Good morning. The yen touched its lowest level versus the dollar since 1990, fueling intervention bets, while inventory stockpiling weighs o [View in browser](
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Good morning. The yen touched its lowest level versus the dollar since 1990, fueling intervention bets, while inventory stockpiling weighs on oil. Hereâs what markets are watching today. â Morwenna Coniam]( Want to receive this newsletter in Spanish? [Sign up to get the Five Things: Spanish Edition newsletter](. Yen drops to weakest since 1990 All eyes are on Japan after it signaled a step closer to currency intervention as the [yen slid to the weakest level]( in about 34 years against the dollar. The currency dipped to 151.97 per dollar in Tokyo, passing the level that prompted Japan to wade into markets in October 2022. âWe are watching market moves with a high sense of urgency,â Finance Minister Shunichi Suzuki said. The yen later [rallied after](custom:bbg://screens/NSN%20SB01L2L9B2TC) Reuters reported that officials from the finance ministry, the central bank and the financial regulator would meet. Oil declines on stockpiles Oil extended a decline after an industry report pointed to a [substantial build in US inventories](, and wider markets struck a weaker tone ahead of the end of the quarter. The industry-funded [American Petroleum Institute]( said nationwide stockpiles expanded 9.3 million barrels last week, while the API reported a 2.4 million barrel rise in crude at the Cushing, Oklahoma, hub. Baltimore bridge disaster hits supply lines As much as 2.5 million tons of coal, hundreds of cars made by Ford and General Motors, as well as lumber and gypsum are [threatened with disruption]( following the collapse of Baltimoreâs Francis Scott Key Bridge on Tuesday, with 6 people presumed dead. Docks in New Jersey and Virginia face the threat of being overwhelmed by traffic thatâs being forced away from Baltimore, one of the busiest ports on the US East Coast. Itâs crucial for the vehicle industry with European carmakers such as Mercedes-Benz, Volkswagen and BMW operating facilities in and around the port. Itâs also the second-largest terminal for US exports of coal, with a shutdown potentially hitting shipments to India. China seeks to woo executives Chinaâs President Xi Jinping met with a group of American business executives in Beijing including Blackstoneâs Stephen Schwarzman and Qualcommâs Cristiano Amon as[China seeks to restore confidence in the economy and keep relations with the US on a stable footing](. For global executives, the meeting was a chance to underscore interest in participating in the giant Chinese market despite deepening geopolitical tensions and moves in China to favor local competitors. Drug production fault lines Meanwhile, UK drugmaker AstraZeneca is planning[ separate supply chains for its medicines in different markets](, including the US and China, as geopolitical tensions threaten to upend the manufacturing and distribution landscape. In an interview, CEO Pascal Soriot said the firm will be able to supply the US and Europe independently and is also âbuilding a presenceâ in China so that it can provide a distinct supply to Chinese patients. The US is considering a ban on companies getting federal contracts if they work with Chinese biotechs âof concern,â on alleged national security grounds.
 What weâve been reading This is whatâs caught our eye over the past 24 hours. - post [modest gains](after strong start to the year
- [Donald Trumpâs fortune](has grown but legal strains threaten his finances
- Almost 60% of UK jobs could be [affected by AI](, according to analysis
- London homes are still [cheaper to buy than rent]( despite higher rates
- The ship that struck a Baltimore bridge has a [checkered history]( And finally, here's what Joeâs interested in this morning On Friday we get the latest PCE reading, which as everyone knows is the Fed's preferred measure of inflation. Estimates are for the core rate to rise by 0.3% in the month, a slight downtick from the 0.4% reading we got in the prior month. Of course, we already know the story for the year so far, which is that whether it has to do with accelerating demand, or some kind of seasonality, the inflation data in the US has generally come in hotter than expected. Anyway, while we wait for Friday's number, something to note is that globally we've seen a handful of cooler-than expected data. Earlier this month, [Canadian CPI for February]( grew by 0.3% vs. expectations of a 0.6% increase. Last week, [UK inflation]( fell to its lowest level in over 2 years, also coming in cooler than expected. This morning, Spain's preliminary Harmonized CPI measure rose 1.3% for march vs. 1.4% expected. Obviously every economy has its own story. But it's also clear that there's a lot of global inflation correlation. So some of these international numbers may provide hints that there's still normalization or cooling going on, with a path back to numbers that the Fed finds tolerable. Joe Weisenthal is the co-host of Bloombergâs Odd Lots podcast. Follow him on X [@TheStalwart]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. [Bloomberg Markets Wrap: The latest on what's moving global markets. Tap to read.]( Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before itâs here, itâs on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals canât find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Five Things to Start Your Day: Americas Edition newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox.
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