Futures Rise on In-Line Inflation Report, Ceasefire Talks, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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news when you want it with Bloomberg News Now. I'm Karen Moscow. We have the first real numbers that show us how a month of war with Iran has hit Americans' wallets. Bloomberg's Michael McKee has more on the March Consumer Price Index.
Well, we're seeing the war come home as CPI on a headline basis comes in up nine-tenths for the month as forecast, and that pushes the year-over-year to 3.3%. Remember, it was 2.4% in February, so a big jump. The core comes in up two-tenths on the month. It takes a while for stuff to get into the core, so that's not a surprise, although it's a little lower than anticipated. The CPI core for the year 2.6%. The index for energy, they say, rose 10.9%. Take a guess what gasoline went up. 21.2%, according to the Bureau of Labor statistic. That accounts for three quarters of the entire increase here.
And that's Bloomberg's Michael McKee. S&P futures rose as the data eased inflation worries. Now we have a look at the shaky ceasefire between the U.S. and Iran. It appears to be holding ahead of high-level talks tomorrow aimed at ending their six-week war. This is President Trump ramps up threats over the Strait of Hormuz ahead of the discussions. Bloomberg's Dan Williams is in Jerusalem with more.
a very consequential meeting tomorrow hosted by Pakistan. For now, the precursor arrangement appears to be holding in terms of an official end to U.S.-Israeli strikes on Iran. There's an open question, however, over Lebanon, where Israel has continued its offensive. Iran says Lebanon should be included in the ceasefire. The U.S. and Israel say it is not included in the ceasefire. However, it appears that the Israelis are dialing down their strikes possibly at the request of the Americans, in order to keep those Pakistan talks on track.
And that's Bloomberg's Dan Williams, who says Israel has agreed to talks with Lebanon next week, hosted by the State Department. The Wall Street Journal reports those discussions will be held at the ambassador level rather than a more senior negotiation. Meanwhile, oil is trading lower today. NYMEX crude oil is down 0.5%, down 44 cents at $97.43 a barrel. Brent is down 0.5% at $95.42. And Brent futures are down about 11% this week on track for their biggest retreat since June. There is some new optimism around efforts to end Russia's four-year war with Ukraine. We're hearing it from the former head of Ukraine's military intelligence, Kirill Budanov. He spoke with Bloomberg's Vladimir Verbiani in an interview last weekend in Kyiv.
Budano, who is the key negotiator from Ukraine, said that he believes that there is progress in talks with the Russian side brokered by the U.S. So the talks were stalled. due to the war in the Middle East. And when asked whether he thinks that for how long the war in Ukraine could last, Kirill Budanov said that he believes that it will not last for too long.
Bloomberg's Vladimir Verbiani reports Budanov has played a leading role in prisoner exchanges with Russia. And while he says both sides have maintained maximalist positions, he says they'll move closer together in search for a compromise.
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