Headlines Mar 11

​Metals

 Aluminum inventories tracked by the LME surged by the most on record, with more than $700 million of the metal flooding into warehouses in Asia

Gold Advances for Third Day as Stimulus, Inflation in Focus

BlackRock Says Gold ‘Failing’ as Equity Hedge, Faces Headwinds

China’s Record Copper Stockpiles Point to Sputtering Demand

Shanghai Broker Cuts Bullish Bets on Copper as Price Retreats

Peru Copper Production Slipped 7.6% in January (YoY)

Iron Ore Advances as Construction Season Set to Boost Demand

BHP Expects Iron Ore Prices to Return to Long-Term Trend

Russia May Start a New $800 Million PGM Mine in 2027

Investors Lining Up for Hydrogen Subsidies in Top Copper Miner

 

Oil

China’s imports of Iranian oil are forecast to more than double this month from February, causing congestion at ports and filling up storage tanks

Asian naphtha prices are set to slip over the coming weeks on higher flows from Europe and some crackers using LPG as an alternative feedstock

Oil Climbs Above $65 on Signs of Rising U.S. Fuel Demand

RBC on Gasoline Outlook; Spreads Strengthen

A Surge in Iranian Oil Exports Is Clogging Up Chinese Ports

Asia Naphtha Prices Seen Easing on Higher Europe Flows, LPG Use

Oil Market Anger Sees Platts Delay Key Crude Price Overhaul

China Oil Imports May Fall Below 10M B/d This Month: Citigroup

Saudi Arabia Vows to Protect Oil Facilities After Drone Attack

Kazakhstan Produces 13.8m Tons of Oil in January-February

S. Korean Refiners to Cut Emissions Via Hydrogen, Carbon Capture

Angola’s February Oil Revenue Rises 9% (MoM) to 331 Billion Kwanza

Italy’s Crude Imports Fell in January as Libya, Iraq Flows Sank

Shell Names Mackenzie as New Chairman, Proposes 50% Female Board

U.S. Crude Output Fully Restored After Storm

Iraq Cuts OSPs; European Refiners Lag on Slow Demand

WTI Must Fall $4/Bbl Below Brent to Clear Excess Stockpiles: EA

 

Events & Synopsis

U.S Futures Indicates positive opening for the markets

Macro highlights include initial jobless claims, expected to show a slight decline from a week ago, and monetary policy decisions for the Eurozone

Premarket movers include Vir Biotechnology, up more than 30% after its interim results

Roblox is also heading higher, set to build on its 54% gain since Wednesday’s trading debut

