- Markit PMIs (EUR, GMT 09:00) – The Eurozone Composite February PMI is expected unchanged at 52.3 along with Services PMI at 53.
- Markit PMIs (EUR, GMT 08:30 – 09:00) – The UK Composite February PMI is expected to slip back to contraction territory at 47.8 from 53, despite the unchanged Services at 53.3.
- ISM Non-Manufacturing PMI (USD, GMT 14:45-15:00) – The ISM-NMI index should ease to 54.0 from 55.2, versus a 3-year low of 49.2 in December, versus an all-time high of 68.4 in November of 2021, an 11-year low of 41.8 in April of 2020, and an all-time low of 37.8 in November 2008. We’re seeing a 15-month producer sentiment pull-back from robust peaks in November of 2021, with many of the various component categories now in contraction territory. Producers are facing big headwinds from elevated interest rates and recession fears, but have benefited from the need to rebuild inventories following a prolonged period of supply chain disruptions.
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