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.

Agricultural Products

1. [Palm Oil] Indonesia and the United States finalized a trade agreement, with the US reducing tariffs on exports from Southeast Asia's largest economy from 32% to 19%, while Indonesia secured tariff exemptions for its top export, palm oil, and several other commodities.

2. [Palm Oil] SPPOMA data shows that from February 1st to 20th, 2026, Malaysian palm oil yield per hectare decreased by 23.82% compared to the same period last month, while oil extraction rate increased by 0.3%, and production decreased by 22.24% compared to the same period last month.

3. [Palm Oil] Malaysian palm oil exports decreased by 8.9% from February 1st to 20th, with an estimated export volume of 863,358 metric tons.

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