Market News

IC Markets Global – Asia Fundamental Forecast | 11 March 2026

What happened in the U.S. session?

markets digested a steady 3.1% U.S. consumer inflation expectations print alongside an aggressive continuation of the conflict‑driven oil spike, which kept stagflation fears front and center. WTI and Brent pushed further toward and above the mid‑90s/near‑100 area, hammering U.S. equity futures, particularly tech, while supporting U.S. yields and the dollar and sustaining elevated gold prices on safe‑haven demand.

What does it mean for the Asia Session?

Escalating Middle East tensions, particularly the US-Iran conflict, have driven oil prices above $100 per barrel and sparked volatility in equities and safe-haven assets like gold. Regional…

• Prior +2.1%
• HICP +2.0% vs +2.0% y/y prelim
• Prior +2.1%

More to come..

US Markets Drift as They Await Fresh Middle East Updates – S&P down 0.2%
US equity markets closed little changed overnight as investors paused following several sessions of heightened volatility. Ongoing developments in the conflict in the Middle East continued to dominate sentiment, with headlines around potential peace progress shifting frequently and keeping traders cautious. The Dow slipped 0.07% to close at 47,706, while the S&P 500 declined 0.21% to finish at 6,781, while the Nasdaq managed to hold just above flat for the session, edging up 0.01% to close at 22,697. Bond markets also experienced another choppy session, with US Treasury yields moving higher after pulling back the previous day. The 2-year yield rose 5.4 basis points to…

US Markets Drift as They Await Fresh Middle East Updates – S&P down 0.2%
US equity markets closed little changed overnight as investors paused following several sessions of heightened volatility. Ongoing developments in the conflict in the Middle East continued to dominate sentiment, with headlines around potential peace progress shifting frequently and keeping traders cautious. The Dow slipped 0.07% to close at 47,706, while the S&P 500 declined 0.21% to finish at 6,781, while the Nasdaq managed to hold just above flat for the session, edging up 0.01% to close at 22,697. Bond markets also experienced another choppy session, with US Treasury yields moving higher after pulling back the previous day. The 2-year yield rose 5.4 basis points to…

• Container ship damaged off UAE, hit by suspected projectile near Strait of Hormuz
• Westpac lifts RBA peak rate forecast to 4.35%, sees RBA hiking rates in March and May
• Australian bank analysts are piling on to forecast an RBA rate hike next week
• Weak yen and oil shock cloud Japan inflation outlook -- PPI recap
• PBOC sets USD/ CNY central rate at 6.8917 (vs. estimate at 6.8824)
• Goldman Sachs February CPI preview signals gradual inflation slowdown, not everyone agrees
• The IEA is weighing a record oil reserve release to calm markets after Hormuz disruption
• Japanese wholesale prices +2.0% y/y in February (2.1% expected)
• ICYMI: Debate grows over political influence on Bank of Japan policy
• ICYMI: RBA’s Hauser warns oil price risks could intensify rate…

Japan’s wholesale inflation cooled in February but rising oil prices from the Iran conflict threaten to push price pressures higher again.

Summary:

• Japan’s corporate goods price index (CGPI) rose 2.0% y/y in February, below the 2.1% forecast.

• Wholesale inflation slowed from January’s 2.3% rise, marking a third straight month of easing.

• Government fuel subsidies helped offset rising commodity costs, cushioning price pressures.

• Import prices jumped 2.8% y/y, the fastest pace since July 2024, reflecting a weaker yen.

• Economists warn the Middle East oil shock could soon push wholesale inflation higher again.

Japan’s wholesale inflation slowed for a third consecutive month in February as government fuel subsidies helped cushion companies from rising…

Goldman Sachs expects February CPI to show easing core inflation as autos and shelter moderate.

Data due at 0830 US Eastern time on Wednesday, March 11, 2026.

Summary:

• Goldman Sachs expects February core CPI to rise 0.17% m/m, below the 0.2% consensus.

• The forecast implies 2.42% year-on-year core inflation, versus 2.5% consensus.

• Headline CPI is projected to rise 0.18% m/m, also below expectations.

• Softer used car prices and auto insurance are expected to help ease inflation pressures.

• Shelter inflation is forecast to moderate further, while tariffs could push some categories higher.

Goldman Sachs expects U.S. inflation to show signs of cooling in February, with softer price pressures in several key categories likely to keep the overall CPI…

Japan PPI for February 2026, AKA corporate goods price index (CGPI), measures the price companies charge each other for their goods and services:

-0.1% m/m

• expected 0.2%, prior 0.2%

2.0% y/y

• expected 2.1%, prior 2.3%

North Korea tested a cruise missile designed for naval deployment while backing Iran and condemning U.S. and Israeli military actions.

Summary:

• North Korea conducted a strategic cruise missile test on Tuesday, according to state media KCNA.

• The missile was designed for deployment on a naval destroyer, highlighting Pyongyang’s expanding naval strike capability.

• Leader Kim Jong Un said destroyers must be equipped with supersonic weapons, signalling continued military modernisation.

• North Korea also voiced support for Iran’s political process to select a new supreme leader.

• Pyongyang condemned what it called “illegal” U.S. and Israeli military attacks against Iran.

North Korea said it had conducted a strategic cruise missile test designed for use…

Japan wholesale level inflation indicator, the PPI, is due today. Expected just a loittle softer.

Still, the most focus for markets will be on the war makers.