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SocGen's Overnight Economic News Summary

BY MT Newswires | ECONOMIC | 06:02 AM EST

06:02 AM EST, 03/04/2026 (MT Newswires) -- Societe Generale in its early Wednesday economic news summary pointed out:

-- Meltdown in Asian stocks: Kospi -12% on unwinding of long Artificisl Intelligence and semiconductor positions, USD/KRW spikes to 1,507.55. India's rupee (INR) plumbs a record low of 92.18/USD. The United States administration on Tuesday pledged to provide insurance for tankers crossing the Hormuz Strait. Brent crude reverses from $78.4/barrel low. Dutch gas opens gap up at EUR58/MWh, below Tuesday's high of EUR65.8. The 10-year U.S. Treasury consolidates at 4.07%, 2s/10s bear flattening stabilizes at 55bps. Bund +2bps at 2.77%, below Tuesday's high of 2.816%. New Zealand's NZD, Norway's NOK, Sweden's SEK rebound. EUR/USD fights back from 1.1530 low.

-- Federal Reserve speaker: Kashkari no longer as confident about his previous outlook for a 25bps cut. Williams: The impact of the Middle East crisis on markets so far is reasonably muted, additional rate cuts will be warranted if inflation slows further.

-- China's official manufacturing PMI drops more than forecast to 49.0 in February from 49.3 in January. Services rose to 49.5 from 49.4. Private RatingDog PMI mfg and services improved to 56.7 and 52.1, respectively.

-- Switzerland's February CPI steady at 0.1% year over year, core dips to 0.4%, HICP accelerates to 0.5%. Services accelerate to 1.0% year over year.

-- Australia's Q4 gross domestic product +0.8% quarter over quarter, 2.6% year over year. March Reserve Bank of Australia rate hike odds slip to 16%. Three-year ACGB -3.4bps at 4.30%, AUD/USD defends 0.70.

-- Day ahead: U..S ISM services, ADP employment, Federal Reserve Beige book. European Central Bank speakers Villeroy and Guindos. Bank of Canada Governor Macklem. China manufacturing PMI. Poland's central bank (NBP) forecast to cut 25bps to 3.75%, Czech CPI.

-- Nikkei -3.6%, EUR 10-year IRS +1bp at 2.78%, Brent crude +3.7% at $84.4/barrel, Gold +1.7% at $5,167/oz.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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