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Toyota to Scale Up in February

According to the Nikkei business daily, Toyota Motor will produce 700,000 cars in February, which is 10% higher on the year, as the company expands operations. The Japanese automaker plans to build a million vehicles in March, so that it can hit the yearly target of 9 million vehicles produced.

MACROECONOMIC DATA ANALYSIS

The central bank of Japan has raised its inflation outlook for the Asian nation on Tuesday, pointing out that commodity-fueled price hikes will likely expand. The Bank of Japan’s (BOJ) forecast for inflation remains below its 2% target for the upcoming years, as the nation battles out deflation.

According to France’s budget minister, the European nation’s impressive economic rebound from the pandemic in 2021, means that public sector deficit is expected to be lower than originally planned. France’s government initially formed its budget planning for the economy to heighten by 6.25%, but recent indications reveal that the economy will likely grow by 6.7%.

CURRENCIES

The U.S. dollar edged higher on early trading sessions of Tuesday, as U.S. Treasury yields rose to two-year highs, with its yen counterpart stumbling amid the Bank of Japan’s intentions of maintaining a loose monetary policy mindset. The dollar index, compared to a basket of six other currencies, edged 0.18% to 95.330.

GOLD

Gold futures stumbled from previous weekly highs, amid climbing U.S. Treasury yields and increased risk appetite, which is pulling investors & traders away from renowned safe havens such as the Japanese yen, Swiss franc and the bullion. Amid a stronger dollar greenback, the precious metal declined 0.37% in value to price at $1,812 per ounce.

OIL

Crude oil prices escalate to 7-year highs, led by the chaos created after Yemen’s Houthi group attacked the United Arab Emirates (UAE), which created worries of crude oil supply disruptions. Such tensions added more fuel to the fire amid tight global supplies. Brent futures surged 1.14% to $87.47 per barrel, while WTI oil soared 1.51% to $84.58 a barrel.

INDICES

USA: S&P500 +0.08%, Dow Jones Industrial Average -0.56%, Nasdaq Composite +0.75%

Europe: FTSE 100 -0.93%, DAX -1.44%, CAC 40 -1.16%

Asia: Nikkei 225 -0.27%, Hang Seng -0.43%, CSI 300 +0.99%, Nifty 50 -0.92%

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