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MNI China Daily Summary: Friday, March 14

BAKER HUGHES CANADA RIG COUNT 199; OIL RIGS 139; GAS RIGS 60

MNI: BAKER HUGHES US RIG COUNT 592; OIL RIGS 487; GAS RIGS 100

EZ/UK T-Bill Calendar: DE, NL and FR Due Monday

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GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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EQUITIES: Firms Falter on Tariff Threat, Tech Names Erasing Early Gains

EQUITIES
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e-mini NASDAQ on the cusp of erasing the day's early gains, following broader US indices lower as the dust settles on the inflation print. As was the case on the Ukraine-tripped rally off lows yesterday, oversold tech names were leading the bounce but are quickly losing their shine: Tesla have trimmed gains of as much as 9% to 6%, Nvidia to +5% from +8% and Meta from +5% to +1.5%.

  • As we note above, there remains evidence of smaller program sellers following the CPI print - for which we see PCE seeing little disinflationary reprieve, despite the miss on headline CPI.
  • Both Canada and the EU have outlined tariffs this morning that target US states that leaned heavily toward Trump at last year's election - affected names include Harley Davidson (-5.1%) and Brown Forman, owner of Jack Daniels (-6.7%) as tariff quite clearly remains a key sentiment driver. 
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e-mini NASDAQ on the cusp of erasing the day's early gains, following broader US indices lower as the dust settles on the inflation print. As was the case on the Ukraine-tripped rally off lows yesterday, oversold tech names were leading the bounce but are quickly losing their shine: Tesla have trimmed gains of as much as 9% to 6%, Nvidia to +5% from +8% and Meta from +5% to +1.5%.

  • As we note above, there remains evidence of smaller program sellers following the CPI print - for which we see PCE seeing little disinflationary reprieve, despite the miss on headline CPI.
  • Both Canada and the EU have outlined tariffs this morning that target US states that leaned heavily toward Trump at last year's election - affected names include Harley Davidson (-5.1%) and Brown Forman, owner of Jack Daniels (-6.7%) as tariff quite clearly remains a key sentiment driver.