**$CS Credit Suisse CDS ripping, stock is tanking stoking fears of another bank crisis
Packed US data today
Asian Markets MIXED – Europe RED
- Hong Kong: Hang Seng closes UP +1.52%
- China CSI 300 +0.06%
- Taiwan KOSPI +1.31%
- India Nifty 50 -0.40%
- Australia ASX -1.50%
- Japan Nikkei -2.21% !
- All European bourses all in negative territory with the exception Spain and Greece
- US indices in negative territory this morning in pre-market, USD up 0.52% (US treasuries ripping)
Overnight Data/News
- China PBoC Sets Yuan Mid-Point At 6.8680 / Dollar VS Last Close 6.8795
- China Industrial Production YTD (Y/Y) Feb: 2.4% (est 2.6%) – Retail Sales YTD (Y/Y) Feb: 3.5% (est 3.5%) – Fixed Assets Ex Rural YTD (Y/Y) Feb: 5.5% (est 4.5%) – Property Investment YTD (Y/Y) Feb: -5.7% (est -8.5%) – Surveyed Jobless Rate Feb: 5.6% (est 5.3%)
- German Wholesale Price Index (M/M) Feb: 0.1% (prev 0.2%) – Wholesale Price Index (Y/Y) Feb: 8.9% (prev 10.6%)
- Swedish CPI (Y/Y) Feb: 12.0% (exp 11.7%; prev 11.7%) – CPI (M/M) Feb: 1.1% (exp 0.9%; prev -1.1%)
- French CPI EU Harmonised (Y/Y) Feb F: 7.3% (exp 7.2%; prev 7.2%) – CPI EU Harmonised (M/M) Feb F: 1.1% (exp 1.0%; prev 1.0%) – CPI (Y/Y) Feb F: 6.3% (exp 6.2%; prev 6.2%) – CPI (M/M) Feb F: 1.0% (exp 0.9%; prev 0.9%)
- Italian Unemployment Rate Q4: 7.8% (prevR 8.0%)
- Eurozone Industrial Production SA (M/M) Jan: 0.7% (exp 0.3%; prevR -1.3%) – Industrial Production SA (Y/Y) Jan: 0.9% (exp 0.3%; prevR -2.0%)
- ECB Likely To Stick To Big Rate Hike Despite Banking Turmoil – RTRS Sources
- US Construction Shows No Signs Of Slowdown, Caterpillar CEO Says – BBG
- China Reopening, Air Travel Rebound To Supercharge Oil Demand, IEA Says – RTRS
- Russia’s Energy Min: Russian Oil Production To Decrease In 2023 – TASS
- Credit Suisse Default Swaps Are 18 Times UBS, 9 Times Deutsche Bank – BBG
Credit Suisse Credit Default Swaps
US DATA TODAY
OVERNIGHT COMMODITY HEADLINES
Metals
Copper flat as investors gauge demand uncertainty
Energy
Russian oil exports fell by 500 kb/d to 7.5 mb/d in February as the EU embargo on refined oil products came into force. Shipments to the EU fell by 800 kb/d to 600 kb/d, compared with more than 4 mb/d at the start of 2022. IEA
Following an 80 kb/d contraction in 4Q22, world oil demand growth is set to accelerate sharply over the course of 2023, from 710 kb/d in 1Q23 to 2.6 mb/d in 4Q23. -EIA
Elengy’s French LNG terminals to remain on strike until March 21 -company
Willow project helps ensure energy independence, fossil fuels to be in mix for years to come – US energy secretary Granholm
Spain Boosts Russia LNG Imports 84% While EU Urges Less Reliance Country’s shipments from Algeria fall amid diplomatic feud Spain is the EU’s top buyer of Russian LNG so far this year
OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence
China Jan-Feb refinery output up 3.3% on fuel policy, demand recovery
Fire broke out in small CDU at Pemex Deer Park, Texas refinery -sources