- Futures on U.S. indices are rising ahead of Monday’s market open. The US100 is up 0.4%, while the US500 gains 0.3%. The US2000 is performing the strongest, adding nearly 0.7%. The key economic data the market is awaiting today includes the U.S. ISM Manufacturing PMI for February (3 PM GMT), along with PMI readings from various European economies.
- Sentiment among Asian benchmarks is mixed. China’s CHN.cash is down 0.8%, whereas Japan’s JP225 is up 0.7%. China’s February manufacturing Caixin PMI came in at 50.8, surpassing forecasts of 50.4 and the previous reading of 50.1. Japanese manufacturing PMI came in 49 vs 48.9 previously
- The EUR/USD is showing slight strengthening and is trading around 1.04. This week, Trump is expected to impose an additional 10% tariff on China (bringing the total to 10%) and raise tariffs on Canada and Mexico to 25%.
- Also, futures on European indices gain ahead of the Monday open. Spanish SPA35 surges almost 0.9%; German DE40 gains 0.4%. At 8:55 AM GMT and 9 AM GMT we will know final German and Eurozone Manufacturing CPI, and at 10 AM GMT we will know Eurozone CPI flash for February reading
- Gold is attempting a slight rebound after the recent sell-off, gaining nearly 0.4% to $2,865 per ounce. Silver, platinum, and palladium are following suit.
- Oil is trading slightly lower, while natural gas starts the week with a 0.8% decline. Agricultural commodity futures are mostly gaining, with cotton leading the way, up 0.9% on ICE.
- Profit-taking following a strong rebound is pressuring the cryptocurrency market. Bitcoin is retreating from $96K to $92K. Similarly, Ripple and Solana are down nearly 8%. Over the weekend, cryptocurrency prices surged after Trump’s comments announcing the creation of a U.S. crypto reserve, which he stated would include Bitcoin, Ethereum, Cardano, Solana, and Ripple (XRP).
- Federal Reserve’s Austan Goolsbee noted that while inflation appears to be on track toward the Fed’s 2% target, he is concerned about a potential economic slowdown amid rising inflation expectations. He also mentioned that the impact of Trump’s tariffs remains difficult to assess and that inflation readings are still far from the Fed’s target. Additionally, he cautioned that the observed rise in productivity might prove to be temporary.
- The Washington Post reported that Trump is considering a complete freeze on military aid to Ukraine. Zelenskyy stated via media channels that he is ready to sign an agreement on minerals.
- Turkish CPI came in at 2.27% monthly, vs 2.9% exp. and 5.03% previously; yearly reading came in at 39.05% vs 39.9% exp. and 42.12% previously. In this week, CBRT will make a decision about the interest rates in country; today EURTRY pair surges by almost 0.7%.
- Australian gross company profits rose monthly by 5.9% vs 1.8% exp. and -4.6% previously. Business inventories rose by 0.1% MoM vs 0% exp. after recent -0.9% decline
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