Headlines Feb 24

Metals

Copper Near Decade High; Driven By Investment In Electric-Vehicle and Renewables

LME Broadening Opposition To A Plan To Close Its Iconic Open-Outcry Trading Floor

Japan’s Copper Products Output Rises 1.8% (YoY) In Jan

Steel Rebar Hits Highest Since 2011 as China Hub Curbs Output

China’s Tangshan Imposes Steel Output Curbs on Air Pollution

Oil

Speculation around Traders That By The End Of Next Year Crude Oil To Top $100

Oil Slips After Industry Report Points to Rising U.S. Stockpiles

WTI Spread Strongest Since 2019; Record Brent OI

U.S. Freeze Chills Asian Plastic Makers as Feedstocks Soar

Libya’s Hariga Port Set to Load 6m Bbl of Crude in March: Plan

Russia and Saudi Arabia Effectively Cooperate on OPEC+: Kremlin

OPEC Delays International Seminar From June 2021 to 2022

U.S. Crude Stockpiles Rose 1.03M Bbl Last Week

Pan-Australia Gas Pipeline Concept Revived Under APA-backed Plan

Saudi Q4 Exports Drop 26%, Weighed Down by Oil

Events & Synopsis

McAfee Shares Gain 8.5% In Premarket Trading; Revenue That Beat Estimates And Got An Upgrade From Deutsche Bank

China’s Crackdown On Defaulters Starts To Embolden Creditors

Cathie Wood Buys the 13% Dip in Tesla as ARKK Slips Again

Bitcoin Climbs After Renewed Backing From Cathie Wood

Hong Kong’s First Trading Tax Hike Since 1993 Pummels Stocks

Credit Suisse, UBS Moving Bankers to China From Hong Kong

EU Speeds Vaccine Drive After Early Flubs Leave Bloc Behind

UBS Team Says Get Ready for Another Global Equity Rotation

Ex-UBS Executive Sues Bank Over Bonus Lost in Film-Tax Scheme

Toyota To Operate All Japan Plants As Normal From February 25 – Kyodo

Biden To Sign Executive Order To Address Supply Shortages Of Semiconductor Chips - RTRS

Suzuki Chairman Osamu Suzuki Plans To Retire – Nikkei

Vodafone Seeks Frankfurt Listing for Vantage Towers in March

 

McAfee Corp. Raised to Buy at Deutsche Bank; PT $23.50

Braskem ADRs Raised to Overweight at JPMorgan; PT $14

Thomson Reuters Raised to Outperform at CIBC; PT C$123.59

HSBC Price Target Raised To 440P From 400P At Barclays

HSBC Price Target Raised To 400P From 370P At Credit Suisse

Snap Inc: Credit Suisse Raises Price Target To $80 From $65

Forex

Dollar Inched Lower As Equity And Bond Markets Stabilized, Denting Haven Demand

Treasuries Were Modestly Lower While The Yen And The Swiss Franc Fell

New Zealand’s Sovereign Yields Climbed And The Nation’s Currency Traded Near The Highest In Almost Three Years After One Of The Central Bank’s Policy Forecasts Hinted At The Need For Less Stimulus

Fed’s Powell Testifies Before House Financial Services Panel; Fed’s Brainard And Clarida Speak

Bank of England Governor Bailey testifies before Parliament’s Treasury Committee; BOE’s Haldane speaks

Treasury curve bear-steepened, underperforming Bunds

Kiwi Led Gains In The G-10 Space, Rallying By As Much 0.7% To $0.7393 As Some Traders Took Their Cues From The Rbnz’s Decision To Use An “Unconstrained Ocr” In One Of Its Forecasts, Rather Than The Standard Ocr, Even Though It Said Prolonged Monetary Stimulus Remains Necessary

Pound Gained For A Fifth Session Against The Dollar, Touching $1.4237, The Highest Since April 2018, As It Continued To Benefit From The U.K.’S Quick Coronavirus Vaccine Roll-Out; Gilts Fell

Germany’s Economic Output Rose 0.3% In The Fourth Quarter As Construction Picked Up And Exporters Benefited From Stronger International Demand. Consumer And Government Spending Both Dropped

Banks Are Cutting Their Forecasts For The Euro-Pound Pair As It Extends The Longest Losing Streak Since 2015, With Danske Bank Seeing The Cross At 0.85 In The Second Half Of 2021

EUR/USD -- The Pair Is Struggling To Overcome Resistance By The 55-Dma On A Closing Basis, Currently At 1.2155; A Close Above Will Be The First Strong Signal That Cycle Highs May Come To The Test While A Key Fibonacci Resistance Lies Nearby

USD/JPY -- The Pair Fails To Establish A Consecutive Close Above The 233-Dma, Yet Short-Term Mean Reversion Only Extends Down To 21-Dma Which Holds Rather Comfortably; The Weekly Outlook Remains Bearish On Closes Below 105.66

AUD/JPY -- Despite Several Signs Calling For A Correction, The Risk Proxy Extends Its Run North; Nine-Day Rsi Stands At Second Highest Reading In Three Years As 200-Monthly Ma Is In Focus

GBP/USD -- Following A Close Friday Above A Weekly Demark Risk Level, Cable Is About To Close Above A Daily Demark Risk Level; That Essentially Further Establishing Recent Price Action As Part Of A Larger Trend