Morning View
US February wholesale inflation was +3.2% y-o-y, lower than expected.
International
In the United States, February wholesale inflation came in below expectations at +3.2% y-o-y and unchanged on a monthly basis. The measure excluding food and energy was -0.1% month-on-month and +3.4% year-on-year, also below analysts' consensus forecasts.
In this context, the main US equity indices traded lower yesterday. The S&P 500 fell -1.4%, the Nasdaq -2% and the Dow Jones -1.3%. Thus, they accumulate variations of -6.1%, -10.4% and -4.1% so far in 2025.
Elsewhere, US Treasury yields compressed yesterday. The 1-year bond fell to 4.03% from 4.05%, the 3-year closed at 3.94% from 3.98%, and the 10-year closed at 4.27% from 4.31%. It is worth noting that new weekly jobless claims were published, which showed a record of 220 thousand claims, below the expected 225 thousand.
Commodity markets were again mixed in yesterday's trading session. Oil closed down -1.6% on both WTI and Brent crude oil, bringing their prices to USD 66.6 and USD 69.8 per barrel, respectively. Meanwhile, soybeans advanced +0.9% to USD 366.2 per tonne. Finally, gold continued its upward trend with +1.6% to USD 2981.9 per ounce.
Fuente: PUENTE Hnos, Bloomberg
The Nasdaq stock index rose +1.2%, following better than expected inflation data.
International
In the US, the below expectations February inflation data was well received by the market, after two negative sessions. The Nasdaq index rose +1.2% on a daily basis, while the S&P 500 gained +0.5%. The Dow Jones closed -0.2% lower. Thus, the indices accumulated variations of -8.6%, -4.8% and -2.8% so far in 2025.
Elsewhere, US Treasury yields closed slightly higher on Wednesday. The 1-year bond rose to 4.05% from 4.02%, the 3-year closed at 3.98% from 3.94%, and the 10-year closed at 4.31% compared to 4.28% on Tuesday.
During the day, the US will publish the weekly number of new jobless claims, for which the analysts' consensus estimates are for 225 thousand. In addition, wholesale inflation for February will be released, with expectations of a year-on-year increase of +3.3% and +3.5% for the core measure, which excludes food and energy.
Commodity markets were mixed yesterday. Oil closed with gains of +2.2% for WTI and +2% for Brent to USD 67.7 and USD 71 per barrel, respectively. Meanwhile, soybeans fell -1% to USD 362.8 per tonne; while gold rose again +0.6% to USD 2932.3 per ounce, accumulating an improvement of +11.7% so far this year.
Fuente: PUENTE Hnos, Bloomberg
