HSBC sees global and US equities supported by strong earnings momentum linked to AI adoption, fiscal spending and a positive cyclical backdrop.

In interviews with CNBC and CNN reported by Reuters, US Energy Secretary Chris Wright said that any release of Oil from the Strategic Petroleum Reserve (SPR) would likely take the form of swaps, designed to address short-term supply disruptions without direct costs to taxpayers.

TD Securities Senior Commodity Strategist Daniel Ghali notes that Shanghai silver arbitrage signals strong Chinese demand, contrasting with cautious Western investors after the Iran conflict. London OTC markets are still absorbing flows and lease rates point to better availability.

Rabobank’s Senior FX Strategist Jane Foley notes that despite shifting rate expectations elsewhere in G10, surveys show BoJ watchers still expect a rate hike by the end of June.

TD Securities strategist Pooja Kumra notes that ECB officials have turned more hawkish as energy‑driven inflation risks re‑emerge, but the bank’s base case is still for only one rate hike toward late 2026.

USD/JPY trades around 158.90 on Thursday at the time of writing, showing little change on the day.

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance went down to 213K for the week ending March 7.

Gold (XAU/USD) recovers earlier losses and trades broadly flat on Thursday as a stronger US Dollar (USD) caps upside attempts, even as Treasury yields ease somewhat after rising earlier this week. At the time of writing, XAU/USD trades around $5,170, rebounding from intraday lows near $5,125.

United States Goods and Services Trade Balance came in at $-54.5B, above expectations ($-66.6B) in January

United States Goods Trade Balance rose from previous $-99.3B to $-81.8B in January

United States Continuing Jobless Claims in line with expectations (1.85M) in February 27

United States Building Permits Change dipped from previous 4.3% to -5.4% in January

United States Building Permits (MoM) below expectations (1.41M) in January: Actual (1.376M)

Canada International Merchandise Trade came in at $-3.65B, below expectations ($-0.9B) in January

United States Initial Jobless Claims 4-week average came in at 212K, below expectations (215K) in March 6

United States Initial Jobless Claims below forecasts (215K) in March 6: Actual (213K)

Canada Imports down to $66.13B in January from previous $66.93B

Canada Wholesale Sales (MoM) below forecasts (-0.6%) in January: Actual (-1%)

Canada Exports down to $62.48B in January from previous $65.63B

United States Housing Starts (MoM) above forecasts (1.35M) in January: Actual (1.487M)

Canada Building Permits (MoM) dipped from previous 6.8% to 4.8% in January

United States Housing Starts Change up to 7.2% in January from previous 6.2%

MUFG’s Senior Currency Analyst Michael Wan highlight that a Strait of Hormuz closure would hit India through Oil, Liquified Petroleum Gas and Natural Gas Liquids shortages, with spillovers to fertiliser, food production and inflation.

ING’s Francesco Pesole highlights the Australian Dollar as a key G10 outperformer, supported by strong RBA hike expectations and high Oil prices. Markets now assign a 70% probability to a 25bp hike next week, with AUD/USD seen targeting 0.7200 if equities hold up.

Brazil IPCA Inflation above forecasts (0.65%) in February: Actual (0.7%)

Brown Brothers Harriman’s (BBH) Elias Haddad argues the US Dollar is supported in the short term by haven flows and elevated Dollar funding needs during market stress.

Societe Generale analysts describe Brent as having broken out of a large base and accelerated towards $120 before a steep pullback. The contract is holding above $81, with an upside gap near $93.80 and the $120 pivot high seen as a key hurdle.

ING strategists Warren Patterson and Ewa Manthey report LME Aluminium trading near four-year highs as Middle East conflict-driven supply risks support prices. Rising cancelled warrants and accelerating stock withdrawals point to growing physical tightness, particularly at Port Klang.

BNP Paribas highlights that European Union exports to China fell sharply in 2025, while exports to nearby partners such as Türkiye, Morocco, Ukraine and the Balkans increased.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that Brent crude Oil briefly moved back above $100 per barrel after tanker attacks near Iraq and Dubai, reviving stagflation concerns and pressuring bonds and equities.