Market Commentary: Friday 15th March

In commodities this morning, front month Iron Ore traded on SGX has really fallen off and is currently trading below 100 for the first time since August 2023; Copper however has climbed to $9000 / ton, this is traditionally seen as a bet that global manufacturing activity will pick up, however against the backdrop of a struggling Chinese economy and falling Iron Ore prices the picture looks to be a little blurrier than that.

Speaking of China, the People's Bank of China kept the rate on One Year Policy loans steady at 2.5% earlier. Shares in Hong Kong declined around 2%, while on the mainland prices swung between gains and losses. In Japan, where equities outperformed the region overnight, a large union group will release wage figures later today. Could strong numbers here be enough to push the BoJ to raise interest rates for the first time since 2007?

Elsewhere, Bitcoin fell 3.4% and is now back at $68,000; Gold rose to $2,168.86/oz and WTI is at $81.11/barrel. Nvidia stock closed at $879.44 after closing below the high of $970 last Friday everyday this week so far which is technically a reversal pattern.

Events today include the Bank of England inflation survey issuance and US industrial production and University of Michigan consumer sentiment, and we will see the final reads of French and Italian CPI for February.

**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.