- Downbeat U.S. data revived concerns about the strength of the economy. Contracts to buy previously owned U.S. homes fell to their lowest level in a year in January, while the Chicago Purchasing Manager Index - a leading indicator of the U.S. economy - contracted to 47.6 in February.
- The Chicago Business Barometer recoiled 8.0 points to 47.6 in February following a sharp increase to 55.6 in the previous month, led by significant declines in Production and New Orders.
- U.S. January pending home sales fall 2.5% from prior month. Following the highest average year for the index in nearly a decade1, pending home sales declined to begin 2016 but remained slightly higher than a year ago, according to the National Association of Realtors®. Only the South saw an uptick in contract activity in January.
- Contracts to buy previously owned U.S. homes fell to their lowest level in a year in January amid a persistent shortage of properties for sale, which could slow the housing market ahead of the spring selling season.
- There was more dour inflation data coming out of the European Union Monday. The Euro zone consumer price index in February was reported at minus 0.2%, year-on-year. The European Central Bank meets next week to decide whether to implement further monetary policy stimulus measures, in the face of worrisome deflationary price pressures.
- The People's Bank of China on Monday cut its reserve requirement ratio, or the amount of cash that banks must hold as reserves, by 50 basis points.
- China's official manufacturing purchasing managers' index, a gauge of the nation's factory activity, fell to 49.0 in February from 49.4 a month earlier, official data showed.
The fall adds to signs of sluggishness in the world's second-largest economy, although economists cautioned that seasonal factors affected the figures in February, as most factories were closed for the week-long Lunar New Year holiday.
Reference: Kitco, Realtor, Amazonaws, Marketwatch
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