**Powell testifies at 10:00 AM ET before the Senate Banking, Housing, and Urban Affairs Committee in Congress** (this links to the live stream)

Mixed Markets

• Hong Kong: Hang Seng closes down -0.33%
• China CSI 300 -1.46%
• Taiwan KOSPI  +0.03%
• India Nifty 50  +0.67%
• Australia ASX +0.56%
• Japan Nikkei+0.59%
• All European bourses mostly in positive territory with the exception of Greece, Austria, and Eurostoxx
• US indices also in positive territory this morning in pre-market, USD +0.15%

Overnight Data/News

• PBoC Fixes USDCNY Reference Rate At 6.9156 (prev fix 6.8951 prev close 6.9335)
• China Jan-Feb exports, imports slump again as global demand falters
             – Jan-Feb Trade Balance  $116.88 Bln vs. expected $82.5 Bln
             – Jan-Feb Exports -6.8% y/y vs. forecast -9.0% y/y
             – Jan-Feb Imports -10.2% y/y vs. forecast -5.5% y/y
             – Jan-Feb trade surplus with US at $41.29 bln
• China/Oil   Jan-Feb crude oil imports slip but seen heading higher
              – Jan-Feb crude oil imports fall to 10.4 mln bpd
              – Natural gas imports down 9.4% from year earlier
              – Refined oil product exports soar 74.2% y/y
• Australia RBA Hikes Cash Rate By 25Bps To 3.60%, As Expected
• German Factory Orders (M/M) Jan: 1.0% (est -0.7%; prev 3.2%) – German Factory Orders WDA (Y/Y) Jan: -10.9% (est -12.5%; prev -10.1%)
• Norwegian Industrial Production (M/M) Jan: -8.3% (prevR -0.2%) – Norwegian Industrial Production WDA (Y/Y) Jan: -6.6% (prev 0.0%) – Norwegian Ind Prod Manufacturing (M/M) Jan: 0.9% (prev -0.6%) – Norwegian Ind Prod Manufacturing WDA (Y/Y) Jan: -0.8% (prev 0.4%)
• Swiss Foreign Currency Reserves (CHF) Feb: 770.6B (prev 784.4B)
• Spanish Industrial Output NSA (Y/Y) Jan: 1.2% (prevR -3.1%) – Spanish Industrial Output SA (Y/Y) Jan: -0.4% (est 0.8%; prevR 0.7%) – Spanish Industrial Output (M/M) Jan: -0.4% (est 0.2%; prev 0.8%)
• Citigroup Now Expects ECB To Hike Interest Rates By 50Bps In March And May

US DATA TODAY

OVERNIGHT COMMODITIES HEADLINES

Metals

The PBoC added another ~25 metric tons of gold to its reserves in February, bringing the gold holdings to ~2,050 metric tons

Energy

Kremlin says it does not recognise Western price cap on its oil

Russia begins diesel exports to Saudi Arabia -traders, Refinitiv data

Russia exports record diesel volumes to Brazil in Feb- traders, Refinitiv data

France: Fuel deliveries, refining disrupted at French refinery sites

UK’s National Grid orders all emergency coal plants online

EU Edges Closer to Forming a Gas-Buyers’ Cartel

Environmentalists sue to stop Gulf of Mexico oil and gas auction

U.S. Sen Dan Sullivan urges Biden administration approve Arctic oil project