Canada's S&P Global Composite PMI for February was 47.1, compared to 46.4 in the previous month.

Key Economic Data and Events to Watch Today: Wednesday, March 4, 2026 ① 15:30 Switzerland February CPI (MoM) ② 16:50 France February Services PMI (Final) ③ 16:55 Germany February Services PMI (Final) ④ 17:00 Eurozone February Services PMI (Final) ⑤ 17:30 UK February Services PMI (Final) ⑥ 18:00 Eurozone January PPI (MoM) ⑦ 18:00 Eurozone January Unemployment Rate ⑧ 21:15 US February ADP Employment Change ⑨ 22:45 US February S&P Global Services PMI (Final) ⑩ 23:00 US February ISM Non-Manufacturing PMI ⑪ 23:30 US EIA Crude Oil Inventories for the Week Ending February 27 ⑫ 23:30 US EIA Cushing Crude Oil Inventories for the Week Ending February 27 ⑬ 23:30 US EIA Strategic Petroleum Reserves for the week ending February 27 ⑭ 23:30 Bank of Canada Governor Macklem participates in a fireside chat ⑮ 03:00 (next day) Federal Reserve releases its Beige Book on economic conditions

Domestic News: 1. Wang Yi spoke with Israeli Foreign Minister Sa'ar by phone. 2. The People's Bank of China injected a net 50 billion yuan into the market through open market operations in February. 3. Six departments, including the Ministry of Industry and Information Technology, issued guidelines on promoting the comprehensive utilization of photovoltaic modules. 4. The Shanghai International Energy Exchange adjusted the daily price limits and margin requirements for crude oil and other futures contracts. 5. Ministry of Foreign Affairs: Maintaining the safety of the Strait of Hormuz to prevent further impact on the global economy. 6. Will US actions against Iran affect China's oil supply? Ministry of Foreign Affairs: China will take measures to ensure energy security. 7. The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference will open at 3 pm on March 4 at the Great Hall of the People and close on the morning of March 11, lasting seven days. International News: 1. Trump said Spain lacked cooperation in its actions against Iran and that he would cut off trade with it. 2. Trump: After the 15% tariff deadline, we will gradually announce tariffs on different countries; we will raise tariffs on some countries. 3. Overnight Market Update – Spot gold plunged over $300, falling below the $5,000 mark, while silver fell as much as 10%. The South Korean won fell below 1,500 against the US dollar for the first time since March 2009. Brent crude surged as much as 9%, reaching $85 per barrel for the first time since July 2024, before ultimately closing up 4.3%. 4. Federal Reserve – ① Kashkari: With the shadow of war looming, the previously anticipated rate cut in 2026 is now uncertain. ② Williams: The Fed will have to consider the spillover effects of the Iran issue on foreign markets and trading partners. He still believes interest rates are slightly above the neutral rate. ③ Schmid: The only thing the Fed can do is continue to suppress inflation. 5. Energy Situation – ① Trump announced insurance for oil shipments at sea, and the Navy will escort ships through the Strait of Hormuz. ② Debris from an intercepting drone caused a fire at Fujairah, the UAE's main oil trading hub. ③ Iraq's oil storage facilities are nearing full capacity, forcing Iraq to cut production by more than 3 million barrels per day within days. ④ Saudi Aramco is exploring oil exports via the Red Sea. ⑤ Trump: Short-term oil price increases are tolerable; eliminating the Iranian threat is a priority. 6. Iran Situation— ① Iran claims to have destroyed two US THAAD systems. South Korean media: The US is considering transferring its THAAD and Patriot systems in South Korea to the Middle East. ② Due to continued missile attacks, foreign media reports that Saudi Arabia and the UAE are considering joining the fight against Iran. The UAE stated that it has not yet changed its defense plans. ③ Trump: Iran wants to negotiate now, but it's too late. The US military is well-equipped to support an indefinite war. ④ Foreign media reports that Israel has officially mobilized troops for a ground invasion of Lebanon. ⑤ The US Senate will vote on a "War Powers Resolution" on Wednesday, seeking to limit Trump's power to act against Iran. ⑥ Iran's ambassador to the UN: Iran has not yet contacted the US regarding possible peace negotiations. ⑦ Iranian opposition news website: Khamenei's son has been chosen as Iran's next Supreme Leader.