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European shares end the day mostly higher

  
Analysis, Global Indices

The major European indices are ending the day mostly higher. The exception is the UK FTSE 100 is the struggles through the implications of the Susan Gray report on the Covid parties at No. 10.

  • German DAX, +1%
  • France’s CAC, +0.5%
  • UK’s FTSE 100, -0.05%
  • Spain’s Ibex, unchanged
  • Italy’s FTSE MIB +0.95%

In the European debt market, the benchmark 10 year yields are lower with the exception of the UK 10 year yield which as reason by 6.2 basis points.

European yields

Kremlin Says Will Respond To U.S. And NATO “When He Considers It Necessary”, No Date Set

  
  Analysis

Says UK Sanctions Threat Is Very Alarming For Russia And Its Companies, It Amounts To A Clear Attack On Business

Says It Is Likely A Cause For Concern For Financial And Business Communities Because It Demonstrates Uk Is Unpredictable

Says British Sanctions Threat Undermines Britain’s Investment Climate And Also Inflames Tension In Europe

Says Threat Could Backfire Because British Companies Are Shareholders In Many Russian Companies

Says Any Attack On Russian Businesses Would Require Moscow To Respond, Such Measures Would Be Based On Russia’s Interests If They Are Needed

~ Nothing new really, but given many eyes looking to Moscow for a reply to the U.S. it’s worth highlighting.

I promise not to clog the feed with noise on this matter

China manufacturing survey falls to worst level since the peak of the pandemic

  
Analysis, Economy

China’s official manufacturing PMI slipped to 50.1 vs 50.3 in January, a number highlighting only the slightest bit of growth.

The private survey from Caixin was worse falling to 49.1 from 50.9.

The Caixin reading is the lowest since the dawn of the pandemic:

Caixin PMI

China is struggling with rising covid cases in a number of cities. Today 54 local cases were reported with 20 of those in Beijing. Another 19 were reported in Hangzhou. Reports Friday revealed that a city just outside of Beijing of 1.2 million was under lockdown. Officials had previously been transparent about lockdowns but that one wasn’t disclosed.

The Beijing Olympics begin on Friday and Lunar New Year holidays begin Monday.

There are also signs that covid and the real estate slump is stressing the non-manufacturing sector as the official PMI fell to 51.1 from 52.7.

It’s entirely unclear how or when China will go from covid-zero to living with covid. For now, the strategy continues to be long quarantines for arrivals and heavy-handed suppression of cases.

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