Highlights:

• Perhaps paradoxically, February’s market turmoil was a response to signs that the global economy is reducing slack.

• US employment and wage indicators led investors to take a more “inflationist” view, with a rise in yields pre-empting future Fed tightening.

• Price pressures in Europe also appear to be picking up, with PMIs pointing to stronger economic growth in Q1 2018.

• The Chinese economy appears to be stuck in neutral, with mixed PMIs and inflation falling to 1.5% year-on-year.

• The Australian economy continues to improve, but wages growth remains subdued and the RBA is unlikely to raise rates in the near term.

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