US equities sold off last week as the Middle East escalation impacted markets. Oil prices surged in response to potential supply disruption in the Strait of Hormuz. The dollar strengthened as investors moved towards safe havens. On the macro front, the ISM Services PMI came in at 56.1, its highest level since November 2022. Nonfarm payrolls data released on Friday showed that the US economy lost 92k jobs in February, with the unemployment rate ticking up to 4.4%.

Eurozone manufacturing strengthened, with the HCOB PMI rising to 50.8, its highest level in nearly four years. Inflation unexpectedly edged up to 1.9% in February, slightly above forecasts but still under the ECB’s 2% target. Unemployment fell to a record low of…