Trade restrictions between the US and China are intensifying. Japan’s currency diplomats talk about possible intervention to support the yen

Take-Two Interactive Software closed down more than 6% after gaming publication Kotaku reported that Grand Theft Auto VI production has begun to be delayed, and the game may not be released in 2025. Shares of United Airlines Holdings (UAL) fell more than 3% after a report that the US Federal Aviation Administration is considering imposing temporary sanctions on the company, including a ban on adding new routes, following a series of safety incidents. In addition, Intel (INTC) and Advanced Micro Devices (AMD) shares fell after the Financial Times reported that China is seeking to restrict US-made microprocessors and servers in government computers.

WTI crude oil prices rose above $82 per barrel on Tuesday, extending gains from the previous session, as various supply concerns supported oil prices. The Russian government ordered oil companies to cut production in the second quarter to meet OPEC’s target of 9 million bpd after output of around 9.5 million bpd in February. Ukrainian attacks on Russian refineries have also affected about 12% of the country’s refining capacity. In the Middle East, the UN Security Council passed a resolution calling for a ceasefire between Israel and Hamas. However, analysts doubt this will stop Houthi attacks on ships in the Red Sea disrupting supply routes.

Asian markets were mostly down yesterday. Japan’s Nikkei 225 (JP225) decreased by 1.16%, China’s FTSE China A50 (CHA50) lost 1.03%, Hong Kong’s Hang Seng (HK50) was down 0.93% at the end of Monday, while Australia’s ASX 200 (AU200) was positive 0.53%.

Japan’s annual business services inflation was unchanged at 2.1% in February, suggesting that companies continue to pass on rising labor costs to consumers thanks to the prospect of sustained wage growth. The annual increase in the service producer price index, which measures how much companies charge each other for services, was unchanged from January, data from the Bank of Japan (BoJ) showed Tuesday. Japan’s Finance Minister Shun’ichi Suzuki said he did not rule out taking any measures to curb yen weakness, adding that excessive volatility increases uncertainty for business operations and the broader economy. The remarks came a day after the country’s top currency diplomat, Masato Kanda, said the weakening yen did not reflect fundamentals and called recent moves speculative.