US: Markit Manufacturing PMI (Feb.): 58.6 vs 58.5 expected (prior: 59.2)
- Business sentiment has decreased from the prior month, but slightly less than in first estimate.
- Sentiment remained positive on production, orders and export orders; disruption and shortages have impacted the supply chain and prices paid remained on the rise, with some pass through to final clients.
US: ISM Manufacturing (Feb.): 60.8 vs 58.9 expected (prior: 58.7)
- The index has strongly rebounded from the prior month and the index was back to its high levels seen in 2017-18.
- All sub-components have shown a strong monthly rise, driven by orders, production and export.
- Many comments from different industries have pointed towards shortages in production, transport and on employment.
- Index on prices paid has reached a very high level, pointing towards ongoing building pressures from costs.
US: Construction spending (Jan.): 1.7% m/m vs 0.8% expected (prior: 1.1% revised from 1%)
- Construction of residential single houses remained on a sustained monthly trend.
Eurozone: PMI Manufacturing (Feb.): 57.9 vs 57.7 expected (prior: 54.8)
- Final data have shown a stronger than expected rebound from initial estimates for all major countries over the month.
- Confidence has rebounded on production, new orders and exports; rising delivery time was due to disruption in production and transport of some inputs; prices paid remained on the rise and employment is better oriented.
- The index is now close to the highs seen in 2017-18.
Italy: CPI (Feb.): -0.2% m/m vs -0.4% expected (prior: -0.9% revised from -1.1%)
- Final data confirmed lower prices of clothes and goods over the month, versus rising energy and transport costs.
- Yearly trend has increased from 0.7% y/y the prior month to 1% y/y.
Poland: PMI Manufacturing (Feb.): 53.4 vs 52.9 expected (prior: 51.9)
- A stronger than expected rebound; new orders were up over the month.
UK: PMI Manufacturing (Feb.): 55.1 vs 54.9 expected (prior: 54.1)
- Business confidence has increased more than expected over the month.
- Sentiment has improved on production, new orders and exports (from Asia, the US and continental Europe).
- Disruption in transport and Brexit put constraints in manufacturing supply chain; prices paid were on the rise and employment has also increased.
- The index was back to its 2018-18 level.
UK: M4 (Jan.): 13.3% y/y (prior: 13.5% revised from 13.4%)
- M4 lending was up by 3.9% y/y, stable trend from the prior month. M4 ex IOFC was up by 12.8% y/ y after 12.7% y/y the prior month.
Switzerland: PMI Manufacturing (Feb.): 61.3 vs 60.1 expected (prior: 59.4)
- Sentiment has strongly increased from the previous month; sentiment was higher on production, orders and prices paid; the outlook has slightly improved on employment.
Germany: CPI (Feb.): 0.6% m/m vs 0.5% expected (prior: 1.4%)
- Final inflation was sustained due to energy and food prices over the month.
- Yearly trend remained stable at 1.6% y/y from the prior month.
Norway: PMI (Feb.): 56.1 (prior: 52.5 revised from 51.8)
- A strong rebound in sentiment, driven by better outlook on production.
Sweden: PMI Manufacturing (Feb.): 61.6 (prior: 62.5 revised from 62.4)
- Some weakening sentiment from high level, due to lower orders and several disruptions in trade and production.
Norway: Retail sales (Jan.): -0.1% m/m (prior: -5.7%)
- Weak start with declines in auto and goods purchased.
Turkey: PMI Manufacturing (Feb.): 51.7 (prior: 54.4)
- The index has declined from the prior month. But remained above the 50 level. Sentiment on new orders has declined below 50 over the month.
Turkey: GDP (Q4-20): 1.7% q/q vs 3.9% expected (prior: 15.9% revised from 15.6%)
- GDP growth came lower than expected in Q4; consumption was up by 1.7%q, investment up by 1.2%q and public consumption up by 0.8%q.