EU Market Open: APAC stocks were mostly subdued but with downside limited; geopolitics continues to drive price action

The US Pentagon is considering sending more troops to the Middle East, according to Politico sources who stated the size and scope of additional deployments are still evolving.Saudi officials see the base case for oil to rise to USD 180/bbl if the disruptions persist until late April, according to WSJ.APAC stocks were mostly subdued but with downside limited as the region reacted to the recent oil swings, deluge of central bank meetings and mixed geopolitical headlines, while conditions were thinned with the absence of Japanese participants due to the Vernal Equinox holiday.European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 0.7%, after the cash market closed with losses of 2.1% on Thursday.Looking ahead, highlights include German PPI (Feb), UK PSNB (Feb), Canadian Retail Sales (Jan), PPI (Feb). Speakers include ECB's Nagel. Credit Rating Update with Scope Ratings/Morningstar DBRS on France.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Iran's armed forces said Iran's retaliation against attacks on its energy infrastructure is not yet complete, SNN reported; any repeat of such attacks will lead to a far stronger retaliation against the enemy, enemy infrastructure and that of their allies.US President Trump said Israel violently lashed out at Iran's major facility and that the US did not know about the attack, while he said there will be no more attacks by Israel on South Pars; added that the US will retaliate by massively blowing up the entirety of the South Pars Gas Field if Qatar's LNG is attacked again.FX mixed amid the central bank bonanza; SNB, Riksbank and BoJ all left rates unchanged, as expected, while the BoE and ECB await. Crude surges as attacks in the Persian Gulf threaten long-term damage to major energy facilities.European equities suffer as Energy continues to surge; US equity futures follow suit, Micron slips after increasing capex plans.Fixed income weighed on energy upside and hawkish Chair Powell.Looking ahead, highlights include US Initial Jobless Claims (Mar/14), Atlanta Fed GDP, New Zealand Trade Balance (Feb), BoE & ECB Policy Announcements. Speakers include ECB's Lagarde. Supply from the US. Earnings from FedEx.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said Israel violently lashed out at Iran's major facility and that the US did not know about the attack, while he said there will be no more attacks by Israel on South Pars.US President Trump said the US will retaliate by massively blowing up the entirety of the South Pars Gas Field if Qatar's LNG is attacked again.The Fed left rates on hold as expected in an 11-1 vote split, while dot plots were largely unchanged, with little reaction seen.Fed Chair Powell noted how the Fed will not look through energy-induced inflation lightly and stated that rate hikes in the future were discussed, but caveated that it is not the base case for the vast majority.BoJ kept its short-term interest rate unchanged at 0.75%, as expected, with the decision made by an 8-1 vote as Takata dissented and voted for a 25bps hike.APAC stocks declined as the region took its cue from the losses stateside; European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 1.7%.Looking ahead, highlights include UK Jobs/Average Earnings (Jan), US Initial Jobless Claims (Mar/14), Atlanta Fed GDP, New Zealand Trade Balance (Feb), Riksbank, SNB, BoE & ECB, Policy Announcements. Speakers include BoJ's Ueda, SNB's Schlegel, Riksbank's Thedeen & ECB's Lagarde. Supply from Spain, France & US. Earnings from FedEx & Alibaba.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Israel attempted to assassinate Iran's Intelligence Minister Khatib overnight, Jerusalem Post reported, citing an Israeli official, but is still awaiting the results of the target.  Iran's Foreign Minister said Iran will target US forces wherever they assemble, including near urban areas. Iran fired retaliatory missiles towards Tel Aviv for the killing of Larijani.European equities gain, Banks benefiting from a delay in capital requirements; US equity futures follow peers.Mostly flat FX trade heading into the FOMC; CHF narrowly lags ahead of tomorrow’s SNB.Crude continues to dictate macro sentiment; Gold rotates around USD 5,000/oz.Fixed income firmer amid energy downside ahead of key central bank announcements.Looking ahead, highlights include US PPI (Feb), New Zealand GDP (Q4), BoC, Fed & BCB Policy Announcements. Speakers include BoC's Macklem & Rogers, Fed Chair Powell & NVIDIA (NVDA) CEO Huang. Earnings from Micron.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said they had a big day on Tuesday, knocking out targets, and said it will be a couple of weeks regarding Iran, not much longer, and that they are way ahead of schedule.Iran confirmed that its security chief Larijani was killed, according to Iranian media.Iran's Foreign Minister said Iran will target US forces wherever they assemble, including near urban areas, he understands neighbours' concerns and holds the US responsible for the conflict.APAC stocks were mostly higher following the positive handover from Wall Street and as oil prices retreated, while markets now await a flurry of upcoming central bank policy decisions, including from the FOMC later today.European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 0.5% after the cash market closed with gains of 0.5% on Tuesday.Looking ahead, highlights include EZ CPI Final (Feb), US PPI (Feb), New Zealand GDP (Q4), BoC, Fed & BCB Policy Announcements. Speakers include BoC's Macklem & Rogers, Fed Chair Powell & NVIDIA (NVDA) CEO Huang. Supply from Germany. Earnings from Micron & HelloFresh.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

