NEW YORK, March 2 ― A global equity index scaled a record high while Treasury yields fell sharply yesterday after weak US economic data and comments from Federal Reserve officials bolstered expectations for interest rate cuts later this year.

The Institute for Supply Management (ISM) said its manufacturing PMI fell to 47.8 last month from 49.1 in January, the 16th straight month that the PMI remained below 50. This indicates contraction in manufacturing.