Top Stories🎯
US Services Sector Surges in February, Boosted by Strong Employment Growth
US service sector expanded faster in February, with employment reaching a three-year high. ISM Services PMI rose to 53.5, surpassing expectations. Prices paid and new orders also increased, indicating robust demand despite economic uncertainties.
BOJ Deputy Governor Hints at Gradual Rate Hikes, Emphasizes Economic Factors
Bank of Japan Deputy Governor Uchida signals gradual interest rate hikes, emphasizing economic and price developments. He stresses the importance of wages in assessing inflation trends and denies currency manipulation, while remaining cautious about U.S. tariff impacts.
Trump Defends Tariffs, Criticizes CHIPS Act in Combative Congress Address
President Trump defended tariffs and called for ending the CHIPS Act in his address to Congress. He also discussed Ukraine peace, praised a BlackRock deal for Panama Canal assets, and expressed interest in Greenland joining the US. Markets reacted nervously to Trump's trade policies.
US Commerce Secretary Hints at Possible Tariff Relief for Mexico and Canada
Commerce Secretary Lutnick hints at potential tariff relief for Mexico and Canada, suggesting Trump is considering a middle-ground approach. Lutnick plans to discuss sector-specific relief options with the President today.
Other News
🌍 Geopolitics Events Summary
🚗 Trump Grants One-Month Tariff Exemption to U.S. Automakers
- President Trump temporarily exempts U.S. automakers from new tariffs on Canadian and Mexican imports for one month after discussions with industry leaders.
- Other reciprocal tariffs still take effect on April 2nd, but the White House remains open to further exemptions.
- The move spurred a market rally, with the Nasdaq 100 rising nearly 1%.
⚖️ Supreme Court Blocks Trump's $2B Foreign Aid Freeze
- The U.S. Supreme Court ruled against Trump's attempt to withhold $2 billion in foreign aid payments, mandating disbursement to contractors.
- The decision is a setback for Trump's foreign policy agenda and highlights judicial checks on executive power.
🤝 US in Covert Talks with Hamas Over Gaza Hostages
- The U.S. is secretly negotiating with Hamas regarding the release of American hostages held in Gaza.
🇫🇷 Macron Pushes for Stronger European Defense and Nuclear Umbrella
- French President Macron calls for increased European defense spending and proposes extending France’s nuclear protection.
- He also unveils a peace plan for Ukraine amid concerns over U.S. disengagement.
🇬🇱 Trump Renews Push for Greenland Acquisition
- Trump reiterates interest in acquiring Greenland, promising economic prosperity for its residents.
🕵️ US Charges Chinese Hackers in Cyber Espionage Case
- The U.S. indicts ten Chinese hackers for a large-scale cyber espionage operation, escalating tensions with China.
🔗 Trump Proposes Special Status for Bitcoin in U.S. Crypto Reserve
- The Trump administration plans to elevate Bitcoin’s status in a proposed U.S. Crypto Strategic Reserve, signaling a shift in crypto policy.
🕊️ Trump Claims Zelenskiy Open to Peace Talks
- Trump asserts that Ukrainian President Zelenskiy expressed willingness for peace negotiations, potentially impacting diplomatic efforts.
📈 Macro Events Summary
🚗 Trump Grants One-Month Tariff Exemption to U.S. Automakers
- Trump temporarily exempts U.S. automakers from tariffs on Canadian and Mexican imports, sparking a market rally.
- The exemption follows discussions with auto executives and a phone call with Canadian PM Trudeau.
- Other tariffs will take effect as planned, but the White House is open to further exemptions.
📊 BOJ Signals Gradual Rate Hikes Based on Economic Data
- Bank of Japan Deputy Governor Shinichi Uchida indicates a gradual increase in interest rates.
- Future hikes will be data-driven, with a focus on wage growth and inflation expectations.
🇩🇪 German Bond Yields Surge Amid Historic Borrowing Plan
- Germany announces large-scale borrowing for defense and infrastructure, causing bond yields to spike.
- The 10-year yield jumps to 2.67%, with broader European market impacts.
🇬🇧 Bank of England Cautious on Rate Cuts Due to Inflation
- BoE officials warn against rapid rate cuts, citing persistent inflation risks.
