Key Events Around the Globe: March 04

China Factory Activity Contracts in Feb; Private Gauge Shows Broad Expansion

China’s official factory activity remained in contraction in February, even as private-sector surveys pointed to a sharp rebound in manufacturing and services. The official manufacturing PMI slipped to 49.0 in February from 49.3 in January, missing expectations of 49.2 and remaining below the 50-mark that separates growth from contraction, data from the National Bureau of Statistics showed on Wednesday. The non-manufacturing PMI, which covers services and construction, edged up to 49.5 from 49.4 a month earlier but fell short of forecasts for 49.7.

Australia GDP Hits 3-Year High in Q4, Grows More Than Expected

Australia’s economy grew at its fastest pace in three years in the fourth quarter of 2025, aided by steady private demand and by increased government spending on infrastructureand defence.

Gross domestic product grew 2.6% year-on-year in the three months to December 31, data from the Australian Bureau of Statistics showed on Wednesday. The print was higher than expectations that growth would remain steady at the 2.1% seen in the prior quarter. GDP grew 0.8% quarter-on quarter, more than expectations of 0.7%.

Japan’s Services Activity Hits Nearly Two-Year High, PMI Shows

Japan’s services sector expanded in February at its quickest pace in nearly two years, driven by a surge in business activity due to improving demand and acceleration in new work, a private survey showed on Wednesday. The S&P Global final Japan Services Purchasing Managers’ Index (PMI) edged up to 53.8 in February from 53.7 in January, marking the 11th consecutive month of expansion. The rate of expansion was the best recorded since May 2024.

US Crude Oil Inventories Rise, But Fall Short of Expectations

The American Petroleum Institute (API) has released its latest figures on U.S. crude oil inventories, revealing a notable increase. The latest data shows that crude stockpiles rose by 5.6 million barrels. This figure, while indicative of a rise in inventories, fell short of the forecasted increase of 2.2 million barrels.

The discrepancy between the actual and forecasted figures suggests a more complex picture of U.S. petroleum demand. Typically, a larger-than-expected increase in crude inventories implies weaker demand, which could exert bearish pressure on crude prices. However, the actual increase was significantly lower than the previous week’s substantial rise of 11.4 million barrels, suggesting a potential shift in market dynamics or consumption patterns.

Us Stocks Sell Off As Iran War Concerns Deepen

A selloff in US stocks deepened on Tuesday, as widening conflict in the Middle East drove energy prices higher and raised investor concern about inflation. The Dow Jones Industrial Average (DJI) fell 721.62 points, or 1.47%, to 48,185.13, the S&P 500 (SPX) fell 95.67 points, or 1.40%, to 6,785.40 and the Nasdaq Composite (IXIC) fell 338.16 points, or 1.49%, to 22,412.21.

Source: HSL Prime Daily, 04 March 2026