Daily Briefing: United States versus the rest of the world
Japan’s flash manufacturing PMI index suggests what might lie ahead for economic growth - the index fell to 47.6 in February, the steepest decline in seven years.
Gold is blasting to seven-year highs for its best week in more than six months and oil is down 1% - China, Japan and Korea are all huge oil importers. We got a taste of that with Apple’s revenue warning earlier this week. Wall Street closed lower on Thursday, led by the tech sector, which slumped 1%. It remains near record highs, though.
On bond markets, negative yields reappeared across Europe. The entire Dutch yield curve has fallen below zero and Germany is a basis point away from doing so. Further declines may be avoided only by governments getting spooked enough to increase spending significantly. China’s commerce ministry said it will accelerate studying new fiscal, tax, financial and insurance measures to support companies.
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