Domestic issues are the headlines today. Firstly, we’ve just had the UK inflation data, which unexpectedly slowed in February to 2.8%, versus an estimated 3%.
Next up is “Rachel from Accounts” — the Chancellor of the Exchequer — who will present the OBR’s Spring Statement at midday. She needs to address the £17 billion increase in public sector borrowing and devise a plan for growth.
Elsewhere, copper traded in New York at an all-time high. It is believed that US tariffs on copper imports could be coming within several weeks — months earlier than the expected deadline — according to people familiar with the matter.
In Turkey, President Recep Tayyip Erdoğan is taking steps to ensure protests across the country don’t worsen, and to contain financial markets.
Meanwhile, in the US, despite security leaks, Trump is still preparing for “Liberation Day” — the tariff announcements scheduled for April 2 — unveiling so-called reciprocal tariffs he sees as retribution for levies and barriers from other countries, including longtime US allies.
On the geopolitical front, the US has said that Russia and Ukraine have agreed to a ceasefire in the Black Sea, even as the Kremlin stated its involvement would depend on a series of preconditions, including sanctions relief.
Market-wise:
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Bitcoin fell 0.2% to $87,761.10
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Ether was little changed at $2,064.03
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The yield on 10-year Treasuries advanced two basis points to 4.33%
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Spot gold rose 0.2% to $3,024.96 an ounce
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WTI crude rose 0.4% to $69.31 a barrel
