Macroeconomics

1. [LPR] The People's Bank of China released the February Loan Prime Rate (LPR): The 5-year LPR is 3.5%, unchanged from the previous month. The 1-year LPR is 3%, unchanged from the previous month.

2. [US Tariffs] The US Supreme Court ruled that the Trump administration's large-scale tariffs under the International Emergency Economic Powers Act were illegal. Trump subsequently signed an executive order imposing a 10% ad valorem tariff on imported goods starting February 24th for 150 days, later raising the rate to 15%.

3. [US Tariffs] On February 23rd, US media reported that the US government is considering imposing a new round of tariffs on approximately six industries under the pretext of "national security." Sources indicate that the proposed tariffs may cover industries such as large batteries, cast iron and iron fittings, plastic pipes, industrial chemicals, and power grid and telecommunications equipment. These new tariffs will be implemented independently of the recently announced 15% global tariff measures.

4. [Eurozone PMI] The Eurozone's February Manufacturing PMI preliminary reading was 50.8, below the expected 50.0 and the final January reading of 49.5; the Services PMI preliminary reading was 51.8, below the expected 51.9 and the final January reading of 51.6; the Composite PMI preliminary reading was 51.9, below the expected 51.5 and the final January reading of 51.3.

5. [Japan PMI] Japan's February Manufacturing PMI preliminary reading was 52.8, compared to 51.5 previously; the Services PMI preliminary reading was 53.8, compared to 53.7 previously; the Composite PMI preliminary reading was 53.8, compared to 53.1 previously.

6. [India PMI] India's February Manufacturing PMI preliminary reading was 57.5, below the expected 56.2 and the previous reading of 55.4; the Services PMI preliminary reading was 58.4, below the expected 59 and the previous reading of 58.5; the Composite PMI preliminary reading was 59.3, in line with expectations and the previous reading of 58.4.

Rubber and Plastics

1. [ABS] Daqing Petrochemical's three ABS units have a combined capacity of 300,000 tons/year. Currently, the older unit (100,000 tons/year) is under maintenance and remains shut down, while the newer units are operating at over 50% capacity.

2. [Natural Rubber] Latest data shows that in January 2026, Thailand exported 214,000 tons of natural rubber (excluding compound rubber), a year-on-year decrease of 10%. Of this, standard rubber exports were 115,000 tons, a year-on-year decrease of 16%; smoked sheet rubber exports were 44,000 tons, a year-on-year increase of 26%; and latex exports were 53,000 tons, a year-on-year decrease of 18%.

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