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During the month of February 2024, the global economy moderated. The favorable effects on consumer spending resulting from labor market tensions are starting to dissipate, while the tightening of monetary policy continues to transmit to the economy. Core inflation continued to decline, but this trend could slow down in the face of persistent and above-average wage growth. Overall, the risks to economic growth and inflation remain tilted to the downside. Growth could be weaker if the effects of monetary policy and the prolongation of wars in Ukraine and the Middle East prove to be more pronounced than anticipated.

Regarding the commodity market, we observed a decrease in the price of copper, reflecting the slowdown in the Chinese economy. In fact, the Chinese manufacturing PMI remained stagnant at around 49 points at the end of February 2024. Values below 50 points indicate a contraction in industrial and manufacturing activity in China. Additionally, cobalt prices experienced a slight downward trend in February 2024. However, crude oil prices increased, primarily due to tensions in the Red Sea maritime route. On the other hand, gold prices exhibited a downward trend.