Headlines Mar 2

​Metals

Base Metals Rally Cools as Copper Extends Retreat From 2011 High

China’s Aluminum Stocks Drop as Inner Mongolia Bans Projects

Gold Steadies After Touching Eight-Month Low Amid ETF Exodus

Gold Seen at $1,650/Oz by End 2021 on Rising Yields, UBS Says

Kazakhstan Jan. Gold Holdings Rose to 12.56m Troy Ounces

ETFs Sell 463,148 Troy Ounces of Gold, Most in 3 Months

Peru Copper to Come Roaring Back This Year, Industry Group Says

A Bear Market Is Coming for Gold

Iron Ore Ticks Higher as Shipment Data, China’s Demand Weighed

Coking Coal Set to Rise on Demand in India, Europe: JFE Steel

China Coal Miners’ Repayment Risk Rises as Bond Sales Plunge

Rio Tinto’s Arizona Copper Mine Stymied as Land Swap Blocked

China Binds Steel and Aluminum Output to Xi’s Lofty Carbon Goals

Steel Tycoon Jindal Keen to Acquire Bankrupt Indian Shipyard

Aluminum Producer Hongqiao Invites Banks for at Least $200m Loan

China’s Aluminum Stocks Drop as Inner Mongolia Bans Projects

Australia Issues Additional Taxes to Rio Tinto; Dispute Eyed

China’s Mysteel Hires Goldman’s Li to Co-head Base Metal Segment

China Binds Steel and Aluminum Output to Xi’s Lofty Carbon Goals

Japanese Steel Giant Shifts to Recycled Metal in Green Race

China’s Focus on Bubble Risks Is a Warning Sign for Stock Market

 

Oil

Russia last month pumped below its OPEC+ oil-output target for the first time since the curbs began last May

Oil Suffers Worst Run This Year Before OPEC+ Decides Next Move

Oil traders are securing tankers at cheap rates to ship crude as they bet the market rebound will accelerate throughout the year

Oil Trades Near $61 With Market Gaze Fixed on OPEC+ Meeting

Brent, WTI Curves Dip; Bakken Crude Stronger

India Urges OPEC+ to Raise Oil Output at This Week’s Meeting

Oil Traders Snap Up Cheap Ships as Bullish Outlook Builds

Russia’s February Oil Output Fell Despite OPEC+ Higher Quota

High Pump Prices, Infections Erode India’s Gasoline Recovery

Spain’s Road Fuel Sales Slump to Weakest for January Since 1998

Libya Cuts March OSP for Es Sider Crude to Dated -$2: List

Adnoc to Cut Murban Supply by 5% for April

Venezuela Oil Exports Drop After U.S. Sanctions on Key Traders

Russia Oil Urals Weakens to 10-Month Low; Refiners Idle Units

Refinery Outages Delek Big Spring FCC; Valero Memphis Restart

Storm Alerts Are in Place in Russia’s Baltic Ports: Transneft

Brazil to Halt Tax on Fuels as Bolsonaro Seeks to Appease Base

Indian Companies Working on a Deal to Join Rosneft’s Vostok Oil

Oil Industry’s Chief Trade Group Mulls Embrace of Carbon Pricing

US/Canada Oil Exports From LOOP Crashed to Zero in February

Goldman Sachs Sees WTI Prices At $52.8/Bbl In 2021 And $62/Bbl In 2022

 

Events & Synopsis

U.S futures follows declines in Asian markets after China’s top banking regulator warned about bubble risk in global markets

Zoom is surging in premarket trading after posting a better-than-expected Q1 forecast following Monday’s close

