21 March 2025,08:52
Weekly Outlook
21 March 2025, 08:52
The latest US S&P Global Manufacturing PMI for February 2025 rose to 52.7, the highest since June 2022, reflecting manufacturing expansion driven by a surge in new orders and output. The data was largely due to manufacturers preemptively increasing purchases in anticipation of tariffs under the new administration, alongside improved demand conditions. However, this growth came with rising input costs and output charge inflation, suggesting potential short-term pressures rather than sustained recovery, as noted in reports from CNBC and S&P Global. For the upcoming March 2025 release, a slight decline is expected to around 51.5-52.0, as the tariff-driven boost may fade with policy clarity or normalization, though the PMI should remain above 50, indicating continued expansion unless disrupted by significant external factors.
The latest U.S. Durable Goods Orders data for January 2025 showed a 3.1% month-over-month increase, rebounding from December’s 1.8% decline. The figure was driven primarily by a near doubling of non-defense aircraft orders after strike-related disruptions eased, though ex-transportation orders remained flat amid weakening consumer spending and tariff uncertainties. For the upcoming release, market expecting a modest decline or stagnation due to normalizing aircraft orders, rising tariff costs, softening consumer and business sentiment, and cooling labor, despite minor support from sectors like health care equipment.
The U.S. GDP for Q4 2024 grew at an annualized rate of 2.3% QoQ according to the BEA’s second estimate released on February 27, 2025. This marked a slowdown from Q3’s 3.1% growth and was driven by consumer and government spending while being tempered by declining investment and trade (both imports and exports fell 0.8%). The full-year growth reached 2.8% despite high interest rates though tariff concerns and a February consumer confidence dip to 98.3, hint at challenges ahead. For Q1 2025, a slowdown is expected given the Atlanta Fed’s -1.8% GDPNow estimate as of March 18, 2025, reflecting slowing consumer spending, trade uncertainty from Trump’s proposed 25% tariffs on Mexico.
On February 6, 2025, the Bank of England (BoE) lowered its interest Rate by 25 basis points, reducing it from 4.75% to 4.5%. The Monetary Policy Committee (MPC) voted 7-2 in favor of the cut, with two members pushing for a larger 50-basis-point reduction. The decision was driven by a weakening economy, with growth projections for 2025 revised downward from 1.5% to 0.75%, and inflation at 3.0% in January—above the BoE’s 2% target but expected to climb to 3.7% later in the year due to rising gas prices. The rate cut aimed to boost spending amid near-recessionary conditions, though Governor Andrew Bailey warned of ongoing challenges, including global risks like U.S. tariffs. Looking ahead, BoE is expected to keep rates at 4.5% amid ongoing inflation concerns from officials such as Huw Pill and Catherine Mann, signaling a cautious stance. However, if economic conditions deteriorate further or inflation declines more than expected, a 25-basis-point cut to 4.25% remains a possibility.
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