BNY’s Bob Savage flags unpleasant preliminary March inflation in Europe, driven by energy and refined products, with diesel prices above 2022 levels. Governments are capping fuel costs via tax and margin measures, raising fiscal credibility questions.

Singapore Retail Sales (MoM) increased to 57.5% in February from previous 6.1%

Singapore Retail Sales (MoM): -4.1% (February) vs previous 6.1%

India HSBC Services PMI above expectations (57.4) in March: Actual (57.5)

India HSBC Composite PMI came in at 57, above expectations (56.5) in March

Singapore Retail Sales (YoY) increased to 8.3% in February from previous -0.4%

Singapore Retail Sales (MoM) dipped from previous 6.1% to -4.1% in February

The United States (US), Iran and regional mediators are discussing terms for a possible 45-day ceasefire that could lead to an end of fighting, Bloomberg reported on Monday, citing Axios. The people, who were not named, said chances of reaching a deal over the next 48 hours are low.

Asian equity markets opened mixed at the start of a new week as traders remain on edge amid the risk of a further escalation of tensions in the Middle East.

United States CFTC Gold NC Net Positions down to $163.2K from previous $168.3K

United Kingdom CFTC GBP NC Net Positions up to £-52.7K from previous £-58.4K

United States CFTC Oil NC Net Positions fell from previous 233.6K to 213.5K

Eurozone CFTC EUR NC Net Positions down to €0.5K from previous €9.3K

United States CFTC S&P 500 NC Net Positions rose from previous $-80.9K to $-42.5K

Japan CFTC JPY NC Net Positions: ¥-72.9K vs previous ¥-62.8K

Australia CFTC AUD NC Net Positions: $81.5K vs $70.9K

The US S&P Global Services PMI in March reported that business activity in the sector is slowing sharply, falling to contractionary territory for the first time since January 2023, amid higher inflation and the war in the Middle East.

United States S&P Global Composite PMI came in at 50.3, below expectations (51.4) in March

United States S&P Global Services PMI came in at 49.8 below forecasts (51.1) in March

United States President Donald Trump is on the wires on Good Friday, claiming the US can easily reopen the Strait of Hormuz, take the oil, and make a fortune on Truth Social.

United States Average Hourly Earnings (YoY) registered at 3.5%, below expectations (3.7%) in March

United States Average Hourly Earnings (MoM) below expectations (0.3%) in March: Actual (0.2%)

United States Average Weekly Hours below forecasts (34.3) in March: Actual (34.2)

United States U6 Underemployment Rate fell from previous 7.9% to -8% in March

United States Nonfarm Payrolls above forecasts (60K) in March: Actual (178K)

United States Unemployment Rate came in at 4.3% below forecasts (4.4%) in March

United States Labor Force Participation Rate declined to 61.9% in March from previous 62%

Italy Public Deficit/GDP down to -1.4% in 4Q from previous 3.4%

Turkey Consumer Price Index (YoY) registered at 30.87%, below expectations (31.4%) in March

Turkey Consumer Price Index (MoM) below forecasts (2.32%) in March: Actual (1.94%)