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Threats of new economic sanctions against Russia over its action in Ukraine were offset by an increase in tech stocks on Monday on reports that Elon Musk bought a 9% share in Twitter. Bond yields shed some of their recent increment with Germany’s 10-y Bund down to 0.52% yesterday from a peak at 0.66% at the end of March.
France industrial output dropped by 0.9% m-o-m in February 2022 with notably a further decline in the manufacture of motor vehicles, trailers and semi-trailers (-5.7%) which is still hit by supply chain and shortage issues. Overall, France industrial output remains 4.6% below its pre-pandemic level in February 2020.
PMI >50 = activity expansion / PMI <50: activity contraction
On the agenda today, the release of IHS Markit PMI figures in the Euro Zone and the US could indicate if the war in Ukraine finally had an impact on services after a period of rising economic activity following the lifting of Covid-linked restrictions. Note that Lael Brainard from the Fed Council of Governors will talk at the Forum on Inflation at 16:05 CET time which could give some indications on the upcoming interest rate hikes in the US before the release of the FOMC Meeting Minutes tomorrow.
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