Nasdaq 100 Futures Climb, Signaling Gains in U.S. Tech Shares

Biden Treasury Pick Quietly Starts Work to Rein In Wall Street

Biden’s $4 Trillion Industrial Policy Faces More Than Politics

Biden Prepares Nationwide Victory Lap to Promote His Rescue Plan

White House Says $1,400 Payments Will Begin Arriving This Month

Toyota Chief’s Warning to Apple: The Car Business Isn’t Easy

Amazon Quietly Began Building a Grocery Chain During Pandemic

BlackRock Says Gold ‘Failing’ as Equity Hedge, Faces Risks

Citi’s Punishment of Revlon Lenders Extends to CLOs, Trading

Manhattan Renters Trading Up Drive Big Gain in New Leasing

Record Global Debt May Push Up Defaults to Highest Since 2009

Credit Suisse Tax Whistle-Blowers Urge U.S. to Punish Bank

Verkada Workers Had Extensive Access to Private Customer Cameras

Pimco Advances a Blanket Denial in Sexual Harrasment Lawsuit

Female Aide to Cuomo Says NY Governor Groped Her: Times Union

Covid: German Numbers Jump; Brazil Set to Surpass India

Glaxo, Vir Seek U.S. Clearance for Antibody Covid Treatment

Astra Falls as Denmark Suspends Vaccine on Clot Concerns

GameStop Fluctuates as Wild Trading Continues in U.S. Premarket

ECB Confronts Rising Yields, Delayed Recovery: Decision Guide

European Equities Reach Highest Level in a Year Ahead of ECB

Netanyahu’s Trip to UAE Delayed Due to Jordan Spat

EU Urges U.K. to Come Clean on Vaccine Exports in Heated Dispute

Lex Greensill’s Dreams of a $7 Billion Empire Unraveled in Days

Italy’s Salvini Hints at Time Limit for Draghi as Premier

BNP Seeks to Buy Remaining 50% of Exane to Boost Equities Unit

WPP’s $4.3 Billion Writedown Overshadows Ad Sales Recovery

IG Group Stock Trading Revenue Jumps 600% Amid Reddit Frenzy

Rolls-Royce Stands By Cash Goals as Jabs Lift Recovery Hopes

Shell Names Mackenzie as New Chairman, Proposes 50% Female Board

Kering Founder Becomes Latest Luxury Tycoon to Bet on SPACs

Deutsche Bank’s Schuetz Exits After Wirecard Trades Scrutiny

Porsche’s Hometown Offers Clues to Germany’s Post-Merkel Future

ECB’s PEPP Targeted in Another Suit at German Top Court

EDF Rises on Report That Reform Talks May End This Month

Billionaire Kellner Boosts Moneta Stake Before Merger Attempt

China Lawmakers Wrap Whirlwind Session Focused on Managing Risks

China Revamps Hong Kong Elections, to Sign Off on All Candidates

Chinese Stocks Cap Worst NPC Loss Since 2009 Despite Late Rally

China’s Expanding Toolbox to Quell Hong Kong Dissent: QuickTake

The Tactics People Are Using to Get Their Money Out of China

Covid Outbreak Hits Hong Kong Banks, Gyms, International Schools

China Chip Industry Group Says It’ll Work With U.S. Counterpart

Taiwan’s Central Bank Plays Down Concern Over Manipulator Tag

Thai Court Delays Constitution Rewrite in Setback for Protesters

Japanese Stocks Rise for Third Day, Boosted By Telecom Providers

 

7:45am ECB decision due and presser at 8:30am

9am: U.S. House meets

10:00am: Senate Energy and Natural Resources Committee holds hearing on reliability, resiliency, affordability of electric service

10:00am: Secretary of State Antony Blinken briefs the Senate Foreign Relations Committee during closed meeting

10:30am: U.S. Senate convenes

12:30pm: White House Press Secretary Jen Psaki holds media briefing

1:45pm: VP Harris holds virtual meeting to discuss stimulus with Americans she’s met since taking office

3:15pm: Biden, Harris, Treasury Secretary Janet Yellen attend weekly economic briefing in the Oval Office

5:15pm: Harris swears in Merrick Garland as attorney general

8:02pm: Biden addresses the nation, commemorates one-year anniversary of Covid-19 shutdown

 

U.S., Israel to Hold Strategic Consultative Meeting on March 11

House considers gun background check bills H.R. 8, H.R. 1446

 

Annual General Meetings: ABC US, AMAT US, CBT US, FFIV US, HOLX US, NFG US, PLAB US, RMR US, SONO US

Other Events: CFX US, DGX US, FLOW US, INFO US, JMIA US, MOS US, REZI US, SPGI US, TMUS US, ZIOP US

 

Forex

 A gauge of the dollar’s strength fell a third day as the 10-year Treasury yield fell below 1.5% for the first time in a week

Futures on the Nasdaq 100 advanced, signaling gains for the tech-heavy benchmark after a run of volatile sessions

European shares also gained before a policy announcement by the European Central Bank

Bank of Canada Deputy Governor Lawrence Schembri speaks

U.S. data include Langer consumer comfort, JOLTs job openings, jobless claims and household change in net worth

ECB decision due at 7:45am and presser at 8:30am ET

Greenback was lower against all of its Group-of-10 peers apart from the yen

The Australian dollar extended gains in European hours, leading commodity currencies higher as gains in stocks and U.S. equity futures stoked risk appetite

The euro rose a third day to approach $1.20 before ECB officials decide whether they need a stronger response to rising bond yields: see decision guide

The yen underperformed its Group-of-10 peers as rising equities damped demand for haven assets, and was sold for the euro as investors were said to be watching option barriers at 130

Global money manager BlackRock Inc. says gold is proving to be a less effective hedge against moves in other assets, such as stocks, as well as inflation, according to Russ Koesterich, portfolio manager for BlackRock’s Global Allocation Fund

Bank of Japan officials are looking at ways to enable bond yields to move around more as they try to improve the functioning of a bond market dominated by the central bank, according to people familiar with the matter

Chinese lawmakers approved an extensive overhaul of how Hong Kong chooses its leaders, a momentous step in Beijing’s efforts to curb opposition in the Asian financial hub’s political system

Italy’s Matteo Salvini hinted at an early end to Mario Draghi’s term in office and indicated the prime minister could be a candidate for head of state when that job becomes available early next year

Investors should bet on the offshore Chinese yuan as an upcoming meeting of top U.S. and Chinese officials is expected to boost relations between the two nations, Scotiabank says