According to Vladimir Miklashevsky, senior economist at Danske Bank, the US economic data demonstrated weakness across several indicators, with only initial jobless claims keeping a spark of positivism.
Key Quotes
“The ISM-adjusted Philly Fed release at 52.4 was the poorest reading since October 2016, while the Philly Fed headline index went negative for the first time since May 2016.”
“The decline in the new orders sub-index of more than 23pt was the biggest one-month decline since October 2008. New orders fell to their weakest level since May 2016.”
“As the 1 March and a US-imposed deadline to reach a trade agreement approaches, the US and China’s trade negotiators continued high-level talks in Washington yesterday to hash out a deal that could end their trade war. It is unclear whether the latest round of talks, which are due to conclude today, may be extended into next week, and where those future negotiations might occur, Reuters writes. If the two countries fail to reach an agreement by the 1 March, US tariffs on USD200bn of Chinese imports are set to rise 10% to 25%.”
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