Business activity in the US private sector expanded at a slightly softer pace in February than in January, with the S&P Global's preliminary Composite Purchasing Managers' Index (PMI) edging lower to 52.3 from 53.
National Bank of Canada’s Ethan Currie notes that Canada’s apparent export diversification away from the United States in 2025 was heavily driven by Gold shipments, masking weaker underlying trade gains.
Commerzbank’s Dr. Vincent Stamer notes that the Euro area composite PMI rose to 51.9 in February, recovering about half of its recent decline and remaining in a range historically consistent with moderate growth. Sentiment improved particularly in manufacturing, while services edged higher.
According to the US Department of Commerce, headline Personal Consumption Expenditures (PCE) inflation came in at 2.9% YoY in December. Core PCE, which strips out food and energy costs, ran a touch firmer at 3.0% YoY, suggesting underlying price pressures are still proving a bit sticky.
TD Securities analysts note a sharp 1.8% monthly jump in UK Retail Sales and stronger-than-expected PMIs, with gains driven by broad-based demand and higher export orders.
Nomura analysts note that the UK composite output PMI rose to 53.9 in February, defying expectations of a decline. They see stronger activity pointing to 0.2% quarter-on-quarter GDP growth in Q1, with upside risks.
The preliminary United States (US) S&P Global Purchasing Managers’ Index (PMI) data for February is due for release today at 14:45 GMT.
Commerzbank’s Volkmar Baur notes Australia’s labour market remains robust, with unemployment at 4.1% and solid job creation, supporting the Reserve Bank of Australia’s recent hike.
TD Securities’ Global Strategy Team highlights upcoming US data, expecting December core PCE to rise 0.25% month-on-month and headline PCE 0.27%, leaving annual rates at 2.9% and 2.8%.