US equity futures are indicating a lower open as of 05:00 ET. This follows mixed markets in Asia, while European equity markets are mixed. The disinflation narrative is still largely intact despite firmer than expected US CPI and PPI releases. Fed rhetoric is still supportive of rate cuts, but there is less than a 50% chance for a May move. China left the 1Y LPR unchanged as expected while reducing the 5Y LPR by a larger-than-anticipated 25 bp, indicating Beijing's clear intention to focus on stimulating the property market.

Companies Mentioned: Capital One Financial, Discover Financial, S&P Global, Apple, Intel