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[Bloomberg Markets]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SUBSCRIBE [Subscribe]](  Forward Guidance  Trump blocks Broadcom's hostile Qualcomm bid, China political shake-up, and U.S. inflation data due. Not for sale President Donald Trump’s [executive order]( blocking Broadcom Ltd.’s hostile bid for Qualcomm Inc. on national security grounds is being viewed as further evidence of the administration’s tough stance against foreign takeovers of the country’s tech firms. The fear was that [China would gain an edge]( in critical technology by encouraging Qualcomm to reduce R&D. That could have put Huawei Technologies Co. in the lead in developing [next-generation wireless]( solutions. The ending of the takeover, however, does not mean Qualcomm’s problems are over, with Chief Executive Officer Steve Mollenkopf facing a long to-do list in order to regain the faith of shareholders. The company’s stock dropped 4.8 percent in pre-market trading.  Spring statement At 7:30 a.m. Eastern Time, U.K. Chancellor of the Exchequer Philip Hammond will give his [Spring Statement]( in which he will update forecasts for the British economy. While there may not be a huge amount to move markets in his speech, Hammond is under pressure to end the government’s [austerity program]( – and the budget watchdog reporting an [expected improvement]( in public finances may bolster the case. China shakeup Plans presented at China’s National People’s Congress make [significant changes]( to how the government will work in the country, [handing more power]( to President Xi Jinping. The central bank will get more control over the [financial sector]( as authorities attempt to curb risks in the $43 trillion banking and insurance industries. There will also be a single agency formed to manage the country’s international development, including Xi’s “[One Belt, One Road](” pet project. Markets rise Overnight, the MSCI Asia Pacific Index added 0.2 percent, while Japan’s Topix index closed 0.6 percent higher as the yen weakened ahead of U.S. inflation data due later today. In Europe, the Stoxx 600 Index was 0.1 percent higher at 5:45 a.m. in light trading. S&P 500 futures pointed to a [gain at the open](, the 10-year Treasury yield was at 2.877 percent and gold was lower. Coming up… The big data point for markets today is [U.S. inflation]( for February, with analysts expecting a 2.2 percent increase from a year earlier. Core inflation is expected to remain unchanged at 1.8 percent. While any surprise in the data is unlikely to derail a Federal Reserve rate hike this month, it will feed into expectations on the pace of monetary tightening. Here's what you should read today - Odd Lots Podcast: People are suddenly [talking about inflation]( again. - Sea change is underway [in money markets]( for banks, investors. - [Larry Kudlow]( emerges as Trump favorite to replace Cohn. - Russian military test nuclear-capable [hypersonic missile](. - What [Solomon’s ascent]( at Goldman says about the firm’s future. - The next ship you board might [run on batteries](. - There is no one [steering the ship]( at NASA.  And finally, here’s what Joe’s interested in this morning People are still wrapping their heads around initial coin offerings (ICOs), and how companies selling their own tokens fits into the regulatory landscape. Recently the SEC [has been sending out subpoenas](. In theory, this could all get cleared up. Regulators could issue guidelines about how they can be sold, and the types of disclosures that are required and so on. But even if that happened, there's another reason to be skeptical of the idea that tokens are the future. [In a letter this month](, a Treasury official said companies that sell tokens must comply with anti-money laundering regulations. This is a huge deal. Imagine you own a share of Microsoft. You can't just hand it over to someone you know. There's going to be a record at a bank or a brokerage identifying the owner before and after the transaction. Now, imagine you hold a token that entitles you to, say, the right to participate in a social network, or to use someone's wifi, and so on. That token has monetary value, but unlike with the share of Microsoft, you can give it to someone you want without a third party knowing who is party to the transaction. This is why people like crypto. You don't need a trusted third party to transact. So imagine these tokens take off and maintain their value, you'd have a wonderful avenue for money laundering and other types of activities regulators don't want. Seeking to move money out of the country? Just send hundreds of thousands of dollars worth of tokens that entitle the user to some good. Nobody has to know. For now, most of the interest in this area has been in the realm of securities regulation, but the questions that were raised by the Treasury are the real problem area.   Before it's here, it's on the Bloomberg Terminal Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. [Learn more.](   You received this message because you are subscribed to the Bloomberg Markets newsletter.   [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022