US Inflation Rises 0.3% in February, Matching Expectations; Fed Rate Cut Timing Unclear Amid Iran Oil Crisis

According to data released by CAAM, China’s auto market showed the following trends in February: overall auto sales reached 1.805 million units, but fell 15.2% YoY from the same period last year. By segment, NEV sales were 765,000 units, also down 14.2% YoY. However, on the export side, auto exports reached 672,000 units in February, up 52.4% YoY.

According to data released by the CPCA, retail sales in China’s passenger vehicle market totaled 1.034 million units in February, representing a 25.4 YoY decline. Specifically, in the passenger NEV market, retail sales reached 464,000 units, down 32 YoY.

Iran’s Supreme Leader Mojtaba Khamenei issued his first statement since taking office. The statement stressed that Iran would not abandon its retaliatory actions and would employ a range of strategic measures, including blocking the Strait of Hormuz, and open new theaters of operation if necessary. At the same time, he called on neighboring countries to shut down military bases within their territories that were being used by the US, and made clear that Iran’s strikes would target only the relevant military facilities. The statement also noted that Iran would inevitably secure the compensation it deserved from its enemies. In addition, Iran’s deputy foreign minister revealed that Iran had approved the passage of some vessels through the Strait of Hormuz.