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SocGen's Overnight Economic News Summary

-- Societe Generale in its early Wednesday economic news summary pointed out:

-- Risk mildly bid, Brent retraces to US$97.7/barrel from US$101.2/barrel after United States President Trump extends Iran ceasefire indefinitely. Iran: resumption of negotiations conditional on the U.S. lifting the blockade. New Zealand dollar (NZD), Australian dollar (AUD), Mexican peso (MXN), South African rand (ZAR) lead gains versus US dollar (USD). Bond yields consolidate overnight Tuesday's gains, bear flattening after solid U.S. retail sales. Warsh in chair confirmation hearing at the Senate defends Federal Reserve independence, signals different policy approach on rates, guidance, balance sheet.

-- United Kingdom March consumer price index accelerates to 3.3% year over year from 3.0% in February on fuel, core dips to 3.1% year over year. Services accelerate to 4.5%, goods pick up to 2.1% from 1.6%. Bank of England forecasts no meaningful slowing of inflation between Q1 and Q2 and average around 3%.

-- Day ahead: European Central Bank speakers Dolenc, Muller, Lane, Sleijpen, Nagel, Lagarde. 20-year U.S. Treasury auction. Turkey's central bank (CBT) forecast to stay on hold at 37.0%, while SocGen estimates a 300bps hike to 40.0%. South Africa's CPI.

-- Nikkei +0.4%, EUR 10-year IRS -1.5bps at 3.025%, Brent crude -0.7% at US$97.7/b, Gold +1.2% at US$4,765/oz.

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