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Non-Manufacturing PMI

The Institute of Supply Management will be releasing its survey results on non-manufacturing or services activity this week. The data covers the month of February. Investors expect a modest decline in the index.

After rising to 55.5 in January, the non-manufacturing index is forecast to dip slightly to 55.1 in February.

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The forecasts remain consistent with the view that global economic activity is indeed taking a hit due to the virus outbreak. However, it is hard to forecast accurately on the actual impact.

Taking cues from the manufacturing and non-manufacturing reports from China over the last weekend, it was a sobering reading. Both counts of the indexes fell to multi-year all-time lows. This was even worse than the time during the financial crisis. Therefore, markets are likely prepared for a disappointing reading.

In February, both manufacturing and non-manufacturing activity showed strong res...

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