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Headlines Mar 17

3/17/2021

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Metals

BHP Group is seeking to leverage its position as one of the world’s top suppliers of nickel to help drive China’s electric vehicle revolution

Copper gained as investors prepared for the Fed’s much-anticipated policy statement for clues on U.S. monetary policy and economic prospects

Gold Advances Before End of Fed Meeting, Powell’s Briefing

ETFs Cut Gold Holdings for 22nd Straight Day, Buy Silver

China Jan.-Feb. Refined Copper Output 1.63m Tons, Up 12.3% (YoY)

Iron Ore Steadies in China as Environmental Push Takes Spotlight

Chinese Coal Futures Surge to Two-Month High Amid Strong Demand

Australian Iron Ore Weekly Exports Drop to 16.4 Mln Tons

Some Steel Furnaces in Tangshan Hub Resume Operation: Mysteel

Aluminum Producer Rusal to Boost 2021 Capex to $1.1 Billion

BHP Favored Over Iron Ore Peers on Stronger Margins, GS Says

 

Oil

Baghdad denies UAE trader’s claim that the crude cargo seized by the U.S. is from Iraq

Oil markets aren’t on the verge of a new price supercycle as plentiful supplies mean any concerns of a shortfall are misguided, according to the International Energy Agency.

Oil Erases Gains With IEA Cooling Talk of Price Supercycle

WTI Prompt Spread Weakest Since January; Midland

India to Cut Saudi Arabian Oil Imports and Buy More From U.S.

IEA Sees No Oil Supercycle as Supplies Remain Plentiful

2021 Oil Demand Revised Up Slightly on Cold Q1

Oil Supertankers Losing Millions Become a Bullish Vaccine Trade

China Customs Has Cracked Down on $770M in Smuggled Fuel: Stmt

China Jan.-Feb. Gasoline, Diesel Output Grew Year-on-year

API Reports U.S. Crude Stockpiles Fell 1M Bbl Last Week

Druzhba Southern Line on Planned Halt Until March 21: Transneft

Buckeye Pipeline Is Shut After Gasoline Release in New Jersey

Enbridge Warns of Oil Shortages If Michigan Shuts Key Pipeline

Uganda to Borrow $130 Million Locally to Fund Crude Pipeline

Gazprom Uses Bypass Route for Flows To Armenia Amid Maintenance

India Considers Net Zero Goal Around 2050, a Decade Before China

Crude Storage in ARA Rises 0.6%, Genscape Weekly Data Show

Diesel-Hauling Supertanker Switches Signal From Europe to WAF

Turkey Imposes Cap on Retail Fuel Prices, Companies Cry Foul

Abu Dhabi Utility Taqa Said to Weigh Sale of Oil and Gas Assets

Rosneft Says It Doesn’t Seek State Funding For Its Projects

 

Events & Synopsis

U.S Futures Indicates flat/positive opening for the markets

Federal Reserve: meeting at which officials are expected to deliver their outlook amid a budding economic recovery that risks stoking inflation

Fuel-cell firm Plug Power slumps in premarket trading after it disclosed accounting errors, while Onconova Therapeutics rises 33% amid touts on Reddit

Expected data include March mortgage applications. Arcos Dorados Holdings and Williams-Sonoma are among companies reporting earnings

