AMERICAS OIL: Pemex Says Dos Bocas Outage Due to Steam Failure

• USDA: CORN STOCKS 8,151M BSL ON MAR 1
• USDA: ALL WHEAT STOCKS 1,237M BSL ON MAR 1
• USDA: SOYBEAN STOCKS 1,910M BSL ON MAR 1

• US Data/Speaker Calendar (prior, estimate)
• 01-Apr 0900 Richmond Fed Barkin economic outlook
• 01-Apr 0945 S&P Global US Mfg PMI (49.8, 49.9)
• 01-Apr 1000 Construction Spending MoM (-0.2%, 0.3%)
• 01-Apr 1000 JOLTS Job Openings (7.74M, 7.652M), Rate (4.6%, 4.6%)
• 01-Apr 1000 JOLTS Quits Level (3.266M, 3.186M), Rate (2.1%, --)
• 01-Apr 1000 ISM Manufacturing (50.3, 49.5)
• 01-Apr 1000 ISM Prices Paid (62.4, 64.6)
• 01-Apr 1000 ISM New Orders (48.6, --)
• 01-Apr 1000 ISM Employment (47.6, --)
• 01-Apr 1030 Dallas Fed Services Activity (4.6, --)
• 01-Apr 1130 US Tsy $70B 6W bill & $50B 14D CMB auctions

• Some colour for this month's 2025 union wage negotiations, which look in keeping with broader wage growth projections for the year and shouldn't move the needle too much in Norges Bank forecasts:

“*NORWAY UNIONS, EMPLOYERS REACH DEAL ON 4.4% WAGE RISE

*NORWAY LO UNION ORGANIZATION COMMENTS ON WAGE DEAL ON WEBSITE” - bbg

• The Norges Bank MPR from last week saw wage growth declining to 4.5% in 2025, raised 0.3pp from the December projection, after 5.6% in 2024.
• Separately, its Regional Network Survey from Mar 20 saw wage growth expectations for 2025 trimmed a touch from 4.5% to 4.4%, whilst its Expectations Survey showed social partners expecting 4.1%.