Societe Generale in its early Tuesday economic news summary pointed out:
-- Brent, foreign exchange and bonds are rangebound. S&P, Nasdaq overbought (RSI). Second round of United States/Iran talks planned on Wednesday in Islamabad before the ceasefire expires. President Trump: ceasefire extension 'highly unlikely,' Strait of Hormuz blockade to stay until a deal is signed.
-- ECB: European Central Bank's President Lagarde says more information is needed before drawing policy conclusions, double uncertainty from the Iran war and energy price pass-through complicating policy outlook. SocGen commodities sees slower normalization of Gulf flows by mid-May, lift year-end Brent target to US$85/barrel from US$79/barrel.
-- United Kingdom average earnings excluding bonuses slow to 3.8% three-month/over/year-on-year in February from an upwardly revised 4.1% in January. Private sector earnings cool to 3.2% from 3.3%. Employment +24,000 three-month/over/three-month. Unemployment rate -0.3pp to 4.9%.
-- Day ahead: Kevin Warsh's Senate confirmation hearing as the Federal Reserve's new chair. U.S. retail sales. ECB speaker Kocher. Germany ZEW survey expectations.
-- Nikkei +1.0%, EUR 10-year IRS -1.5bps at 3.00%, Brent crude -0.9% at US$94.6/barrel, Gold -0.6% at US$4,778/oz.