- Tuesday’s economic calendar kicks off with the Redbook Index at 13:55 GMT. The previous reading was at 2.7%.
- S&P Global will release its final Purchasing Managers Index numbers for February at 14:45 GMT:
- The preliminary Services index came in at 51.3.
- The Composite PMI was at 51.4, and markets don’t expect it to be revised.
- At 15:00 GMT a big slew of data is to be released:
- The ISM Services data for February:
- The headline Services PMI is expected to fall from 53.4 to 53, still above the 50.0 threshold that signals expansion.
- The Services Employment Index came in at 50.5 in January, the Prices Paid was at 64, and the New Orders Index stood at 55.
- US Factory Orders for January are expected to decline 2.9% in January after a slight 0.2% increase in December..
- The TechnoMetrica Institute of Policy and Politics (TIPP) will release the Economic Optimism Index for March. The indicator is expected to rise to 45.2 from 44 a month earlier.
- The ISM Services data for February:
- Fed’s Vice Chairman Michael Barr is set to deliver two speeches on Tuesday: one at 17:00 GMT and one at 20:30 GMT.
- Equities are disappointed with the light measures that were discussed on the first day of China’s National People’s Congress. Markets were expecting more and are sending nearly all major indices down by 0.50%. All three US equity futures are in the red as well ahead of the US opening bell.
- According to the CME Group’s FedWatch Tool, expectations for a Fed pause in the March 20 meeting are at 97%, while chances of a rate cut stand at 3%.
- The benchmark 10-year US Treasury Note trades around 4.19%, roughly sideways seeing last week’s range.
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