Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The United Kingdom’s gilts remained flat during European trading hours Friday amid a silent session that witnessed data of little economic significance. However, the overnight political developments, which saw PM Johnson and his chief adviser Dominic Cummings take effective control of the Treasury instilled some confidence among investors.
The yield on the benchmark 10-year gilts, slumped nearly 3 basis points to 0.625 percent, the 30-year yield lost 2-1/2 basis points to trade at 1.103 percent and the yield on the short-term 2-year plunged 3 basis points to 0.528 percent by 12:00GMT.
Yesterday’s news that Sajid Javid had resigned as Chancellor of the Exchequer, due to an argument with Boris Johnson over the roles played by his advisers, had an immediate substantive impact on Gilts and sterling, Daiwa Capital Markets reported.
"In our view, those market shifts were appropriate. The new organisational arrangements imposed by Johnson, which triggered Javid’s resignation, represent a significant loss of independence for the Treasury, which will effectively now come under the command of the Prime Minister and his chief adviser Dominic Cummings", the report added.
And Javid’s replacement, Rishi Sunak will now be Chancellor in name only, forced to share his own advisers under the control of Number 10 Downing Street, Daiwa further noted in the report.
Meanwhile, the FTSE 100 traded flat at 7,461.35 by 12:10GMT.
