Daily Points

Global markets are in a risk-off mood ahead of January US CPI data and reports that the US may roll back steel and aluminum tariffs. Central bank actions in Russia (cut) and Peru (hold) were also highlighted alongside continued weakness in China's property sector.

Key Takeaways

• 1.Risk-off sentiment is prevailing in global markets ahead of the US CPI release and reports of possible tariff reversals.
• 2.The Trump administration may be rolling back 50% tariffs on steel and aluminum as studies show US consumers bear the costs.
• 3.Russia's central bank unexpectedly cut its key interest rate by 50bps to 15.5% while reducing forward guidance.

Table of Contents

• Key Points
• Trump Administration Possibly Moving to Reduce Metals Tariffs
• US CPI One of Two Before March FOMC
• Other Developments

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