Fed’s Dot Plot May Back Up Powell’s Patience: Decision-Day Guide

Yellen’s Go-To Measure Shows U.S. Debt Is Still Getting Cheaper

Bill Gross Surprises With Short Bets on Treasuries, GameStop

Biden Wants Higher Company Tax, Relief for $110,000 Families

McConnell Rules Out Backing for Tax-Funded Infrastructure

China Purchase Signals Fresh U.S. Corn Demand, Lifting Prices

Brilliant Energy Files for Bankruptcy After Texas Power Crisis

Europe’s Latest Vaccine Controversy May Be a Crisis Too Far

Samsung Warns of Severe Chip Crunch While Delaying Key Phone

Dutch Go to Polls With Rutte Set for Fourth Straight Term

Hargreaves Lansdown Sees Profit Boost on U.S. Share Trading

Backing for Merkel’s Bloc Sinks After Drubbing in Regional Votes

European Food & HPC Margin Prospects This Year Are ‘Weak:’ Citi

Bullish Sign for Stocks From Slow Pace of Money Market Drawdown

Russia Mulls Spending Wealth Fund Billions on Infrastructure

Apple Is Said to Cut Off China’s Ofilm Over Xinjiang Labor

Naver Plans Debut Dollar Bond as Korea Web Firms Expand Abroad

Asia Chip Stocks Slip as Samsung Warns of Severe Global Shortage

Hong Kong Vaccine Bookings Jump in First Day of Expanded Access

Taiwan Eases Up on Currency Intervention, Aided by Rising Dollar

China Social App Soul Said to File Confidentially for U.S. IPO

 

FOMC rate decision and Powell press conference: see decision-day guide

U.S. data include housing starts, MBA mortgage applications

President Biden hosts virtual meeting with Ireland Prime Minister Micheal Martin

NYSE COO Will Testify at GameStop Hearing on March 17

 

8am: Biden attends mass in honor of St. Patrick’s Day

9:30am: House Homeland Security Committee holds hearing with Secretary of Homeland Security Alejandro Mayorkas on the future of the Department

9:40am: President Biden departs Wilmington, Delaware en route the White House

10am: House Energy and Commerce panel holds hearing with Biden chief medical adviser Anthony Fauci, CDC Chief Rochelle Walensky, others on U.S.’s ongoing Covid-19 response

10:00am: House Financial Services Committee holds second hearing on GameStop

10:00am: U.S. House meets

10:30am: U.S. Senate meets (Senate resumes consideration of Katherine Tai to be U.S. Trade Representative)

10:35am: Biden arrives at the White House

1:00pm: Biden hosts Ireland’s prime minister for a virtual bilateral meeting

11am: White House Covid-19 response team holds press briefing

2:30pm: Powell Holds Press Conference Following FOMC Meeting

3:00pm: White House Press Sec. Jen Psaki holds press briefing

 

Annual General Meetings: A US, COO US, SBUX US, UBA US

Other Events: AJG US, ORCC US, RC US, TCOM US, YEXT US

Sales Results: PGR US

 

Forex

Treasury yields neared the highest levels in over a year and the dollar fluctuated ahead of a key Federal Reserve meeting

Investors are on the lookout for any changes in the dot plot and forward guidance alongside the updated forecasts on growth and inflation. European stocks slipped and U.S. futures were mixed.

Greenback traded in a narrow range against its Group-of-10 peers, while Treasuries yields rose to a day high in Europe, before the Federal Reserve’s rate decision

The euro edged up after dipping below $1.18; one-day volatility in euro-dollar has risen to levels unseen since the U.S. election in November, while swap markets are outpricing the Fed ‘dots’ in a rare occurrence before the decision

The pound bucked a three-day losing streak amid speculation the Bank of England could take a relatively hawkish stance at its policy meeting Thursday

The rebounding greenback and weakness in global tech shares are curbing demand for Taiwan’s currency, reducing pressure on the central bank to act to slow appreciation

Market expectations for a sustained rise in inflation and withdrawal of policy support are misplaced, creating buying opportunities in corporate bonds, according to BlackRock Inc. and Lombard Odier

Greece is issuing its longest-maturity bonds since 2008, completing the country’s full return to debt markets. The nation is selling 30-year bonds via banks, which could be an opportunity for investors to pick up yields that are likely to be the highest in the euro area

Senior U.S. officials sought to set a low bar on expectations for the Biden administration’s first face-to-face meeting with Chinese officials later this week, saying it will be more about discussing priorities -- and differences -- than trying to craft agreements

The U.K. government revealed plans to slash the amount of carbon dioxide spewed out by factories and other industrial processes by two-thirds within the next 15 years

Australian 10-year yields extended gains and Aussie eased on greenback positioning ahead of the Federal Reserve’s policy decision

Support for German Chancellor Angela Merkel’s conservative bloc slumped to its lowest in a year as discontent over the government’s handling of the vaccination rollout mounts and some opposition leaders called for her to fire the health minister

The dollar-yen pair may climb above 110 in April amid expectations U.S. economic indicators will grow more upbeat, says Mitsuo Imaizumi, chief FX strategist at Daiwa Securities in Tokyo

 
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