European equities rallied on Monday, with Frankfurt's DAX 30 jumping more than 3% to close at an all-time high of 14,398, as traders expect global growth to accelerate due to the ongoing COVID vaccine rollout and as governments and central banks around the world step up efforts to support the economies hit by the pandemic. The US Senate has approved on Saturday President Joe Biden's $1.9 trillion relief bill, on what will be one of the largest stimulus packages in US history. At the same time, upbeat China's trade data showed exports from the world's second-largest economy jumped 154.9% year-on-year in February. On a more negative note, industrial output numbers from Germany and Spain came in weaker-than-expected, while investors remained concerned about rising bond yields and an acceleration in inflation.

Gold retreated to a fresh 9-month low of $1679 an ounce on Monday, amid stubbornly high government bond yields and a stronger dollar. Investors also digest prospects of a swift economic recovery and further fiscal stimulus. US Senate passed President Biden's $1.9 trillion stimulus bill on Saturday and the House is seen passing it later this week, paving the way for more checks and unemployment benefits to Americans.

Industrial production in Germany sank 2.5 percent month-over-month in January of 2021, compared to forecasts of a 0.2 percent gain. It follows a 1.9 percent surge in December from a previously reported flat reading. In January, production went down for capital (-0.8 percent) and consumer goods (-3 percent). Also, construction output declined by 12.2 percent due to a strong increase in December and the end of the VAT reduction. On the other hand, production of intermediate goods (0.7 percent) and energy (0.6 percent) increased. Compared with February 2020, the month before restrictions were imposed due to the coronavirus pandemic in Germany, industrial production was 4.2 percent lower. Year-on-year, industrial output fell 3.9 percent.

WTI crude futures fell more than 0.5% to around $65.7 a barrel on Monday, having touched at $67.9 earlier in the session, the highest level since October 2018 as traders shrug off reports of attacks on Saudi Arabian facilities by Yemen’s Houthi forces. Oil prices have been supported after OPEC+ agreed to keep crude production unchanged in April and Saudi Arabia said it would also maintain its voluntary production cut of an additional 1 million bpd for another month. Elsewhere, investors welcomed upbeat data showing China’s crude shipments in the first two months of 2021 were up 4.1% year-on-year, as well as the approval of a $1.9 trillion stimulus bill by the US Senate over the weekend.

Consumer confidence in Mexico came in at 38.4 in February of 2021, the same as in the previous month. Still, sentiment remained at the highest since last March, as consumers' expectations improved slightly regarding the household situation (53.4 vs 53.3 in January). Also, their current opinion about purchases of durable goods (19.6 vs 19.5) was slightly more favourable. Meanwhile, there was a deterioration in prospects regarding the country's economic situation (45.2 vs 45.6).

The British pound rebounded slightly to $1.384, after Bank of England governor Andrew Bailey reiterated on Monday that the central bank's decision to ask the banks to make preparations within the next six months, in case it needs to use negative interest rates to provide further support, did not mean to imply anything about policymakers' intentions in that direction. Bailey also said that his assessment of Britain’s economic outlook was "positive but with large doses of cautionary realism." Earlier, sterling had touched its weakest level since February 12th, as rising bond yields pushed up the dollar and hit appetite for riskier currencies. Meanwhile, investors hoped for a quicker economic recovery in the UK due to the continued success of the UK's vaccination rollout programme coupled with massive fiscal and monetary stimulus packages.

Tanzania's annual inflation rate fell to 3.3 percent in February of 2021 from 3.5 percent in the previous month, as prices slowed down for housing & utilities (4.4 percent vs 7.3 percent in January) and information & communication (2 percent vs 2.4 percent). On a monthly basis, consumer prices were up 0.9 percent, the biggest rise since last March, attributed to both food and non-food items. Some of the food items that contributed to such increase included wheat grains (4.5 percent), finger millet grains (9.2 percent), fresh fish (4.5 percent), sardines (4.1 percent), fruits (2.7 percent), fresh vegetables (2.4 percent), cassava fresh (2.7 percent), cocoyam (4.9 percent) and cooking banana (2.2 percent).

The FTSE MIB closed 715 points or 3.1% higher at 23,682 on Monday, above levels not seen in more than a year, as traders focused on prospects of a faster global economic recovery after the approval by the US Senate of the USD 1.9 trillion stimulus package, against the backdrop of rising bond yields. Meantime, oil stocks Tenaris, Saipem, and ENI closed higher even after crude futures prices cooled down in the afternoon. On the corporate front, Exor shares jumped 5.3% amid the purchase of a 24% stake in the shoe brand Loubutin, while Stellantis surged 5.9% after the approval of the previously announced distribution of Faurecia shares and EUR 308 million to its shareholders. On the pandemic front, PM Draghi addressed the country on speeding up vaccinations amid rising hospitalizations and the highest weekly average of new infections in 3 months.

Malaysian palm oil futures traded higher for the fourth session to around RM 3,900 a tonne on Monday, its highest level since February 2011, as a surge in crude prices boosted demand for biofuels including soya oil and sunflower. Meantime, Swiss voters on Sunday narrowly backed a free trade agreement with Indonesia, on which Switzerland will reduce tariffs by about 20%-40% for up to 12,500 tonnes per year of palm oil, but only if sustainability standards are met. Investors now wait for the February supply and demand data by the Malaysian Palm Oil Board. Malaysia’s palm oil inventories are seen rising for the second month in a row in February and production likely grew 5.8%, rebounding from four consecutive months of drops. Prices fell to as low as RM 3,642 a tonne early on March, after data showed Malaysia’s exports of palm oil products went down 4.6% from a month earlier in February, mainly due to lower sales to China and the US.