The Day at a Glance | March 21 2023

*Philadelphia FED Non-Manufacturing Activity Index registered its worst reading in three months.

*Russian President Vladimir Putin and Chinese leader Xi Jinping discussed Beijing’s proposal for a ceasefire during the first session of talks that lasted more than four hours on Monday.

*Coincidentally, Japan Prime Minister Fumio Kishida arrived in Kyiv on Tuesday. The Ministry of Foreign Affairs of Japan said that Kishida’s visit responds to the invitation of Ukrainian President Volodimir Zelensky. During his visit, Kishida seeks to convey “solidarity and unwavering support” to Ukraine, in addition to rejecting aggression by Russia.

*After barely passing the censure motion this Monday, French President Emmanuel Macron has ruled out withdrawing the pension law that increases the retirement age by two years to 64. 

Economic environment

The Philadelphia FED Non-Manufacturing Activity Index registered a reading of -12.8 pts in March. This is its worst reading since last December, while the global activity index stood at negative grounds too (-0.1) for the first time since January 2021. Within it, a big drop was registered on the new orders component, which was -15.4 units from 6.2 previous, accompanied by moderation in sales of 10.3 from 14.5 pts in February. Also, we highlight lower increases in prices, both paid and received, with readings of 37.9 and 18.1 units, respectively, from 48.5 and 31.6 observed in February.