China: March CPI inflation remained at 1.4%oya, PPI deflation narrowed to -4.6%; expect further monetary easing Sete Brasil rigs down to 13-17?; SBM denies $1.7 bn PBR settlement Late March CISA output fell to 2 year low Employee stock ownership program a crucial step towards corporate reform, upgrade to OW PT lifted on improved outlook for multi-pronged growth story COMPANY NEWS ASEAN: Beware the sucking sound of the strong USD Malaysia: Output throttling back in February 2014 leaders & laggards: losses prevalent but will improve from 2015; lower fuel priced in, stay selective Delayed cycle, slower growth and weaker asset quality; Tactical d/g of DBS to Neutral