| Today's Economy
Economic Roundup: New Tariffs Incoming U.S. stocks turned downward on expectations that President Trump will announce new auto tariffs. LatAm Daily Briefing: Trump Tariffs Target Venezuelan Oil The economic impact is expected to be significant, particularly for countries such as China, which has been a major buyer of Venezuelan oil. Europe Daily Briefing: U.K. Inflation Falls U.K. Chancellor of the Exchequer Rachel Reeves announced the Spring Statement including a welfare spending reduction. Asia-Pacific Daily Briefing: A Rate Cut Unlikely in Australia Despite Lower Inflation Print Headline inflation eased to 2.4% y/y in February from 2.5% in January. » VIEW MORE TODAY'S ECONOMY
Commentary
Trade War Tracker: Awaiting Clarity Our latest baseline forecast assumes a ratcheting-up in trade restrictions in the coming months but not a runaway trade war. U.K. Government Trims Spending but Is Still on a Fiscal Tightrope Limited fiscal headroom means speculation over potential future tax rises is likely to continue. Australian Pre-Election Budget Seeks to Charm Households The government is forecasting fiscal deficits for the next several years. U.S. Employment Outlook: Signs of Slowing The aggressive position that DOGE has taken in reducing the size of the federal workforce poses a more immediate risk to job growth. » VIEW MORE COMMENTARY
Today's Economic Indicators
Netherlands
GDP
2024Q4: 0.4% q/q
The revised estimate for Dutch real GDP in the fourth quarter showed an expansion of 0.4% quarter over quarter, consistent with preliminary estimates from February. Singapore
Industrial Production
Feb. 2025: -1.3% y/y
Singapore's factory output declined 1.3% y/y in February, moving against our forecast for a 6.8% increase. United Kingdom
Consumer Price Index
Feb. 2025: 2.8% y/y
Consumer price inflation was 2.8% in February, down from 3% in January. Spain
GDP
2024Q4: 0.8% q/q
Spain's GDP increased 0.8% quarter on quarter in the three months leading up to December, aligning perfectly with preliminary estimates. France
Job Seekers
Feb. 2025: 3.23 mil
In February, the number of job seekers in France increased by 67,200 to 3.23 million. United States
MBA Mortgage Applications Survey
March 21: -2.0%
Mortgage activity declined slightly last week as mortgage rates were mostly unchanged, indicating that the weeks of consistent rate declines this year have come to a halt. United States
Durable Goods (Advance)
Feb. 2025: 0.9% m/m
New orders for U.S. durable goods increased in February, rising 0.9% following an upwardly revised 3.3% in January. United States
Oil Inventories
March 21: 433.6 mil barrels
Commercial crude oil inventories fell by 3.3 million barrels in the week ended March 21 after the consensus expected a build of 1 million barrels. » VIEW MORE ECONOMIC INDICATORS | 
