Key points

• Reports of possible contacts between Iran and the United States lift financial markets after two days of sharp declines.

• President Trump offers insurance and military escort for ships transiting the Strait of Hormuz.

• U.S. private job creation showed improvement in February.

• China’s manufacturing and services sectors remain in contraction territory for a second consecutive month.

• The private sector raises Mexico’s 2026 growth forecast to 1.46%.

• Later today, the U.S. February ISM services index will be released (9 a.m.), followed by the Federal Reserve’s Beige Book (1 p.m.).