February 24, Monday

High-Level Voices:
• The final reading of the University of Michigan Consumer Confidence Index for February in the U.S. was 64.7, below the expected 67.8 and the previous value of 67.8.
• The preliminary S&P Global Services PMI for February in the U.S. was 49.7, falling short of the expected 53 and the prior 52.9.

Overall Sentiment:
• U.S. economic data has been setting off alarm bells in succession, leading to a reluctant but significant drop in U.S. stocks on Friday. Consumers expect prices to rise at a rate of 3.5% in the future-the highest level since 1995. The consumer confidence index came in below expectations, signaling weakening confidence in the economic outlook.
• Market sentiment has shifted sharply, with risk aversion heating up and the panic index climbing to its highest level in recent years.
Oil prices saw a steep decline.