LME inventories: zinc down 250 tonnes, aluminium down 3,225 tonnes, copper down 3,950 tonnes, lead down 875 tonnes, nickel unchanged, tin down 130 tonnes.

Barclays cuts PepsiCo (PEP.O) PT to $144 from $158.

SMBC Nikko Securities economist Maruyama said BOJ Q1 output gap estimates show a sustained positive trend, supporting higher inflation and providing a rationale for further rate hikes. He added the positive gap has not widened, so there is no immediate need to accelerate tightening; any faster or larger hikes would likely stem from a delayed but material pass-through of Middle East-related inflation or from rising inflation expectations.