What’s in Today’s Report:
- Why March Will Be A Make Or Break Month For The 2019 Rally
- The Q4 GDP Report – Why It Wasn’t As Strong As It Seemed
Futures are moderately higher thanks to strength in Asia and generally in-line economic data.
Chinese shares are up 1% because index firm MSCI announced it will increase the weighing for mainland Chinese stocks to 20% from the current 5%.
Economically, global Feb manufacturing PMIs largely met estimates as the EU number rose to 49.3 vs. (E) 49.2. while the British reading was in-line at 52.0.
Today focus will be on data as we get two important economic reports. First, the Fed’s preferred measure of inflation, the Core PCE Price Index (E: 0.2% m/m, 1.9% y/y) is released, and that year over year number needs to stay around 2% to continue the “dovish Fed” narrative. Later, we get the Feb. ISM Manufacturing PMI (E: 55.0) and it needs to meet expectations to help offset some of the poor data from February (retail sales, etc.).