- ISM Mfg declined to 52.4 in Feb vs 54.5 exp and 54.1 prev.
- US Initial Jobless Claims was unchanged at 351k last week vs 355k exp
- US Core PCE increased to 1.9% in Jan vs 1.8% exp and prev.
- US Personal Income and Spending were both weaker than expected, although income did outpace spending by 0.1%. Personal Income printed 0.3% MoM vs 0.5% exp and prev. Spending increased to 0.2% vs 0.4% exp and 0% prev.
- Mexico PMI improved to 54.3 vs 53 exp and 51.8 prev
- Brazil PMI improved to 51.4 vs 50.6 prev
- Manufacturing PMI’s in Jan
- UK PMI declined to 51.2 vs 52 exp and 52.1 prev
- Italian PMI improved to 47.8 vs 47.1 exp and 46.8 prev
- Swiss PMI improved to 49 in Feb vs 48.5 exp and 47.3 prev
EU CPI Estimate for Feb was unchanged at 2.7% vs 2.6% exp
EU Unemployment jumped to 10.7% in Jan vs 10.4% exp and prev, driven by revisions to historical data
- China Mfg PMI improved to 51.0 vs 50.9 exp and 50.5 prev. The HSBC measure improved to 49.6 vs 48.8 prev
- AU PMI declined to 51.3 in Feb vs 51.6 prev
- EU HoSG summit, Global PMI’s, RBA, BoC
Good commentary on upcoming baby boomer behavior via microeconomic analysis from Ritholtz:
Note all the conclusions are accurate, but the amount of time average baby boomers need to postpone retirement suggests some substantial fixed income inflows over the next decade, along with deleveraging pressure in real estate.