Morgan Stanley Fixed-Global Macro Commentary March 5-106877777

MMarch5,202411:52PMGMTMorganStanley&Co.LLCUpdateGlobalMacroCommentaryGlobalMartinWTobias,CFA+1212761-6076+44207425-9781March5StrategistMartin.Tobias@morganstanley.com+1212761-2779USTsbull-flattenasriskappetitewavers;Techlossesdrive+44207425-1877indiceslower;Giltsbull-flattenbeforeUKfiscalstatement;Risk-MorganStanley&Co.Internationalplc+offemanates,JPYandCHFgain;CADweakensbeforeBoC;10y+8136836-8428CGBsrallyonsmallerChinafiscaldeficitguide;DXYat103.78(-DominicJKrummenacher+8523963-03030.1%);US10yat4.153%(-6.1bp).Strategist•USTdurationrallyextendsalongsideanunexpecteddropintheUSDominic.Krummenacher@morganstanley.comISMServicesEmploymentIndexintocontractionat48.0(C:51.4);thecurvebull-flattensamidstararewaverinriskappetite.MorganStanley&Co.LLC•AcutelossesinTechnologystocks(XLK:-2.46%)invokeconcernthatLenoyDujonthe21%rallyintheS&P500sinceOctober31hasbeguntoshowsignsofexhaustion.US/CanadaEconomistLenoy.Dujon@morganstanley.com•Giltsbull-flattenaheadoftheUKfiscalstatementannouncement,whereoureconomistscitedownsideriskstofiscalspaceandcautionMorganStanley&Co.Internationalplc+aboutthefiscaldragintheUKeconomythisyear.Marie-AnaisCFrancois•Asrisk-offsentimentemanates,safehavens(JPYandCHF)exhibitmildoutperformanceintheG10.StrategistMarie-Anais.Francois@morganstanley.com•CAD(-0.2%)flashesmodestweaknessagainstUSDaheadoft...