Financial Markets Daily Report03 marzo 2026
Yesterday's session showed sharp risk-off moves amid escalating Middle East tensions, with volatility picking up across assets. Brent rose to $77/barrel (briefly touching $80 during the day) and European natural gas climbed to EUR 44/MWh. Equities sold-off in Asia (-1%) and the euro area (-2%), while US markets showed relative resilience. The US dollar strengthened, gold advanced, and sovereign yields moved higher globally as investors moved into safe-have assets.
On the macro front, the US ISM manufacturing index for February surprised to the upside at 52.4 (vs. 51.5 expected). However, the prices paid component jumped by 10 points, underscoring persistent inflationary pressures. In the euro area, inflation data is due today: last week, preliminary figures showed inflation stabilizing in Spain (see our take here).
Today, markets are likely to remain focused on developments in the Middle East. As of this morning, Brent crude has climbed back toward $80/barrel and natural gas to EUR 55/MWh, while the US dollar continues to strengthen.