Key Events Around the Globe: March 24

Japan Factory Activity Slows in March Amid Middle East-Driven Cost Surge

Japan’s private sector growth slowed in March as activity in both manufacturing and services lost momentum, while rising costs linked to the Middle East conflict added to pressure on businesses, according to data released on Tuesday. The S&P Global flash Japan Manufacturing Purchasing Managers’ Index (PMI) fell to 51.4 in March from 53.0 in February, below a forecast of 53.2, though it remained above the 50 threshold separating expansion from contraction.

Japan Cpi Cools to Near 4-Year Low in Feb, Core Inflation Falls Below Boj Target

Japan’s consumer price index inflation grew at its slowest pace in nearly four years in February amid continued government measures to ease high food and utility prices. Core CPI inflation also fell to a near four-year low, dropping below the Bank of Japan’s 2% annual target. Headline CPI inflation rose 1.3% year-on-year, its slowest pace since March 2022, government data showed on Tuesday. CPI cooled further from a 1.5% rise in the prior month.

Us Construction Spending Unexpectedly Falls in January

U.S. construction spending unexpectedly fell in January amid broad weakness in private projects, government data showed. The Commerce Department’s Census Bureau said on Monday that construction spending dropped 0.3% after an upwardly revised 0.8% jump in December, which was the largest increase since April 2024. Economists polled by Reuters had forecast construction spending would edge up 0.1%. Construction spending rose 1.0% on a year-over-year basis in January.