Wednesday 12th March 2025
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Two bits of late breaking news swung markets around towards the Tuesday close in the US. First, a cease fire agreement has been reached with Ukraine in Jeddah, with the US resuming intelligence sharing in the interim. It’s got ot be agreed with Russia, but it was enough to turn US equities sharply into the green, having lost ground for most of the session. The other news was a moderation in the rhetoric between the US and Canada. Having imposed a 25% surcharge on electricity exported from Ontario President Trump said he would double the tariff on Canadian steel and aluminium. Canada’s peace offering was to remove the electricity surcharge.
NAB’s Taylor Nugent talks through these latest manoeuvres and the market response, as well as examining overnight data including the JOLTs numbers and the NFIB small business survey. They also look at yesterday’s Australian data, which showed business confidence falling whilst consumer confidence rose. Today US CPI and a rate cut from the Bank of Canada.
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