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The United States services sector Purchasing Managers’ Index (PMI) declined by 3.4% to 55.3% in February, down from the January reading of 58.7%, data by the Institute for Supply Management (ISM) showed on Wednesday. The reading signaled the ninth consecutive month of expansion in the economic activity of the sector. The …

The United States services sector’s business activity index rose in February, recording its fastest expansion since July 2014, according to data by IHS Markit The seasonally adjusted final US services purchasing managers index (PMI) increased to 59.8 in February, up from 58.3 in January. The final reading for last month …

Employment in the US’ private sector increased by 117,000 in February, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading fell short of the market expectation of 177,000. On a positive note, however, January’s reading got revised up to 195,000 from 174,000.

Sources in OPEC+ told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are considering extending oil production cuts from March to April instead of increasing production due to the fragility of crude markets due to continuing concerns about the Coronavirus …

British finance minister Rishi Sunak told ministers that they are borrowing on an extraordinary scale, British Prime Minister Boris Johnson’s spokesman told reporters on Wednesday, According to Reuters. “As a conservative government, we know that we cannot ignore this problem of borrowing,” Sunak added.

The European Union’s budget rules should remain suspended in 2022 but they could be reinstated in 2023, the European Commission said on Wednesday, as reported by Reuters. “Overall fiscal impulse, stemming from national budgets and the EU recovery fund, needs to remain supportive in 2021 and 2022,” the statement read. …

Oil prices rose on Wednesday, March 3, as indications of progress in the distribution of Covid-19 vaccines in the United States, the world’s largest consumer, led to a rebound in demand expectations. US West Texas Intermediate crude futures rose 15 cents, equivalent to 0.25%, to $59.90 a barrel, recovering after …

The European Central Bank (ECB) reportedly sees no need for drastic action to curb recent developments in the bond market, Blomberg reports, citing officials familiar with discussions. The officials said that the ECB believes that the risk to the economy is manageable via verbal interventions and QE/PEPP flexibility. “The ECB …

The UK services sector activity came less than expectations in February, the final report from IHS Markit came out this Wednesday. The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised higher to 49.5 in February versus 49.7 expected and a 49.7 – last month’s flash reading.

The dollar, which is generally considered a safe haven, remained weak on Wednesday, March 3rd, as Treasury yields continued to decline, restoring some calm to global markets and sparking renewed demand for riskier assets. Riskier currencies, including the Australian dollar and the Norwegian kroner, held onto the two-day streak of …