Markit preliminary PMI data for February

  • Manufacturing PMI 50.8 versus 51.5 estimate prior month 51.9
  • Services 49.4 versus 53.4 estimate. Prior month 53.4
  • Composite index 49.6 versus 53.3 last month
  • The composite index is a lowest since 2013
  • Coronavirus hit supply chains and made firms hesitant to place orders
  • New orders fall to 49.8 versus 52.5 in January. Lowest reading since the series began. Reverses the expansion trend
  • Employment falls to the lowest reading since October 2019

for the services index,

  • the reading of 49.4 is the lowest since October 2013
  • new business falls to 49.7 versus 52.5 in January (lowest reading ever)
  • employment index fell to the lowest reading since November 2019
The composite index falls below the 50 level signaling a contraction

Not a good number and one of the 1st numbers to show a sharp reaction to coronavirus in the US.

  • Stocks have moved lower with the NASDAQ index now down -140 points or 1.45%. The S&P index is down -1.05%.
  • US yields have also moved lower with the 10 year yield down to 1.452% or -6.25 basis points
  • Gold is rising and up near $27 or 1.65% at 1646.53
  • USDJPY has moved lower