Daily Economics Dashboard - 16 March 2021
An overview of key economic and financial metrics.
2 minutes to read
Download an overview of key economic and financial metrics on 16 March 2021.
Equities: Globally, stocks are mostly higher. In Europe, gains have been recorded by the FTSE 250 (+0.9%), DAX (+0.5%) and STOXX 600 (+0.4%), while the CAC 40 is flat over the morning. In Asia, the CSI 300 (+0.9%), S&P / ASX 200
(+0.8%), Hang Seng (+0.7%), KOSPI (+0.7%) and TOPIX (+0.6%) all closed higher. Meanwhile, in the US, futures for the S&P 500 and the Dow Jones Industrial Average are down -0.3% and -0.2%.
VIX: After decreasing -3% over Monday, the CBOE market volatility index has since increased +1.1% this morning to 20.2, just above its long term average (LTA) of 19.9. Meanwhile, the Euro Stoxx 50 volatility index has contracted this morning to its lowest level since January 2020, down -3.3% to 18.0, remaining below its LTA of 23.9.
Bonds: The UK 10-year gilt yield has compressed -2bps to 0.79%, while the US 10-year treasury yield and German 10-year bund yield are both -1bp lower this morning at 1.60% and -0.34%.
Currency: Sterling has depreciated to $1.38 and the euro is currently $1.19. Hedging benefits into the UK and the Eurozone are 0.56% and 1.69% on a five-year basis.
Oil: Brent Crude and the West Texas Intermediate (WTI) have both decreased -1.6% to $67.79 and $64.36.
Baltic Dry: The Baltic Dry increased for the first time in three sessions on Monday, up +1.2% to 1983, its highest level in over five months. Prices were pushed higher by capesize rates which increased +1.8% and panamax rates which rose +1.3% over yesterday to a near three week high.
Iron Ore: In 2020, Iron ore was the best performing major commodity, increasing +75% over the year to $160 per tonne, driven by strong demand from China and supply disruptions in Brazil and Australia. In early March, iron ore reached a 10-year high of $178, however prices have since retreated to $163.65, according to S&P Global Platts.
US Solar Industry: By 2030, the US Solar Energy Industries Association (SEIA) forecast solar installations to quadruple, driven by an industry subsidy provided in late 2020 which has increased demand for carbon free power. It is expected that the sector will install 324GW of capacity in the next 10 years, more than three times the circa 100 GW installed by 2020. In 2020 alone, installations increased +43% to 19.2 GW, an annual record.