ECONOMIC CALENDAR:Tuesday: JOLTS Wednesday: EIA Petroleum Status Report, Treasury Budget Thursday: Jobless Claims, Retail Sales, Import and Export Prices, Business Inventories Friday: PPI-FD, Consumer Sentiment
Quote of the week:
“True wisdom is to know what is best worth knowing, and to do what is best worth doing.” – Edward Porter Humphrey
- Chinese exports surge, beating expectations. Exports from Chinese producers soared in February, increasing 48.3% over the previous February. Though seasonal effects may be distorting the data, the increased demand bodes well for the world’s second-largest economy.
- Treasury Secretary warns about a new debt ceiling deadline. The U.S.’ top finance official warned Congress that the government will hit its statutory debt limit on March 16, pushing the Treasury into “extraordinary measures” to finance spending. Unless Congress raises the limit, the Treasury will run out of cash in October or November.
- U.S. oil rig count lowest since April 2011. Oil companies continue to trim operations in response to low oil prices. The number of rigs drilling for oil in the U.S. continued to fall last week, reaching multi-year lows.
- U.S. service sector activity ticks upward. A measure of growth in the services sector – which includes industries like financial services, retail, and food service – increased more than expected in February. Stronger growth could signal an increase in demand for services.