Wealthion Macro Bites 3-19

Wealthion Team
Mar 19, 2026

After Iranian missile strikes caused extensive damage to Qatar’s massive Ras Laffan LNG facility (19% of ’25 global LNG supply), benchmark European gas futures (Dutch TTF April futures) jumped as much as 35% on Thursday (rising from 54.662 eur/MWh to 74.0) while Brent oil futures soared 11% to $119.13. Expected repair times at Ras Laffan appear to have been the breaking point in extinguishing hopes for quick recovery in global energy markets, even if the Iranian conflict reaches swift conclusion.

Just hours before today’s ECB and BOE policy decisions, soaring energy prices led money market futures to immediately price in steeper rate hikes, with markets now expecting two quarter-point ECB rate hikes and 40bps of BOE tightening in ‘26.

US. Feb. PPI printed at +0.7% m/m (more than double +0.3% est.) and +3.4% y/y (vs. +3.0% est. and +2.9% in Jan.). Intermediate prices (inputs businesses buy to produce other goods and services) underpinned the headline gains, led by energy goods and energy materials, which rose 5.5% and 6%, respectively m/m. The index for final demand services rose 0.5% in Feb. (3^rd straight month of increase) and goods inflation set a 30-month high.

In a toxic combo for precious metals, hot PPI and soaring energy prices weighed on gold and sent Treasury yields higher, with 2-year yield rising 10.1 bps (3.777%) and 10-year yield rising 6.7bps (4.267%).

India’s Central Electric Authority (CEA) released its National Generation Adequacy Plan forecasting solar power capacity to quadruple and wind capacity to triple over the next decade, reducing India’s dependence on coal for electricity generation from 70% to 49%. CEA estimates India’s non-fossil fuel capacity will reach 786GW by 2035-36, with solar comprising 65% of the clean power mix. Nuclear capacity is expected to triple to 22GW and hydro-electric capacity is estimated to rise 50% to 77GW.

European bond yields surging between 5bps and a high of 10bps (U.K., Italy and Greece). Euro Stoxx 50 -2.3%, S&P futures -0.4% and Nasdaq futures -0.55%. DXY dollar index +0.05%, spot gold -3.4% and spot silver -6.6% [8 am ET].

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