February reflected diverging dynamics across major economies

In Canada, wage gains and uneven sectoral performance shaped a still‑fragile backdrop.

In the United States, labour‑market resilience contrasted with cooling consumption, keeping policy expectations finely balanced.

Europe saw steadier growth as services offset manufacturing softness, while the United Kingdom faced weakening payrolls despite ongoing disinflation.

In China, softer prices and subdued consumer demand underscored a fragile recovery even as external trade remained a key support.

Meanwhile, ocean freight rates fell sharply as excess capacity and post‑holiday weakness pressured global shipping markets.