Main themes in the next few days

From 1 to 7 march




The release continues of February business confidence data (ISM indices in the US, PMIs in all the other countries). Confidence in China worsened compared to January, while staying in expansionary territory (manufacturing index at 50.9), focus is now on US data (manufacturing ISM on Monday afternoon, non-manufacturing ISM on Wednesday), expected stable at the high levels recorded in January (58.7). In the

Eurozone, the final PMI indices should confirm that confidence improved compared to January, although the divergence between the solid expansion of the manufacturing sector, and the contraction of the services sector, widened due to the restrictive measures.


On Friday, February labour market data will be released in the United States. Consensus forecasts point to an acceleration of payrolls (+180k from +49k in January), a slightly higher unemployment rate, at 6.4% from 6.3%, and wages on the rise by 5.3% y/y (from 5.4% in January).


On Tuesday, the advance reading of Eurozone inflation in February will be released, expected in line with January levels in terms of the headline rate (0.9% y/y), as opposed to a decline of the core rate (from 1.4% to 1.1%), due to the postponement of winter season sales.



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