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SocGen's Overnight Economic News Summary

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

-- Brent up to US$112.5/barrel. United States President Trump: prepare for an extended naval blockade of the Strait of Hormuz to intensify economic pressure on Iran (WSJ). Iran may submit a revised proposal to end the war in the next few days.

-- Australia March consumer price index accelerates to 4.6% year over year from 3.7% in February, below forecast. Core unchanged at 3.3%. Three-year ACGB -4bps at 4.68%, AUD/USD -0.4% at 0.7155. OIS implied odds of a May Reserve Bank of Australia hike steady at 17bps.

-- Spain's CPI slows to 3.2% year over year in March, consensus was for a rise to 3.5%. Core dips to 2.8% year over year from 2.9%. HICP edges up to 3.5%.

-- Day ahead: Federal Reserve FOMC forecast to stay on hold at 3.50%-3.75%. Bank of Canada to stay on hold at 2.25%. U.S. durable goods orders. Germany CPI. Brazil's central bank forecast to stay on hold at 14.75% (consensus has a 25bps cut). Italy and Germany benchmark auctions.

-- Nikkei closed, EUR 10-year IRS +1bp at 3.11%, Brent crude +1.1% at US$112.5/barrel, Gold -0.5% at US$4,569/oz.

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