The Ifo Business Climate Index in Germany stood at 96.1 February 2020, little-changed from the previous month's revised figure of 96.0 and above market expectations of 95.3. The business expectations sub-index rose to 93.4 from 92.9 in January, while the gauge for current conditions dropped to 98.9 from 99.2. Across sectors, sentiment among manufacturers improved slightly (-1.3 vs -1.6), while a deterioration was seen in confidence among service providers (17.3 vs 18.8), traders (1.0 vs 2.2) and constructors (13.1 vs 13.5).

The US 10-year Treasury yield fell 10bps to 1.3705% Monday, after touching its lowest level since 2016 earlier in the session, as investors rushed for safe-haven assets following a spike in coronavirus cases outside China. The IMF's warning that the epidemic would put the fragile global economy recovery at risk also added to concerns.

The Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas rose to 1.2 in February 2020 from -0.2 in the previous month, but below market expectations of 11.8. Still, it is the highest reading since September, as the production index, a key measure of state manufacturing conditions, increased 6 points to 16.4, suggesting stronger output growth than last month. Other measures of manufacturing activity pointed to continued expansion in February, though demand growth decelerated: new orders (8.4 vs 17.6); growth rate of orders (3.6 vs 6.1); capacity utilization (11.3 vs 11.5) and shipments (8.5 vs 8.6). The company outlook index ticked up to 3.6; and the index measuring uncertainty regarding companies’ outlooks moved up 8 points to 11.0 after receding in the prior two months. Labor market measures suggested flat employment levels and slightly longer workweeks this month.

The Chicago Fed National Activity Index increased to -0.25 in January of 2020 from a revised -0.51 in the previous month, and compared to market expectations of -0.92. Production-related indicators contributed -0.23 to the CFNAI in January, up from -0.34 in December while the contribution of the sales, orders, and inventories category to the index moved up to -0.02 from -0.06 in December. In addition, employment-related indicators contributed -0.03 to the CFNAI in January, up from -0.12 in December, while the contribution of the personal consumption and housing category to the index edged up to +0.03 from a flat reading in the previous month.

Taiwan's economy advanced 3.31 percent year-on-year in the last quarter of 2019, following an upwardly revised 3.03 percent growth in the previous quarter, but slightly below the preliminary reading of 3.38 percent. It was the strongest expansion since the second quarter of 2018, as government consumption advanced faster (2.89 percent vs 1.68 percent in Q3). Meanwhile, household consumption rose less (1.75 percent vs 2.02 percent) while gross fixed capital formation increased at a much softer pace (0.97 percent vs 7.93 percent). Regarding net trade, exports rose 1.33 percent (vs 2.46 percent in Q3) while imports went up 0.12 percent (vs 3.61 percent in Q3). On a seasonally adjusted quarterly basis, the economy grew 1.65 percent, following a 0.86 percent rise in the prior quarter. For the whole 2019, the GDP advanced 2.71 percent, slightly below 2.75 percent in the previous year. For 2020, it is projected to grow by 2.73 percent.

The economy of Nigeria advanced 2.55% year-on-year in the fourth quarter of 2019 compared to an upwardly revised 2.28% rise in the previous period. It was the strongest expansion since the third quarter of 2015, mainly driven by the oil sector (6.36% vs 6.49% in Q3), amid higher crude oil production (2.00 million barrels per day, up from 1.91 mbpd in the same period a year earlier) and more favourable prices. The non-oil sector increased 2.26%, quickening from a downwardly revised 1.84% advance in the prior period, boosted by telecommunications & information services (10.26% vs 12.16% in Q3), crop production (2.52% vs 2.41%), financial services (22.33% vs 0.61%) and manufacturing (1.24% vs 1.10%). On a quarterly basis, the GDP grew 5.59%, following a 9.23% expansion in the previous period. In 2019, the economy expanded 2.27%, the most since 2015, and compared to 1.98% in 2018.

The manufacturing confidence index in Turkey increased to 106.9 in February 2020, the highest since May 2018, boosted by an improvement in expectations over the next three months regarding output (127.9 vs 116.9), employment (108.9 vs 106.5) and export orders (126.6 vs 117.5). In addition, the gauge measuring fixed investment expenditure rose to 105.9 from 103.4 in January, while the index for general business situation dropped to 103.4 from 108.5.

The central bank of Israel left its benchmark interest rate steady at 0.25 percent on February 24th, in line with market expectations. The Bank noted the year-on-year inflation is likely to be negative in the coming months, although it is expected to move back toward the lower bound of the target range in the second half of the year. Policymakers also added that Israel’s economic activity continued to grow at around its long-term growth rate.

Wholesale sales in Canada rose 0.9 percent over a month earlier in December 2019, rebounding from a downwardly revised 1.1 percent fall in the previous month and beating market expectations of a 0.5 percent gain. Sales went up in the motor vehicle and motor vehicle parts & accessories subsector (1.9 percent), namely motor vehicle (+3 percent); miscellaneous (2.5 percent), of which other miscellaneous (+6.1 percent) and agricultural supplies (+4.8 percent); food, beverages & tobacco (1.4 percent); and building materials & supplies (0.9 percent). Meanwhile, sales dropped for personal & household goods (-0.2 percent); machinery, equipment & supplies (-0.3 percent); and farm (-6.1 percent). Year-on-year, wholesale trade increased 1.5 percent. On a quarterly basis, sales fell 1.5 percent compared to the previous period. Considering full 2019, wholesale trade advanced 2.3 percent, easing from a 3.7 percent gain in 2018, marking the 10th consecutive yearly increase and the softest since 2013.