In a week marked by significant economic announcements, U.S. Commerce Secretary Lutnick revealed plans to implement tariffs on Canada and Mexico, with President Trump deciding the specific levels. These measures are set to take effect on Tuesday, March 4th. Meanwhile, tariffs on China loom as a possibility unless the nation halts fentanyl trafficking into the United States. In India, authorities disclosed details of an upcoming bond sale scheduled for Fridays. Across the globe, various economic indicators provided a mixed picture of manufacturing health and market activity.
Russia's February Manufacturing PMI stood at 50.2, signaling expansion for the fifth consecutive month. In contrast, Japan's February Final Manufacturing PMI was recorded at 49.0, indicating an eighth straight month of contraction. The Euro Zone reported a February Final Manufacturing PMI of 47.6, marking its 32nd month of contraction. In the UK, Prime Minister Starmer announced plans to form a coalition to deploy peacekeeping troops should a ceasefire agreement be achieved.
The cryptocurrency market experienced a notable recovery, with Bitcoin surging by 10% following President Trump's executive order concerning digital assets. Spain reported its first economic contraction in over a year, adding to the complex economic landscape. China's February Caixin PMI Manufacturing was reported at 50.8, marking the fifth consecutive month of expansion.
Sweden's Central Bank (Riksbank) Business Survey indicated calm economic conditions without significant movement. Hong Kong's January Retail Sales Volume showed a year-on-year decline of 5.2%, while Retail Sales Value fell by 3.2%. Germany successfully sold €2.0 billion worth of 6-month bubills, reflecting stable investor demand.
Switzerland reported a February PMI Manufacturing of 49.6, marking the 26th month of contraction, while its PMI Services reached 56.8. Norway's February Manufacturing recorded an index of 51.9, indicating expansion for the eighth month in a row.
The announcement from U.S. Commerce Secretary Lutnick regarding tariffs on Canada and Mexico signifies a significant shift in trade relations within North America. These tariffs, set to be implemented on March 4th, aim to address economic imbalances and protect domestic industries. President Trump will have the final say on the exact tariff levels, underscoring his administration's focus on trade policies.
China faces potential tariffs unless it takes decisive action to curb fentanyl trafficking into the United States. This move highlights the U.S.'s ongoing concerns about drug trafficking and its impact on public health and safety.
In India, the announcement of an upcoming bond sale scheduled for Fridays demonstrates the government's efforts to raise funds for infrastructure projects and stimulate economic growth. This bond sale is expected to attract both domestic and international investors seeking opportunities in emerging markets.
Russia's February Manufacturing PMI of 50.2 indicates continued expansion in the manufacturing sector, reflecting positive economic momentum. This marks the fifth consecutive month of growth, suggesting resilience amidst global uncertainties.
Japan's manufacturing sector continues to face challenges, with the February Final Manufacturing PMI at 49.0 indicating contraction for the eighth consecutive month. This prolonged downturn underscores the need for structural reforms to revitalize the sector.
The Euro Zone's prolonged contraction in manufacturing is evident from its February Final Manufacturing PMI of 47.6, marking the 32nd consecutive month of decline. This ongoing struggle calls for coordinated efforts to stimulate growth across member nations.
In response to geopolitical tensions, UK Prime Minister Starmer announced plans for a coalition aimed at deploying peacekeeping troops if a ceasefire agreement is achieved. This move reflects the UK's commitment to promoting global stability and security.
The cryptocurrency market witnessed a remarkable recovery following President Trump's executive order on digital assets. Bitcoin surged by 10%, signaling renewed investor confidence in the potential of cryptocurrencies as viable financial instruments.
Spain's economic contraction after more than a year of growth highlights vulnerabilities within its economy. This downturn calls for renewed focus on fiscal policies and structural reforms to stimulate recovery.
China's manufacturing sector continues its positive trajectory with a February Caixin PMI Manufacturing of 50.8, indicating expansion for the fifth consecutive month. This growth reflects robust domestic demand and resilient supply chains.
Sweden's Riksbank Business Survey suggested that there were no strong winds in the economic sails, indicating stable but subdued economic conditions without significant upward or downward pressures.
Hong Kong's retail sector faces challenges with January Retail Sales Volume declining by 5.2% year-on-year and Retail Sales Value falling by 3.2%. These figures highlight ongoing pressures on consumer spending amid uncertain economic conditions.
Germany's successful sale of €2.0 billion in 6-month bubills demonstrates investor confidence in Europe's largest economy despite broader regional challenges.
Switzerland's prolonged contraction in manufacturing is evident from its February PMI Manufacturing of 49.6, marking 26 months of decline. However, its services sector shows resilience with a PMI Services reading of 56.8, indicating expansion.
Norway's manufacturing sector continues to expand with a February index of 51.9, marking the eighth consecutive month of growth. This reflects stable demand and robust industrial production within the country.