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.
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