Uruguay's trade deficit narrowed sharply to $72.2 million in January 2026 from $199.4 million a year earlier. Exports rose 6.8% to $808.1 million, driven by a 31.2% surge in primary product sales, while manufactured goods slipped 1.3%. Imports fell 7.9% to $880.3 million, weighed down by lower capital goods (-22.3%) and intermediate goods (-14.2%) purchases, partially offset by a 9.7% rise in consumer goods imports.

Uruguay's Trade Deficit Narrows Sharply on Export Surge

The upcoming week will feature a series of major economic releases set to shape the view of the global economic backdrop and potential responses by central banks. The US will post its official jobs report for February after a series of robust labor indicators pushed back bets for the Federal Reserve's next rate cut. ISM PMIs and retail sales will also share the spotlight in the US. PMIs are also due in China, Canada, South Korea, and ASEAN members for their first batch of February data. Meanwhile, investors await the inflation and unemployment rates for the Eurozone, while the ECB will publish accounts of its last meetings. Elsewhere, both Australia and Brazil will release their fourth-quarter GDPs. On broader economic policy updates, the UK Treasury will release its spring statement and Chinese officials will participate in the Two Sessions meetings.

Week Ahead - Mar 2nd

US heating oil futures dropped toward $2.60 per gallon on Friday, retreating from April 2024 highs as a record domestic inventory build finally overwhelmed geopolitical risk premiums. This decline accelerated after the EIA reported a staggering 15.99 million barrel surge in US crude stocks, the largest build in three years. While intensified Middle East tensions and a late season winter storm in the Northeast initially supported prices, the sheer volume of oversupply eventually broke the market floor. Even with ongoing nuclear talks in Geneva and a resilient 4% rise in four week fuel demand, the weight of massive stockpiles forced prices lower. Investors are now shifting focus to the upcoming OPEC+ meeting, where a failure to delay production hikes could push futures even further into the red. Despite the volatility, the market currently favors the bearish supply data over the threats to global flows through the Strait of Hormuz.

Heating Oil Failed to Hold to Near 2-Year High

Spain 10 Year Government Bond Yield decreased to 3.06%, the lowest since February 2025. Over the past 4 weeks, Spain 10Y Bond Yield lost 15.10 basis points, and in the last 12 months, it decreased 1.80 basis points.

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Uruguay's Trade Deficit Narrows Sharply on Export Surge

Week Ahead - Mar 2nd

Heating Oil Failed to Hold to Near 2-Year High

Spain 10Y Bond Yield Hits 12-month Low