CPI 8:30 AM ET!

Asian Markets RED – Europe Mixed

• Hong Kong: Hang Seng closes down -2.27% !!
• China CSI 300  -0.60%
• Taiwan KOSPI  -2.56%
• India Nifty 50  -0.51%
• Australia ASX  -0.51%
• Japan Nikkei -0.71%
• All European bourses mixed this morning
• US indices in positive territory this morning in pre-market, USD slightly up 0.21%

Overnight Data/News

• China PBoC Sets Yuan Mid-Point At 6.8949 / Dollar Vs Last Close 6.8475
• China’s economic recovery is strengthening in the aftermath of Covid restrictions
• UK ILO Unemployment Rate 3M Jan: 3.7% (est 3.8%; prev 3.7%) – UK Employment Change (3M/3M) Jan: 65K (est 53K; prev 74K) – UK Average Weekly Earnings 3M (Y/Y) Jan: 5.7% (est 5.7%; prev 5.9%) – UK Weekly Earnings Ex Bonus 3M (Y/Y) Jan: 6.5% (est 6.6%; prev 6.7%)
• UK Jobless Claims Change Feb: -11.2K (prev -12.9K) – UK Claimant Count Rate Feb: 3.8% (prev 3.9%) – UK Payrolled Employees Monthly Change Feb: 98K (est 65K; prev 102K)
• Spanish CPI (M/M) Feb F: 0.9% (est 1.0%; prev 1.0%) – Spanish CPI (Y/Y) Feb F: 6.0% (est 6.1%; prev 6.1%) – Spanish CPI EU Harmonised (M/M) Feb F: 0.5% (est 1.0%; prev 1.0%) – Spanish CPI EU Harmonised (Y/Y) Feb F: 6.0% (est 6.1%; prev 6.1%)
• Italian Industrial Production (M/M) Jan: -0.7% (est -0.4%; prevR 1.2%) – Italian Industrial Production WDA (Y/Y) Jan: 1.4% (est 2.9%; prevR -0.9%) – Italian Industrial Production NSA (Y/Y) Jan: 4.5% (prevR -6.7%)
• US NFIB Small Business Optimism Feb: 90.9 (est 90.3; prev 90.3)
• Nomura Predicts Rate Cut And QT Halt At Upcoming Fed Meeting – BBG
• Global financial stocks have lost $465 billion in market value in the wake of SVB’s collapse
• Large US Banks Inundated With New Depositors As Smaller Lenders Face Turmoil – FT

US DATA TODAY

OVERNIGHT COMMODITIY HEADLINES

Metals

Gold holds above $1,900 as SVB collapse fuels hopes of Fed pause

Copper falls on firmer dollar, risk-off sentiment amid U.S. banking rout

Gold bulls hope short-term bank contagion sparks longer-term rally: Russell

Energy

India Oil Ministry Sources: India Has Not Signed An Agreement With The West To Impose Price Cap On Russian Oil

Oil prices fall as SVB collapse rocks financial markets

Tanker sales surge as Ukraine war divides maritime fleet over Russian cargoes

Analysis: Legal challenges could delay Alaska’s Willow oil project

Analysis: Russian sanctions shift oil price-making power to Asia from Europe

Germany forms alliance against phase-out of internal combustion engines by 2035