets underestimating global inflation upswing beyond oilRBA breaks ranks, will hike again, as global central banks stay sidelined: RBCU.S. to delay weapons deliveries to Europe as Iran war strains stockpilesinvestingLive Americas market news wrap: Israel agrees to ceasefire in LebanonIran stresses need for full Israeli withdrawal from southern LebanonAt a glance:Mixed geopolitical signals: ceasefire talk offsets escalation risks (Bab al-Mandab threat unverified)Markets lean toward optimism on Trump ceasefire tone despite ongoing uncertaintyBoJ flags oil-driven stagflation risk, keeps policy flexible and accommodativeChina reinforces easing bias and fiscal support; NZ political noise adds mild uncertaintyFX subdued; equities softer as traders trim risk into weekendGeopoliticsGeopolitical headlines remained mixed, with tentative signs of de-escalation offset by lingering risks to key shipping routes.Iranian officials reiterated the need for a full Israeli withdrawal from southern Lebanon, while unverified reports suggested Tehran could begin “initial steps” toward blocking the Bab al-Mandab Strait from midday tomorrow. That latter development, if confirmed, would represent a significant escalation risk for global trade and energy flows, though markets treated it cautiously given the lack of verification.On the more constructive side, sentiment was supported by a series of optimistic remarks from U.S. President Donald Trump. He suggested the conflict could end “pretty soon” and pointed to positive developments around Lebanon, including ceasefire-related progress and the possibility of U.S.-Iran engagement over the weekend. While similar comments have been made repeatedly in recent weeks, markets appear increasingly willing to lean into the positive narrative.Overall, the tone remains fragile, with de-escalation hopes balancing against persistent tail risks.Central banks / macroCentral bank commentary reflected the growing complexity of the macro backdrop, particularly the inflation-growth trade-off stemming from higher energy prices.Bank of Japan Governor Kazuo Ueda emphasised that rising oil prices are acting as a drag on Japan’s growth while simultaneously pushing up inflation, highlighting a classic supply shock dilemma. He reiterated that monetary conditions remain highly accommodative, with low real interest rates, and stressed that policy decisions will remain data-dependent and assessed on a meeting-by-meeting basis. Ueda declined to be drawn on near-term rate expectations, reinforcing a cautious stance.In China, PBOC Governor Pan Gongsheng reaffirmed confidence in the country’s long-term growth outlook while signalling that policy will remain “appropriately loose.” This was complemented by the NDRC outlining a broad fiscal and industrial push, including support for consumption, high-growth sectors such as AI and the digital economy, and expanded energy security measures.In New Zealand, political developments added a layer of uncertainty, with Prime Minister Luxon pushing back against reports of a leadership challenge. While not immediately market-moving, softer polling trends and election-related risks could become more relevant over time.FXMajor FX was relatively subdued. The yen weakened modestly, with limited support from official commentary suggesting that broader dollar strength, rather than idiosyncratic yen weakness, is driving moves. Good luck with that.EquitiesAsia-Pacific equities underperformed, with traders trimming exposure into the weekend despite positive cues from Wall Street. The cautious tone reflects ongoing geopolitical uncertainty and reluctance to carry risk amid fluid headline risk.Houthis in Yemen will do the work to attempy po block Bab al-Mandeb if needed. This article was written by Eamonn Sheridan at investinglive.com.