- The sell-off on the U.S. stock market has halted, although the major American indices closed yesterday’s session in the red, with the Nasdaq 100 losing nearly 0.3%. Today, futures on the US500, US100, and US30 are slightly down, while the VIX is rising by 0.8%. Sentiment during the Asian session was mixed, with China’s Hang Seng dropping over 1%.
- Today, the market's focus will be on U.S. CPI data (12:30 PM GMT), the OPEC report, and crude oil inventory changes (the market expects a 2 million barrel increase compared to the previous 3.6 million). Additionally, the Bank of Canada is set to cut interest rates by 25 basis points, from 3% to 2.75%.
- The USDIDX rebounds today by 0.3%, while EURUSD loses 0.2%. Today, we will hear remarks from a multiple ECB member starting from Christine Lagarde, to bankers Simkus, Villeroy, Panetta, and Lane
- The White House announced that a 25% tariff on steel and aluminum—without any exceptions or exemptions—will take effect for Canada and all other trading partners at midnight on March 12. However, Trump’s trade advisor, Navarro, stated that the planned 50% tariffs on Canadian steel and aluminum will not be implemented tomorrow, but on April 2nd the US will begin the process with reciprocity.
- Energy commodities, including oil and gas, are experiencing slight declines of between 0.3% and 0.6%. Similarly, minor losses are observed in the precious metals market, with gold holding at $2,913 per ounce. Bitcoin is down over 2%, retreating to $81,500, while TrumpCoin has dropped more than 5%.
- European index futures are posting slight gains, partially supported by yesterday’s comments from Ukraine and the White House, which reported constructive talks in Saudi Arabia. Ukraine has expressed readiness for an initial 30-day ceasefire on land, sea, and air. The U.S. side will now discuss a potential resolution to the conflict with Russia
- US API crude oil stock change came in 4.247M (Forecast 2.1M, Previous -1.455M). Gasoline inventories change came in -4.56M vs -1.25M previously.
- After yesterday WASDE ending stocks report soybean, wheat and corn lose slightly. The U.S. wheat ending stocks were, with higher imports and lower export. The USDA also lowering the average estimated 2024/25 US farm price, raising production estimates for Russia, Ukraine, Argentina and Australia.
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