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• CPI Y/Y 3.2% vs 3.1% expected
• Prior 2.1% (revised to 2.7%)

India’s retail inflation accelerated more than expected in February, reaching 3.21% on an annual basis. This follows a revised reading of 2.74% in January and surpasses the 3.1% consensus estimate predicted by economists.

The latest data, released by the Ministry of Statistics and Programme Implementation (MoSPI) on Thursday, marks the second month of reporting under India's newly revised Consumer Price Index (CPI) framework, which recently shifted its base year from 2012 to 2024.

The primary catalyst for the uptick was a jump in food prices. Inflation for the Consumer Food Price Index (CFPI) rose to 3.47% in February, a significant increase from the 2.13% recorded in January.

Under…

• CPI Y/Y 3.2% vs 3.1% expected
• Prior 2.1% (revised to 2.7%)

India’s retail inflation accelerated more than expected in February, reaching 3.21% on an annual basis. This follows a revised reading of 2.74% in January and surpasses the 3.1% consensus estimate predicted by economists.

The latest data, released by the Ministry of Statistics and Programme Implementation (MoSPI) on Thursday, marks the second month of reporting under India's newly revised Consumer Price Index (CPI) framework, which recently shifted its base year from 2012 to 2024.

The primary catalyst for the uptick was a jump in food prices. Inflation for the Consumer Food Price Index (CFPI) rose to 3.47% in February, a significant increase from the 2.13% recorded in January.

Under…

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China is expected to maintain targeted fiscal support for local governments as rising debt and weak revenues tighten fiscal headroom, Fitch says.

Summary:

• Fitch Ratings expects China to maintain targeted fiscal support for local and regional governments (LRGs).

• LRGs are provincial and municipal governments responsible for infrastructure spending and regional development.

• Weak revenue growth and rising borrowing needs are expected to increase LRG debt in 2026.

• The property downturn and weaker land-sale income have pressured local government finances.

• Higher debt growth could narrow fiscal headroom within China’s sovereign rating framework.

• Beijing is likely to avoid large-scale stimulus while providing selective support to prevent financial stress.

UK housing demand weakened in February as geopolitical tensions and higher energy prices raised fears mortgage rates could remain elevated.

Summary:

• The RICS house price balance fell to -12 in February, weaker than January’s -10 and the -9 expected by economists.

• The survey indicates more respondents reporting falling prices than rising ones.

• New buyer enquiries dropped sharply to -26 from -15, the lowest level since December.

• The survey period overlapped with the start of the U.S.–Israel war with Iran.

• Higher energy prices have raised concerns that mortgage rates could stay elevated for longer.

• Near-term sales expectations slipped to -2, the weakest since November.

• House price expectations fell sharply to -18 from -6.

• Tenant demand remained…

Summary:

• Morgan Stanley limited withdrawals from its North Haven Private Income Fund after redemption requests reached nearly 11% of shares outstanding.

• The fund returned about $169 million, or 45.8% of tender requests, due to quarterly redemption caps.

• Investor scrutiny is increasing across the $2 trillion private credit market.

• JPMorgan has marked down loans used as collateral by private credit firms, reducing their borrowing capacity.

• The adjustments largely affect software company loans, where AI disruption fears are rising.

• Higher redemptions have also appeared at funds run by BlackRock, Blackstone and Blue Owl.

• Banks appear to be taking precautionary steps to reduce leverage exposure in the sector.

Fresh signs of strain are emerging in the…

The U.S. has launched sweeping Section 301 probes into manufacturing overcapacity across 16 trading partners, opening the door to a new wave of tariffs.

Summary:

• The U.S. has launched a Section 301 investigation into 16 trading partners over excess manufacturing capacity.

• Targeted economies include China, the EU, Japan, India, Mexico, Vietnam and Taiwan.

• The probe could lead to new tariffs if unfair trade practices are confirmed.

• The investigation comes after courts struck down elements of Trump’s earlier tariff programme.

• Section 301 gives the U.S. president authority to impose trade penalties after an investigation.

• A second Section 301 probe into goods linked to forced labour could launch soon and may cover around 60 countries.

• The move…

An oil tanker near Iraq’s Umm Qasr port erupted in flames, with preliminary reports pointing to a possible direct attack on the vessel.

Some reports say its multiple tankers on fire.

An oil tanker near Iraq’s Umm Qasr port erupted in flames, with preliminary reports pointing to a possible direct attack on the vessel.

Some reports say its multiple tankers on fire.

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