Tuesday 4th March 2025
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Ukraine is behind a world of difference between US and European markets today. European leaders are resigned to the need to spend more to defend Ukraine and Eastern Europe, pushing bond yields higher and equities also rising sharply, led by European defence stocks. In the US stocks are sharply down, led by the tech sector, with bond yields also falling. The ISM manufacturing index fell much more than expected, with concerns about tariff uncertainty, but rising prices also showing in the data. NAB’s Skye Masters wonders whether markets have fully responded to the price data, which could be a warning sign for further inflation against a slowing economy. Today, Australia’s focus will be on retail sales, and the extent to which we could be impacted by a new agricultural tariff just announced by President Trump.
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