Scoreboard: Feeling Beige

Wall Street was flat despite an upbeat Beige Book, while oil prices fell as Russia-Ukraine tensions eased.

Following all the excitement of the last couple of sessions, last night’s moves were comparatively tame, with the biggest moves on crude. News flow was OK -- mixed in some places, with the non-manufacturing ISM falling 2.4 percentage points to 51.6 per cent in February, driven by a large 8.9 percentage point fall in employment. Similarly, the ADP employment report suggests US jobs growth was weaker-than-expected in February, rising 139,000 when 155,000 was expected, although this is an improvement from the previous month’s 127,000 gain.

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