- The UK labor market shows signs of weakening, but inflation remains a key concern.
🇮🇳 U.S. Pushes for Zero Auto Tariffs in India Trade Talks
- The U.S. seeks tariff elimination on car imports in trade negotiations with India.
- India is considering reductions but remains cautious about fully removing auto tariffs.
🇨🇦 Canada Refuses Tariff Relief Without Full U.S. Reciprocation
- Canadian PM Trudeau insists on maintaining retaliatory tariffs unless the U.S. removes all of its tariffs.
⚖️ Trump Announces Reciprocal Tariff Policy Effective April 2
- Trump confirms that the U.S. will impose matching tariffs on countries that tax American imports.
⛽ Oil and Gas Events Summary
📉 Oil Prices Plunge on Tariff Concerns and OPEC+ Supply Boost
- Oil prices drop as Trump's tariffs and OPEC+ plans to raise output fuel market fears.
- Brent crude falls below $71/bbl, hitting a two-year low due to supply gluts and economic uncertainty.
🇪🇺 EU Extends Gas Storage Targets for Energy Security
- The EU Commission proposes extending gas storage targets until 2027, keeping the 90% fill requirement by November 1 annually.
- Intermediate targets may become flexible to balance security and market needs.
🛢️ Saudi Aramco Eyes BP’s Castrol Lubricant Business
- Saudi Aramco considers acquiring BP's Castrol division to expand its global market presence.
- The deal aligns with Aramco's strategy to strengthen ties in oil-consuming nations.
📊 US Crude Inventories Unexpectedly Rise
- EIA reports a surprise increase of 3.614M barrels in U.S. crude stockpiles, while gasoline and distillate inventories decline.
- The data contradicts market expectations, affecting oil price trends.
🇬🇧 UK to Phase Out Windfall Levy, Introduce New Oil Tax by 2030
- The UK plans to replace its windfall tax on oil and gas firms with a new regime based on price fluctuations.
- The energy profits levy will be eliminated by 2030, providing a more stable tax structure for the industry.
📊 Earnings Events Summary
📉 Marvell Stock Drops 15% Despite Q4 Earnings Beat
- Marvell Technology ($MRVL) beat Q4 expectations with EPS of $0.60 and revenue of $1.82B (up 27% YoY).
- Despite solid results and in-line Q1 guidance, the stock tumbled over 15%, reflecting Wall Street's skepticism about AI-related stocks.
💾 Zscaler and MongoDB Beat Q4 Estimates
- Zscaler ($ZS) reported strong earnings, with EPS of $0.78 on $647.9M revenue.
- MongoDB ($MDB) also beat estimates but issued a weak full-year outlook, causing its stock to drop.
👟 Foot Locker Beats EPS but Revenue and Outlook Disappoint
- Foot Locker ($FL) reported adjusted EPS of $0.86 (beating estimates), but revenue fell 5.8% YoY to $2.24B.
- Despite a weak FY26 EPS forecast ($1.35-$1.65 vs. $1.71 expected), the stock gained.
💰 Crypto Events Summary
🇺🇸 Trump Administration Proposes Special Status for Bitcoin
- The Trump administration plans to grant Bitcoin a "unique status" in a proposed U.S. Crypto Strategic Reserve.
- The policy shift, to be unveiled at the White House Crypto Summit, could redefine U.S. cryptocurrency regulations.
🇧🇾 Belarus Explores Crypto Mining to Use Surplus Electricity
- President Lukashenko is considering large-scale crypto mining to capitalize on Belarus’ excess electricity.
- The move could signal a broader shift in the country’s stance on digital assets.
🏡 Real Estate Events Summary
📈 U.S. Mortgage Applications Jump 20.4% as Rates Decline
- Mortgage applications surged 20.4% as the 30-year mortgage rate fell to 6.73%.
- Refinancing activity also increased, indicating a potential housing market rebound.
📉 Toronto Housing Market Struggles Amid Trade Uncertainty
- Home sales in Toronto dropped 28.5% in February, with prices falling for the third consecutive month.
- Rising mortgage costs and trade tensions are discouraging buyers.
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