Free Trial

Summary – March 11

LATAM
  • No major data releases in the Latam calendar on Monday, with Mexico ANTAD same-store sales for February and Colombia February consumer confidence scheduled for release later. In the US, the data calendar is also quiet, with just the NY Fed's 1-year inflation expectations release of note. Later this week, Brazil IPCA inflation data will draw attention, but the main focus will be on US CPI inflation data, due tomorrow.
  • Global News:
    • MIDEAST – President Biden warned Israel against attacking the city of Rafah in southern Gaza as cease-fire talks with Hamas remained deadlocked at the beginning of Ramadan. Negotiations remain at an impasse, with Israel accusing Hamas of stalling in a bid to inflame violence across the region during Ramadan, and Hamas saying more Israeli hostages had died in captivity than earlier believed.
    • JAPAN (MNI) – the BoJ is considering measures to prevent long-term yields from rising sharply after a potential exit from negative interest rates and the removal of the 1% upper limit on 10-year bond yields by as early as the March 18-19 meeting, MNI understands. The Bank could signal that an upper limit on bond yields will remain in place, without making that limit public, and it could also signal that it will continue to buy bonds in a flexible manner as necessary.
    • CHINA (MNI Beijing) – Chinese CPI inflation rebounded more than expected to 0.7% y/y in February, reversing the consecutive declines since October last year as prices, especially in travel services, rose amid the Chinese New Year holiday. The rise in February CPI outperformed the market consensus of +0.3% and hit the highest level since March 2023.
    • COMMODITIES – Iron ore slumped more than 7% as disappointing demand in China left the market lumbered with bulging inventories. Iron ore has tumbled by around a quarter from a peak in early January as China’s real estate and manufacturing activity remained under pressure. The annual NPC in Beijing, which concludes Monday, offered few prospects of a demand boost, and iron ore stockpiles at ports have risen to the highest in a year.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.