US Market Open: European cash markets kicked off the week lower across the boardFull noteEuropean cash markets kicked off the week lower across the board with a relatively broad-based performance seen across the majorsTwitter is reportedly re-examining Elon Musk’s bid in which a potential deal could be made as early as this week, WSJ sourcesStateside futures are lower in tandem with the broader market sentiment, whilst the NQ is slightly more cushioned by the earlier decline in yields.DXY set a new 2022 peak at 101.750 amid safety flight and a sharp slide in crude alongside other commoditiesFrench President Macron won the second round of the Presidential Election with 58.6% of the vote vs Le Pen at 41.4%.Looking ahead, highlights include a Speech from ECB’s Panetta, Earnings from Activision Blizzard, Coca-ColaEUROPEAN TRADE EQUITIES European cash markets kicked off the week lower across the board with a relatively broad-based performance seen across the majors.Sectors are lower across the board with a clear defensive tilt: Energy and Basic Resources sit at the bottom of the bunch amid hefty downside in underlying commoditiesStateside futures are lower in tandem with the broader market sentiment, whilst the NQ is slightly more cushioned by the earlier decline in yields.Twitter is reportedly re-examining Elon Musk’s bid and be more receptive to a deal with the sides meeting on Sunday to discuss the proposal. It was separately reported that Twitter is facing increasing shareholder pressure to negotiate with Elon Musk in his takeover bid and that the Co. is in talks with Elon Musk in which a potential deal could be made as early as this week, according to WSJ.Twitter (+0.7% pre-market) is reportedly re-examining Elon Musk’s bid, via WSJ.FX DXY sets new 2022 peak at 101.750 amid safety flight and sharp slide in crude alongside other commodities.Yen back in favour as risk sentiment sours irrespective of denials about joint Japanese and US intervention discussion – Usd/Jpy towards base of 128.87-127.89 range.Aussie underperforms on Anzac Day due to steep decline in copper and iron ore – Aud/Usd tests 0.7150 and Aud/Nzd cross under 1.0850 vs 1.0940 at one stage overnight.Yuan extends depreciation as Covid spreads to a district in Beijing and PBoC continues to lower Cny midpoint reference rate – Usd/Cnh just shy of 6.6000, Usd/Cny eyeing 6.5650.Euro averts 1.0700 test, narrowly, and pares more losses after surprisingly upbeat Ifo survey, on the surface – Eur/Usd rebounds to circa 1.0750, but still well below Macron victory high.Pound loses Fib support on the way through 1.2800 and sub-8400 vs Dollar and Euro respectively.FIXED INCOME Debt futures firm as risk appetite wanes, but bonds fade beyond 154.50 in Bunds, 119.00 in Gilts and 119-25 in the 10 year T-note.Core EZ bonds lose momentum after German Ifo survey beats and irrespective of less encouraging accompanying statements.French OATs off peak within 147.38-146.28 range posted on confirmation of Macron defeating Le Pen to retain Presidency.European Commission sells EUR 2.499bln (exp. EUR 2.500bln) 0.4% 2037 NGEU; b/c 2.05x (prev. 1.49x), average yield 1.626% (prev. 0.375%).COMMODITIES WTI and Brent June contacts have continued to decline since the resumption of futures trading.Spot gold has been caged to a near-USD 5/oz range since the European open as the impact of a firming Buck negated the effects of lower yields at the time.Base metals are in a sea of red as China’s lockdown woes hit the demand side of the equation – with LME aluminium and zinc the laggards at the time of writing.NOTABLE HEADLINES French President Macron won the second round of the Presidential Election with 58.6% of the vote vs Le Pen at 41.4%, while Le Pen conceded defeat after the initial projections, according to Reuters and Sky News.ECB President Lagarde commented that interest rate hikes will not lower energy prices, according to Barron’s.ECB policymakers are said to be keen to finish bond purchases as soon as possible and possibly hike rates in July but no later than August, while they are leaning towards two rate moves this year with three also a possibility, according to Reuters sources. However, an ECB spokesperson declined to comment on the timing of ending bond purchases and potential interest rate increases.The EU is said to prepare the creation of a new trade and tech council with India, according to FT sources. The new forum could be unveiled on Monday during the European Commission President’s visit to India.The EU will aggressively police online content from Big Tech platforms such as Google (GOOG) and Meta’s Facebook (FB), according to the FT