Global FX DATA:

• • • ASIAN MARKET
      
      Asian stock markets dipped on Wednesday after Pyongyang abruptly called off talks with Seoul, throwing a U.S.-North Korean summit into doubt, while surging bond yields revived worries about faster U.S. interest rate hikes that could curb global demand.
       
    • GOLD
      
      Gold prices recovered slightly on Wednesday on short-covering after sliding to the lowest level this year in the previous session on surging U.S. bond yields and a stronger dollar.
       
  • • OIL
      
      Oil prices retreated from multi-year highs on Wednesday morning in Asia, pulled back by an industry organization’s comment that U.S. crude stockpiles built unexpectedly last week.
       
    • INDIA
      
      The Reserve Bank of India (RBI) likely intervened heavily in the foreign exchange market right from the start of trade on Wednesday to stem any fall in the rupee.
       Punjab National Bank (PNB) reported a 134.17 billion-rupee ($1.98 billion) fourth-quarter net loss on Tuesday, the biggest ever by an Indian lender as the state-run bank booked provisions to cover a massive fraud.
       
    • DOLLAR
      
      The dollar hovered near a five-month high against a group of major currencies on Wednesday, as a surge in the benchmark 10-year Treasury yield above 3 percent reignited a rally that had lost steam last week.
       
    • CRYPTO CURRENCY
      
      Cryptocurrency prices plunged, with Ripple and Bitcoin Cash down more than 10% on Wednesday as Microsoft Bing joined Google and Facebook in banning crypto advertisements.

    • NORTH KOREA
      
      North Korea threw next month’s unprecedented summit between Kim Jong Un and U.S. President Donald Trump into doubt on Wednesday, threatening weeks of diplomatic progress by saying it may reconsider if Washington insists on unilateral denuclearisation.

    • CHINA
      
      China’s new home prices rose in April with an increasing number of smaller cities driving broader growth, helped by state measures that allowed buyers to get around existing restrictions and economic development prospects in those centers.

    • JAPAN
      
       Japan’s economy contracted more than expected at the start of this year, suggesting growth has peaked after the best run of expansion in decades, unwelcome news for a government struggling to get traction for its reflationary policies.

    • US
      
       The United States is seeking a trade deal with China, White House economic adviser Larry Kudlow said on Tuesday as talks between the world’s two economic powerhouses resume in Washington this week.

    • MEXICO
      
       Mexico’s central bank said on Tuesday that it was creating a cyber security unit, following a hack on a domestic payments system at the end of April that affected Mexican banks.

    • MALAYSIA
      
      Jailed Malaysian leader Anwar Ibrahim was granted a full pardon on Wednesday and walked free out of a hospital in Kuala Lumpur where he has been undergoing treatment.