Market Talk – Monday, March 1

Precious Metals:

  • Gold decreased 8.76 USD/t oz. or -0.51% to 1,724.73
  • Silver decreased 0.069 USD/t. oz or -0.26% to 26.552

Some economic news from last night:

China:

Caixin Manufacturing PMI (Feb) decreased from 51.5 to 50.9

Chinese Composite PMI (Feb) decreased from 52.8 to 51.6

Manufacturing PMI (Feb) decreased from 51.3 to 50.6

Non-Manufacturing PMI (Feb) decreased from 52.4 to 51.4

Japan:

Manufacturing PMI (Feb) increased from 49.8 to 51.4

South Korea:

Exports (YoY) (Feb) decreased from 11.4% to 9.5%

Imports (YoY) (Feb) increased from 3.6% to 13.9%

Trade Balance (Feb) decreased from 3.76B to 2.71B

Australia:

AIG Manufacturing Index (Feb) increased from 55.3  to 58.8

Manufacturing PMI decreased from 57.2 to 56.9

MI Inflation Gauge (MoM) decreased from 0.2% to 0.1%

ANZ Job Advertisements (MoM) increased from 2.6% to 7.2%

Business inventories (MoM) (Q4) increased from -0.3% to 0.0%

Company Gross Operating Profits (QoQ) (Q4) decreased from 3.2% to -6.6%

Company Profits Pre-Tax (QoQ) (Q4) decreased from 25.8% to 2.4%

Home Loans (MoM) increased from 7.1% to 12.3%

Invest Housing Finance (MoM) increased from 8.2% to 9.4%

Indonesia:

Nikkei Manufacturing PMI (Feb) decreased from 52.2 to 50.9

Inflation (MoM) (Feb) decreased from 0.26% to 0.10%

Inflation (YoY) (Feb) decreased from 1.55% to 1.38%

Core Inflation (YoY) (Feb) decreased from 1.56% to 1.53%

Some economic news from today:

India:

Nikkei Markit Manufacturing PMI (Feb) decreased from 57.7 to 57.5

Bank Loan Growth increased from 5.9% to 6.6%

Deposit Growth increased from 11.1% to 11.8%

Australia:

Commodity Prices (YoY) increased from 19.5% to 23.9%

EUROPE/EMEA:

Johnson & Johnson sent an application for British regulators to approve its one-shot coronavirus vaccine late last week, a spokesperson confirmed on Monday. The company sent a formal conditional marketing authorization to the Medicines and Healthcare products Regulatory Agency (MHRA). The Telegraph reported on Sunday that the MHRA would begin the approval process for the Johnson & Johnson vaccine this week. The European Commission released its Winter 2021 Forecast, raising Spain’s gross domestic product (GDP) growth prospects for this year to 5.6%, three-tenths of a point higher than previously expected. For 2022, the EU executive is forecasting GDP growth of 5.3%, up from the previous figure of 4.8%. These numbers put Spain in the lead for economic growth in Europe. The Commission said that GDP growth in the EU will be 3.7% in 2021 and 3.9% in 2022. For the eurozone, it is forecasting the same growth rate of 3.8% in both years.

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Disclosure: None.

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