Electric car maker Nio is heading lower after its Q4 result missed estimates

U.S. Imports at Full Speed Show Uneven Pace of Global Recovery

China’s Focus on Bubble Risks Is a Warning Sign for Stock Market

Stock Rally Ebbs as Commodities Dip; Dollar Gains

Cuomo Faces Democratic Calls to Resign as New Claim Emerges

Trump Investigators Seek Info About CFO Weisselberg’s Sons

Biden’s Relief Bill Poses First Major Test for Schumer as Leader

Oil Suffers Worst Run This Year Before OPEC+ Decides Next Move

EBay, Adevinta to Offload Assets to Salvage $9.2 Billion Deal

Man Group’s Cash Influx Defies Hedge-Fund Industry Exodus

U.S. Poised to Sanction Russia Over Its Treatment of Navalny​​​​​​​

Nike Manager Abruptly Exits After Report on Son’s Sneaker Sales

Bitcoin Rises as Citi, Goldman Find Crypto Allure Hard to Resist​​​​​​​​​​​​​​

HSBC Banker Knew About Dealings With Iran, Meng’s Defense Argues​​​​​​​

Greensill Loses Confidence of Backers SoftBank, Credit Suisse

Ant Tells Staff It Will Find Solution for Unsellable Share

Boohoo Shares Drop on Report on Possible U.S. Import Ban

U.K. House Prices Rise Unexpectedly Fueled by Stamp Duty Relief

German Unemployment Unexpectedly Rises as Lockdown Persists

Israel Begins Offering Vaccines to Recovered Covid-19 Patients

Lindt Plans Share Buyback Amid Upbeat Outlook for Chocolate

Italy Likely to Seek Extra Stimulus as Virus Outlook Worsens

HelloFresh Sinks After Results; JPMorgan Flags Unchanged Outlook

China ‘Very Worried’ About Bubbles in Property, Global Markets

Carlos Ghosn’s Smugglers Brought to Japan to Face Charges

Citi’s Head of Hong Kong Investment Banking Said to Leave Firm

Ant Tells Staff It Will Find Solution for Unsellable Shares

Xi Mobilizes China for Tech Revolution to Cut Dependence on West

Toyota Seeks $4.7 Billion in Debt Mega Sale for Futuristic Hub

Thai Airways Plans to Meet Creditors, Cut Jobs in Restructuring

Nomura to Set Up Investment Arm in Private Markets Expansion

Bharti Airtel Buys Airwaves Worth $2.6 Billion at India Auction

Asian Stocks Decline as China Shares Slump on Tightening Concern

Malaysia to Cull 3,000 Pigs After Finding First Swine Fever Case

 

Dow Raised to Overweight at Wells Fargo; PT $77

MP Materials Rated New Overweight at Morgan Stanley; PT $57

Morgan Stanley Raised to Outperform at Daiwa; PT $86

Satsuma Pharmaceuticals Raised to Neutral at Credit Suisse

Vor BioPharma Rated New Sell at Goldman; PT $19

 

9:00am: U.S. House convenes

10am: Senate Judiciary Committee holds oversight hearing with FBI Director Christopher Wray to review the Jan. 6 attack on the U.S. Capitol

10:00am: Senate Banking Committee holds hearings on Gary Gensler’s nomination to be SEC chair, Rohit Chopra to be Bureau of Consumer Financial Protection director

10:20am: Secretary of Homeland Security Alejandro Mayorkas travels to a FEMA community vaccination center in Philadelphia; holds media availability

10:30 am: U.S. Senate convenes

11:00am: Senate Budget Committee holds hearing on the nomination of Shalanda Young to be Deputy Director of Office of Management and Budget

12:30pm: Press Sec. Jen Psaki holds press briefing

1pm: Fed’s Brainard Discusses Economic Outlook

1:10pm: President Biden participates in phone meeting with Senate Democrats

2pm: Fed’s Daly Speaks to Economic Club of New York

4:15pm: Biden delivers remarks on pandemic

6:00pm: Vice President Harris swears in Miguel Cardona as Education Secretary

8:15pm: Harris makes remarks to the House Democratic issues conference

 

Forex

A dollar gauge reached a nearly one-month high and Treasuries fell, while most markets traded risk off after China’s regulator warned about bubbles in the property sector. European stocks traded mixed while U.S. futures pulled back

ECB’s Panetta, and Norges Bank’s Olsen speak

The dollar advanced against most G-10 peers except Norway’s krone and Australian dollar

The euro ground below $1.20 before paring losses; the flattening bias that took over its volatility term structure from mid-February seems to have run its course

The pound fell versus all G-10 peers amid dollar strength; U.K. Chancellor Rishi Sunak will announce the U.K.’s budget Wednesday

The Australian dollar erased losses and the nation’s 10-year bond yields climbed after the central bank showed no discomfort with their recent rise

China’s top banking regulator said he’s “very worried” about risks emerging from bubbles in global financial markets and the nation’s property sector, sparking fresh concerns about further tightening in the world’s second-biggest economy

For U.S. politicians, China’s potential to dominate sensitive cutting-edge technologies poses one of the biggest geopolitical threats of the next few decades. President Xi Jinping is similarly worried the U.S. will block China’s rise, and this week will unveil plans for greater self-sufficiency

ECB Vice President Luis de Guindos says it’ll be key to understand whether bond yields have risen due to inflation trends or due to other factors, though in any case officials “have the flexibility that is needed in order to react,” according to Publico interview

The krone of AAA-rated Denmark, which is pegged to the euro, is trading around a four-year high. Economists at Danske Bank say central bank interventions could be next

Investors should buy Australia’s Nov. 2024 bonds against the April 2024 securities given expectations the RBA will shift its yield-curve-control policy further out the curve, according to Westpac