CHINA FINANCE MINISTRY AUCTIONS 30-YEAR BONDS AT 2.3672 PCT YIELD - TRADERS

China / U.S. relations: - China's Commerce Ministry: further leverage China-U.S. economic and trade consultation mechanism to strengthen dialogue and communication U.S. politics: - Trump fires Pam Bondi as attorney general Markets & commodities: - Turkey’s gold reserves drop by nearly 120 tons over two weeks - WTI crude surges 13%, gold falls 1.7%, silver drops 2.7% Corporate: - Tesla Q1 deliveries miss expectations, core auto business faces pressure Energy policy: - U.S. Energy Department official says no discussions currently underway on releasing oil reserves - Sources: OPEC+ may consider further output quota increase at Sunday meeting Trade policy: - Trump restructures broad metals tariffs but keeps 50% rate Iran conflict: - Trump’s national address fails to convince markets war is nearing an end or that Strait of Hormuz risks will ease, sending oil prices sharply higher - Iran and Oman said to be drafting a Strait of Hormuz transit agreement; Three energy vessels entered the strait along Oman’s coast on Thursday - Iran says it struck Amazon and Oracle data centers in the Middle East - Iran’s landmark bridge reportedly hit; further infrastructure may be targeted, with regional Gulf bridges cited by Iranian media as potential targets - Iranian crude trades at a premium to Brent for the first time since 2022 - Philippines and Russia say the Strait of Hormuz remains open to them

China’s upstream solar prices fell further this week, led by continued declines in polysilicon amid bearish sentiment and ongoing downstream weakness, according to industry data. Some leading producers cut prices to move inventory. Maintenance plans and futures rule changes in April, along with cost support, may help stabilize prices at low levels.