Stronger Markets Overnight

• Hong Kong: Hang Seng closes UP +0.84%
• China CSI 300 -0.73%
• Taiwan KOSPI  +1.96%
• India Nifty 50  FLAT
• Australia ASX -0.91%
• Japan Nikkei +0.03%
• European bourses broadly up this morning with the exception of UK, Switzerland
• US indices slightly down this morning in pre-market, USD slightly down -0.19%

Overnight News/Data

• Japan    Japan suffers record merchandise trade deficit as exports slow
             – Geopolitical considerations weigh on trade, especially friction
               with China
             – Jan Trade Balance NSA ¥-3.497 Trln vs. expected ¥-3.977 Trln
             – Jan Trade Balance SA ¥-1.821 Trln vs. expected ¥-2.47 Trln
             – Jan Exports 3.5% y/y vs. expected -1.5%
             – Exports to US +10.2%, Europe +9.5%, China -17.1%, Asia -4%
             – Jan Imports 17.8% y/y vs. expected 21.1%
             – Large rises in energy imports also added to the deficit
             – Dec Private Machinery Orders 1.6% m/m 2.6% y/y vs.
               expected 2.8%/-6.1%
• China   Jan New Home Prices 0.1% m/m vs. Dec -0.25%, first rise in a year
             – More cities reported new home price increases in Jan
             – Market expects more stimulus measures to boost demand
• Germany Germany’s Largest Airports Warn of Closures Friday Amid Strikes
             – Frankfurt, Munich airport expect passenger flights canceled
             – Walkouts cap week of grounded flights, turmoil for Lufthansa
• U.K.     Breakfast index surges 22% yr/yr amid sticky UK food inflation
             – Average cost of a fry-up jumps the most since index started
             – Price of milk increases 50% with eggs and butter up almost 30%

US DATA TODAY

Another jam-packed day

OVERNIGHT COMMODITIES HEADLINES

Metals

Gold claws back some ground as dollar retreats

London copper rises from 5-week low as China hope supports

Energy

Annual upstream oil and gas investment needs to rise 28 Pct to $640 billion by 2030: New report by IEF and S&P Global Commodity Insights

European demand to boost LNG competition over next two years – Shell

Marathon Oil beats fourth-quarter profit estimates on higher crude prices

Repsol’s profit beats forecasts, flags big spending increase

Var Energi doubles yearly profits on higher oil and gas prices

India’s fuel demand sees sharpest rebound in February

According to Pantheon Macroeconomics, China’s oil demand will surpass pre-COVID levels this year