Guardian Weekly Market Report – Issue 158

Reports of Note Due This Week

The latest jobs reports will be released with the non-farm jobs report Friday along with the unemployment rate, ADP employment and the weekly jobless claims. Reports on S&P and ISM manufacturing PMI’s and services PMI’s, construction spending, updates on consumer credit levels as well as factory orders.  President Donald Trump will give his first address to a joint session of Congress on Tuesday evening and tariffs are due to be initiated on march 4th.

• Monday, Mar 3 – 9:45 A.M. S&P final U.S. manufacturing PMI, 10:00 A.M. Construction spending and ISM manufacturing.
• Tuesday Mar 4 – none scheduled.
• Wednesday Mar 5 – 8:15 A.M. ADP employment expected at 143,000 versus last months 183,000, 9:45 A.M. S&P final U.S. services PMI, 10:00 A.M. Factory orders and ISM services. 2.00 P.M. Fed Beige Book.
• Thursday Mar 6 – 8:30 A.M. the Weekly Initial Jobless Claims expected at 243.000 versus last weeks 242,000, U.S. productivity (final) and U.S. trade deficit. 10.00 A.M. Wholesale inventories.
• Friday Mar 7 – 8:30 A.M. U.S. jobs report, U.S. unemployment rate and hourly wages. 12:30 P.M. Fed Chair Jerome Powell speaks.

Geopolitics

North Korea has reportedly sent additional troops to assist Russian forces in the Kursk region of Russia, where fighting with Ukrainian troops is ongoing. This deployment adds to the over 11,000 North Korean troops already reported to be participating in the conflict in Ukraine, according to South Korea’s National Intelligence Service. This information comes amid claims of North Korea’s military support to Russia in the war, a claim North Korea has yet to formally acknowledge.

The recent Oval Office confrontation between President Donald Trump and Ukraine’s President Volodymyr Zelenskyy has significantly strained trans-Atlantic relations, historically built over 80 years. This rift was deepened by Trump’s criticisms of Zelenskyy, contrasting with strong support for the Ukrainian leader from European figures. European leaders have publicly backed Zelenskyy, emphasizing Ukraine’s role in defending European security. This situation highlights a potential shift towards European strategic autonomy, questioned especially in light of Trump’s approach to international relations and European defense capabilities.

Ukrainian President Volodymyr Zelenskyy, after a heated meeting with President Donald Trump and Vice President JD Vance, expressed optimism about mending U.S. relations. He confirmed readiness to sign a deal granting the U.S. access to Ukraine’s rare-earth minerals and emphasized the need for private diplomatic conversations going forward. He remains committed to dialogue with the U.S. while defending Ukraine’s position and actions in the ongoing conflict with Russia.

A U.S. aircraft carrier has docked in Busan, South Korea, signaling a reinforced U.S.-South Korea military alliance amidst ongoing North Korean threats. This deployment, the first since June, comes after North Korea’s recent missile tests, which they claim demonstrate their counterattack capabilities. This military maneuver by the U.S. is likely to provoke North Korea, which perceives such U.S. military activities as significant threats. Amidst these tensions, North Korea continues to enhance its military readiness and nuclear capabilities.