Iron Ore prices dive as China moves to control the recent surge in prices

- ASX 200 opened flat.

-(AU) Australia sells A$1.0B v A$1.0B indicated in 4.25% April 2026 bonds, avg yield 0.7149%, bid to cover 3.96x.

-(NZ) New Zealand Apr Manufacturing PMI: 58.4 v 63.6 prior (4th month of expansion).

China/Hong Kong

- Hang Seng opened +0.6%, Shanghai Composite +0.2%.

- (CN) Tangshan (top steel hub in China) said to be requiring firms to not manipulate prices - Press.

- (US) Sec State Blinken: has raised economic coercion concerns privately and publicly with China; made clear such actions will hinder improvements in relationship.

- (US) USTR Chief Tai: Biden Administration fully supports reauthorizing generalized system of preferences in 2021; We need new trade law tools to allow the US to get ahead of future anti-competitive threats from China; Section 301 tariff exclusions for Chinese imports will be part of the Biden administration's top-to-bottom China trade review; knows time is of the essence.

- (CN) China Aviation Regulator (CAAC): Apr Passenger Volume 51.1M +206% y/y..