Israel retaliates against Iran, reportedly carrying out a limited operation against the country. Iranian state TV said missiles were deployed to down drones over the central city of Isfahan. Asian equities are in the red as a result with oil rising and the dollar catches a bid as investors go risk-off. At the IMF/World Bank Spring Meetings in Washington, we hear exclusively from German finance minister Christian Lindner who says the EU and the U.S. must cooperate closely in the face of trade competition from China. We hear from top ECB policy makers who are increasingly converging on the month of June as the likely beginning of rate cuts, barring any particularly bad news along the way.