A senior Iranian official said the new Supreme Leader rejected proposals that were sent to Iran's Foreign Ministry by two intermediary countries, with the Leader stating it is not the right time for peace and that the US and Israel must be defeated.Israeli Defence Minister Katz said Iran's Top Security Chief Larijani was killed in the airstrike; Iran has not confirmed the status of Larijani.Crude gains in choppy trade as the Iranian war continues; metals move with the dollar.European bourses are mixed, Neste lifts the Utilities sector; US equity futures fall following Nvidia's GTC event.DXY muted, G10s mixed while AUD outperforms after the RBA hiked rates.Fixed income continues to be driven by energy and geopolitics.Looking ahead, highlights include US ADP Employment Weekly, Japanese Trade Balance (Feb), Comments from ECB's Nagel, and Supply from the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said Iran wants to make a deal and is talking with their people, but he does not know if Iran is ready yet.US Envoy Witkoff and Iranian Foreign Minister Araghchi have reportedly been in contact over text messages in recent days; Iran denied these reports.US President Trump said regarding the potential Strait of Hormuz coalition that Secretary of State Rubio will announce the countries, while he added it takes a while to get to the Hormuz and that some countries are fairly local.The RBA hiked rates for a second consecutive meeting as expected, through a narrow majority of 5-4 votes, which dragged the currency lower. However, AUD later rebounded as RBA Governor Bullock provided a hawkish tone.APAC stocks eventually traded mixed, with the region initially following suit to the gains on Wall Street; European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.6%.Looking ahead, highlights include Italian HICP Final (Feb), German/EZ ZEW Economic Sentiment Index (Mar), US ADP Employment Weekly, Japanese Trade Balance (Feb), Comments from ECB's Nagel, Supply from UK & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said he ordered a strike that wiped out every military target on Kharg Island, where Iran exports nearly all of its oil, but left the oil infrastructure intact; Crude holds around USD 100/bbl.US President Trump’s administration plans as soon as this week to announce a coalition to escort ships through the Strait of Hormuz, although they are still discussing if such operations would begin before or after hostilities have ended, WSJ reported.Trump also said he was expecting China to help unblock the Strait of Hormuz before he travels to Beijing, while he stated that he may delay the trip but didn't say for how long, according to FT.European equities mixed, CBK GY gains following UCG IM takeover bid; US equity futures rebound.DXY subdued, G10s tilt higher, Antipodeans outperform ahead of expected RBA hike.Fixed income muted ahead of a busy week of central bank announcements. Looking ahead, highlights include Canadian CPI (Feb), US Industrial/Manufacturing Output (Feb), and comments from NVIDIA (NVDA) CEO Huang.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said he ordered a strike that wiped out every military target on Kharg Island, which is where Iran exports nearly all of its oil from, but left the oil infrastructure intact. US President Trump warned that NATO faces a very bad future if US allies fail to assist in opening up the Strait of Hormuz.Trump also said he was expecting China to help unblock the Strait of Hormuz before he travels to Beijing, while he stated that he may delay the trip but didn't say for how long, according to FT.US President Trump’s administration plans as soon as this week to announce a coalition to escort ships through the Strait of Hormuz, although they are still discussing if such operations would begin before or after hostilities have ended, WSJ reported.APAC stocks mostly declined amid cautiousness at the start of a busy week of central bank activity and following the continued conflict; European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.5%.Looking ahead, highlights include Canadian CPI (Feb), US Industrial/Manufacturing Output (Feb), Comments from NVIDIA (NVDA) CEO Huang.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US has issued a new Russia-related general license permitting the sale of Russian crude oil and petroleum products loaded on vessels as of March 12.ByteDance reportedly plans to tap NVIDIA (NVDA) Blackwell processors that are barred for export to China, with the Co. working with Aolani Cloud on plans to use some 500 Blackwell computing systems in Malaysia, according to WSJ.European equities soften, BESI NA surges on takeover rumours; US equity futures muted ahead of PCE, GDP.DXY extends above the 100 handle, GBP slips post-GDP.Fixed income choppy and energy prices and risk tone continue to dictate price action.Brent hovers around USD 100/bbl and metals dragged by a firmer dollar. Looking ahead, highlights include Canadian Jobs Report (Feb), US Core PCE Price Index (Jan), Durable Goods Orders (Jan), Personal Spending (Jan), JOLTS (Jan), University of Michigan Consumer Sentiment Prelim. (Mar), Atlanta Fed GDP. Rating updates include Scope Ratings on UK & Spain, S&P on Spain, Moody's on Greece & Germany, Fitch on Spain & Italy.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk