Friday, March 09, 2012 5:30:22 AM TradeTheNews.com European Market Update: ISDA again asked to rule on whether a Greek default occurred; US Payroll data moves into focus***Economic Data***
- (EU) ECB: €575M borrowed in overnight loan facility v €25M prior; €800.6B parked in deposit facility vs. €807.0B prior
- (FI) Finland Jan Industrial Production M/M: -4.9% v -0.5%e; Y/Y: -5.2% v 2.5%e
- (FI) Finland Jan Preliminary Trade Balance: -180M v -€533M prior
- (DE) Germany Jan Current Account: €8.0B v €10.4Be; Trade Balance: €13.1B v €13.0Be; Exports M/M: 2.3% v 2.0%e; Imports M/M: 2.4% v 1.5%e
- (DE) Germany Feb Final Consumer Price Index M/M: 0.7% v 0.7%e; Y/Y: 2.3% v 2.3%e
- (DE) Germany Feb Final CPI EU Harmonized M/M: 0.9% v 0.9%e; Y/Y: 2.5% v 2.5%e
- (DE) Germany Q4 Labor Costs Q/Q: +1.1 v -1.0% prior; Y/Y: 3.3 v 2.9% prior
- (FR) France Jan Industrial Production M/M: 0.3% v 0.5%e; Y/Y: -1.5% v -1.1%e - (FR) France Jan Manufacturing Production M/M: 0.2% v 0.5%e; Y/Y: -1.2% v -0.5%e
- (FR) France Jan Central Govt. Balance: -€12.5B v -€9.0Be
- (ES) Spain Jan Real Retail Sales Y/Y: -4.8% v -6.2% prior; Adj Real Retail Sales Y/Y: -6.0% v -5.5%e
- (CZ) Czech Q4 Avg Real Wage Y/Y: -0.4% v +0.6% prior
- (CZ) Czech Feb CPI M/M: 0.2% v 0.2%e; Y/Y: 3.7% v 3.6%e
- (CZ) Czech Q4 Final GDP Q/Q: -0.1% v -0.3% prelim; Y/Y: 0.6% v 0.5% prelim
- (HU) Hungary Q4 Final GDP Q/Q: 0.3% v 0.3% prelim; Y/Y: 1.4% v 1.4% prelim
- (HU) Hungary Jan Trade Balance: €423.5M v €402.0Me
- (CN) China Feb New Yuan Loans (CNY): 710B v 750.0Be - (CN) China Feb M2 Money Supply Y/Y: 13.0% v 12.7%e; M1 Money Supply Y/Y: 4.3% v 6.1%e; Mo Money Supply Y/Y: 8.8%e v 3.0% prior
- (SE) Sweden Jan Industrial Production M/M: 3.6% v 0.3%e; Y/Y: 2.1% v 1.2%e
- (SE) Sweden Jan Industrial Orders M/M: -0.1% v +8.6% prior; Y/Y: -1.2% v 0.0%e
- (AT) Austria WIFO Q4 Final GDP Q/Q: -0.1% vs. +0.2% prior; Y/Y: +1.6%
- (NO) Norway Feb CPI M/M: 1.0% v 0.7%e; Y/Y: 1.2% v 0.9%e
- (NO) Norway Feb CPI Underlying M/M:0.7% v 0.6%e; Y/Y: 1.3% v 1.2%e
- (NO) Norway Feb Producer Prices incl.Oil M/M: 1.0% v 2.2% prior; Y/Y: 7.6% v 7.9% prior
- (IT) Italy Jan Industrial Production M/M: -2.5% v -1.1%e; Y/Y: -2.1% v 7.7% prior; Industrial Production wda Y/Y: -5.0% v -1.5%e
- (PH) Philippines Jan M3 Money Supply Y/Y: 7.2% v 6.3% prior
- (UK) Feb BoE/GfK Inflation Expectations Survey Next 12 Months: 3.5% v 4.1% prior
- (UK) Jan Industrial Production M/M: -0.4% v +0.3%e; Y/Y: -3.8% v -3.1%e; (Largest decline since Dec 2009) - (UK) Jan Manufacturing Production M/M: 0.1% v 0.3%e; Y/Y: 0.3% v 0.2%e
- (UK) Feb PPI Input M/M: 2.1% V 1.0%e; Y/Y: 7.3% V 7.0%e
- (UK) Feb PPI Output M/M: 0.6% V 0.3%e; Y/Y: 4.1% V 3.9%e
- (UK) Feb PPI Output Core M/M: 0.5% V 0.1%e; Y/Y: 3.0% V 2.5%e
- (GR) Greece Feb Consumer Price Index Y/Y: 2.1% v 2.3% prior; CPI EU Harmonized Y/Y: 1.7% v 2.1% prior
- (GR) Greece Q4 Final GDP Y/Y: -7.5% v -7.0% prelim
(MA) Malaysia Central Bank leaves Overnight Rate unchanged at 3.00%; as expected
Fixed Income:
- (IN) India sold total INR120B vs. INR120B indicated in 2018, 2021 and 2041 bonds
- (ZA) South Africa sold total ZAR800M in 2017, 2022 and 2028 I/L Bonds
*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
***Notes/Observations***
- Greece Govt stated that participation in PSI at 85.8%
- Some hedge funds could use legal maneuver to trigger Greek default and force it to repay €3B of its debt in full
- IDSA again asked to rule whether CDS should be triggered
- Greece Q4 final GDP -7.5% vs. -7.0% prelim
- Australia trade balance swings back to deficit for first time in eight months.
- China CPI comes in softer than expected.
- China industrial production falls to summer 2009
- UK Industrial Production weakest since Dec 2009
. Equities:
FTSE 100 -0.10% at 5856, DAX +0.20% at 6847, CAC-40 -0.10% at 3,475, IBEX-35 -0.40% at 8,275, FTSE MIB -0.90% at 16,519
- European equity indices opened the session slightly higher after Greece announced the participation rate for the PSI debt swap. As of the time of writing, most indices have moved off of the session best levels, amid the underperformance of Spanish and Italian equities. European banks are currently trading mixed. Most Spanish banks are trading lower, while French banks are slightly higher.
- In individual movers, German industrial gases name Linde [LIN.DE] has gained over 3% after reporting Q4 results and issuing guidance. In the UK, the London Stock Exchange [LSE.UK] is higher by more than 7%, as the company announced a bid to take majority control of clearing house, LCH. Clearnet. Aggreko [AGK.UK] is higher by more than 1% after reporting results, while Old Mutual [OML.UK] is gaining approx 1.5%, following the release of its earnings report. In France, Lagardere [MMB.FR] has lost over 7%, after reporting weaker than expected FY11 earnings.
Speakers: - the Greek Govt formally announced the results of the PSI debt swap with participation at 85.8% and climbing to almost 96% after the collective action clauses (CACs) were implemented. Greek Foreign law bond participation rate was 69%. The govt etended invitation under non-Greek law issued by State companies until March 23rd (21:00 GMT) and extended settlement date for Foreign Law bonds to April 11th
- Institute of International Finance (IIF) commented after the formal Greek PSI results were announced that the results were reached through cooperation and good faith discussions. IIF added that the new bailout program would give Greece some room to implement reforms and paved the way for the country to return to market access
- Greece Fin Min Venizelos commented that any activation of CDS was not a concern for the Greek economy
- German Ministry of Finance (MOF) welcomed the high voluntary participation in Greek PSI debt swap but added it was awaiting the Troika assessment of deal and Greece's prior actions. Germany noted that EU finance ministers to debate further action in tele-conference call scheduled later today (13:00 GMT)
- German Econ Min Roesler commented that now was the time for Greece to overhaul its economy
- France Fin Min Barion commented that the PSI allowed the debt swap remaining voluntary
- Italy Dep Finance Minister Grilli commented that the Greek debt swap was a success. He also noted that PM Monti's reforms would not be undone by a new government and would focus on implementation of reforms
- Germany BDB Banking Group stated that the Greek PSI bond swap participation rate was "good news" and that the operation bought Greece time and that conditions were met for EU to approve 2nd tranche of Greek bailout.
- EU Parliamentary chief commented that Greece now needed a growth initiative.
- EU Commission to send delegates to Spain to investigate and review its 2011 deficit after having doubts about Spain's deficit numbers. The article did note that Spain PM Rajoy did warned after taking over power that Spain would overshoot its 6% deficit target by a wide margin. The 2011 deficit was eventually calculated at 8.51% of GDP vs. 6.0% target
- Sweden Finance Min Borg commented that the 'significant' slowdown in domestic spending that has been witnessed should gradually ease. He reiterated that Sweden had relatively strong finances and that its yields should long-term be on par or below Germany.
- Norway Trade Min commented that it was concerned about strong NOK currency but it could live with short-term fluctuations and added that the country's oil-linked exports doing very well.
- Ireland PM Kenny commented the financial, employment situation had stabilized, but had a "very long way" to go in recovery
- Former PBoC official Wu Xiaoling commented that China 2012 inflation could be kept under 4.0% and left room for fuel and resource price reforms. The official noted that China's official 4% inflation target did take into account higher oil prices. Banks might need to absorb some losses on local govt debt but added the local government debt risks were controllable.
- Thailand Central Bank commented that the THB currency volatility had risen recently but would not take action at this time. The central bank did reiterate its plan to increase capital outflows
Currencies:
- The EUR/USD entered the European session in a profit-taking news following the official announcement of the Greek PSI participation rate. The pair tested 1.3278 during Asian but slipped to test below 1.3215 during the European morning. Dealer are eyeing the ISDA meeting scheduled for 8:00 ET (13:00 GMT) as the panel was again asked a question whether a credit event has occur. The Ecofin will also hold a conference call on Greece during the NY morning. The US payroll data is highly anticipated event as well.
- The GBP was softer after weaker-than-expected Industrial Production data which saw the lowest YoY reading since Dec 2009. The GBP/USD was below 1.5860 after the data and off 60 pips from the Far East open.
- The JPY was mixed among the major pairs with USD/JPY again probing 9-month highs while the yen was firmer against its European peers.
Political/ In the Papers:
- The Telegraph's Ambrose Evans-Pritchard believes that the handling of the Greek debt crisis has hurt the integrity of the global bond markets, as contagion remains a risk in the EU. Portugal, Spain and Italy could still be vulnerable because investors could be wary of buying certain peripheral debt due to the impression left on bond buyers from the Greek PSI. Some analysts have suggested that investors have doubts about the EU pledges related to Greece being an isolated case. In terms of the fiscal situation in Portugal, Nomura analyst Dimitris Drakopoulos said that the country's government had used "fiscal engineering" in 2011 to help improve its deficit figures by using its pension funds.
- Following the 2,500 job cut announced by Allied Irish Banks, the Irish press reported that the financial sector jobs cuts are now expected to hit 12,000. The Irish Banking Officials Association spokesperson Seamus Sheils said, "When this crisis started we suggested that as many as 10,000 jobs could go, and it gives us no satisfaction to say that suggestion is closer to fulfillment every day. We now fear significantly more than that will be lost - it could be 12,000". During the past three and a half year (including the 2,500 job cuts) there have been over 10k redundancies announced across the financial sector.
***Looking Ahead***
- (CO) Colombia Monetary Policy Minutes
- 6:00 (IC) Iceland to sell Bonds
- 6:00 (PT) Portugal Jan Construction Works Index: No est v 59.9 prior
- 6:00 (PT) Portugal Q4 Final GDP Q/Q: -1.3%e v -1.3% prelim; Y/Y: -2.7%e v -2.7% prelim
- 6:10 (UK) DMO to sell Bills.
- 6:30 (GR) European Finance Ministers to hold Greek tele-conference call
- 6:30 (IN) India Forex Reserves
- 6:30 (ZA) South Africa to sell I/L Bonds
- 7:00 (CA) Canada Feb Net Change in Employment: No est v +2.3K prior; Unemployment Rate: No est v 7.6% prior
- 7:00 (BR) Brazil Feb IBGE Inflation IPCA M/M: 0.5%e v 0.6% prior; Y/Y: 5.9%e v 6.2% prior
- 8:00 (GR) ISDA Committee to meet on PSI to determine whether a credit event occurred
- 8:00 Germany Finance Ministry to hold press conference on Greece
- 8:30 (CA) Canada Q4 Labor Productivity Q/Q: 0.6%e v 0.4% prior
- 8:30 (CA) Canada Jan Int'l Merchandise Trade: C$2.0Be v C$2.7B prior
- 8:30 (US) Jan Trade Balance: -$49.0Be v -$48.8B prior - 8:30 (US) Feb Change in Nonfarm Payrolls: 210Ke v 243K prior; Change in Private Payrolls: 225Ke v 257K prior; Change in Manufacturing Payrolls: 23Ke v 50K prior
- 8:30 (US) Feb Unemployment Rate: 8.3%e v 8.3% prior; Underemployment Rate: No est v 15.1% prior
- 8:30 (US) Feb Avg Hourly Earning M/M: 0.2%e v 0.2% prior; Avg Weekly Hours: 34.5 v 34.5 prior
- 10:00 (US) Jan Wholesale Inventories: 0.6%e v 1.0% prior
- 10:00 (UK) Feb NIESR GDP Estimate: No est v -0.2% prior
- 10:00 (MX) Mexico Jan Final Trade Balance: +$160.0Me v -$287.2M prelim
- 11:00 (DE) German Chancellor Merkelholds State election rally in ST. Wendel
- 15:00 (AR)Argentina Q4 Quarterly GDP: 7.3%e v 9.3% prior
- 16:00 (CO) Colombia Feb Producer Price Index M/M: No est v -0.5% prior; Y/Y: No est v 3.8% prior
- MAR (CN) China Feb Trade Balance:-$ v -$10.0Be v $27.3B prior; Exports Y/Y: +29.5%e v -0.5% prior; Imports Y/Y: +31.7%e v -15.3% prior
Speakers/Events
09-11 MAR (UK) Liberal Democrat Spring Conference
09-10 MAR (EU) EU Foreign Ministers meet in Copenhagen
Weekend
Sat:
- (US) Republican Kansas Caucus
- (SL) Slovakia Parliamentary Election
Sun:
- (GR) Greek Private Creditors' Swap Transactions
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Friday, March 09, 2012 5:30:22 AM TradeTheNews.com European Market Update: ISDA again asked to rule on whether a Greek default occurred; US Payroll data moves into focus***Economic Data***
- (EU) ECB: €575M borrowed in overnight loan facility v €25M prior; €800.6B parked in deposit facility vs. €807.0B prior
- (FI) Finland Jan Industrial Production M/M: -4.9% v -0.5%e; Y/Y: -5.2% v 2.5%e
- (FI) Finland Jan Preliminary Trade Balance: -180M v -€533M prior
- (DE) Germany Jan Current Account: €8.0B v €10.4Be; Trade Balance: €13.1B v €13.0Be; Exports M/M: 2.3% v 2.0%e; Imports M/M: 2.4% v 1.5%e
- (DE) Germany Feb Final Consumer Price Index M/M: 0.7% v 0.7%e; Y/Y: 2.3% v 2.3%e
- (DE) Germany Feb Final CPI EU Harmonized M/M: 0.9% v 0.9%e; Y/Y: 2.5% v 2.5%e
- (DE) Germany Q4 Labor Costs Q/Q: +1.1 v -1.0% prior; Y/Y: 3.3 v 2.9% prior
- (FR) France Jan Industrial Production M/M: 0.3% v 0.5%e; Y/Y: -1.5% v -1.1%e - (FR) France Jan Manufacturing Production M/M: 0.2% v 0.5%e; Y/Y: -1.2% v -0.5%e
- (FR) France Jan Central Govt. Balance: -€12.5B v -€9.0Be
- (ES) Spain Jan Real Retail Sales Y/Y: -4.8% v -6.2% prior; Adj Real Retail Sales Y/Y: -6.0% v -5.5%e
- (CZ) Czech Q4 Avg Real Wage Y/Y: -0.4% v +0.6% prior
- (CZ) Czech Feb CPI M/M: 0.2% v 0.2%e; Y/Y: 3.7% v 3.6%e
- (CZ) Czech Q4 Final GDP Q/Q: -0.1% v -0.3% prelim; Y/Y: 0.6% v 0.5% prelim
- (HU) Hungary Q4 Final GDP Q/Q: 0.3% v 0.3% prelim; Y/Y: 1.4% v 1.4% prelim
- (HU) Hungary Jan Trade Balance: €423.5M v €402.0Me
- (CN) China Feb New Yuan Loans (CNY): 710B v 750.0Be - (CN) China Feb M2 Money Supply Y/Y: 13.0% v 12.7%e; M1 Money Supply Y/Y: 4.3% v 6.1%e; Mo Money Supply Y/Y: 8.8%e v 3.0% prior
- (SE) Sweden Jan Industrial Production M/M: 3.6% v 0.3%e; Y/Y: 2.1% v 1.2%e
- (SE) Sweden Jan Industrial Orders M/M: -0.1% v +8.6% prior; Y/Y: -1.2% v 0.0%e
- (AT) Austria WIFO Q4 Final GDP Q/Q: -0.1% vs. +0.2% prior; Y/Y: +1.6%
- (NO) Norway Feb CPI M/M: 1.0% v 0.7%e; Y/Y: 1.2% v 0.9%e
- (NO) Norway Feb CPI Underlying M/M:0.7% v 0.6%e; Y/Y: 1.3% v 1.2%e
- (NO) Norway Feb Producer Prices incl.Oil M/M: 1.0% v 2.2% prior; Y/Y: 7.6% v 7.9% prior
- (IT) Italy Jan Industrial Production M/M: -2.5% v -1.1%e; Y/Y: -2.1% v 7.7% prior; Industrial Production wda Y/Y: -5.0% v -1.5%e
- (PH) Philippines Jan M3 Money Supply Y/Y: 7.2% v 6.3% prior
- (UK) Feb BoE/GfK Inflation Expectations Survey Next 12 Months: 3.5% v 4.1% prior
- (UK) Jan Industrial Production M/M: -0.4% v +0.3%e; Y/Y: -3.8% v -3.1%e; (Largest decline since Dec 2009) - (UK) Jan Manufacturing Production M/M: 0.1% v 0.3%e; Y/Y: 0.3% v 0.2%e
- (UK) Feb PPI Input M/M: 2.1% V 1.0%e; Y/Y: 7.3% V 7.0%e
- (UK) Feb PPI Output M/M: 0.6% V 0.3%e; Y/Y: 4.1% V 3.9%e
- (UK) Feb PPI Output Core M/M: 0.5% V 0.1%e; Y/Y: 3.0% V 2.5%e
- (GR) Greece Feb Consumer Price Index Y/Y: 2.1% v 2.3% prior; CPI EU Harmonized Y/Y: 1.7% v 2.1% prior
- (GR) Greece Q4 Final GDP Y/Y: -7.5% v -7.0% prelim
(MA) Malaysia Central Bank leaves Overnight Rate unchanged at 3.00%; as expected
Fixed Income:
- (IN) India sold total INR120B vs. INR120B indicated in 2018, 2021 and 2041 bonds
- (ZA) South Africa sold total ZAR800M in 2017, 2022 and 2028 I/L Bonds
*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
***Notes/Observations***
- Greece Govt stated that participation in PSI at 85.8%
- Some hedge funds could use legal maneuver to trigger Greek default and force it to repay €3B of its debt in full
- IDSA again asked to rule whether CDS should be triggered
- Greece Q4 final GDP -7.5% vs. -7.0% prelim
- Australia trade balance swings back to deficit for first time in eight months.
- China CPI comes in softer than expected.
- China industrial production falls to summer 2009
- UK Industrial Production weakest since Dec 2009
. Equities:
FTSE 100 -0.10% at 5856, DAX +0.20% at 6847, CAC-40 -0.10% at 3,475, IBEX-35 -0.40% at 8,275, FTSE MIB -0.90% at 16,519
- European equity indices opened the session slightly higher after Greece announced the participation rate for the PSI debt swap. As of the time of writing, most indices have moved off of the session best levels, amid the underperformance of Spanish and Italian equities. European banks are currently trading mixed. Most Spanish banks are trading lower, while French banks are slightly higher.
- In individual movers, German industrial gases name Linde [LIN.DE] has gained over 3% after reporting Q4 results and issuing guidance. In the UK, the London Stock Exchange [LSE.UK] is higher by more than 7%, as the company announced a bid to take majority control of clearing house, LCH. Clearnet. Aggreko [AGK.UK] is higher by more than 1% after reporting results, while Old Mutual [OML.UK] is gaining approx 1.5%, following the release of its earnings report. In France, Lagardere [MMB.FR] has lost over 7%, after reporting weaker than expected FY11 earnings.
Speakers: - the Greek Govt formally announced the results of the PSI debt swap with participation at 85.8% and climbing to almost 96% after the collective action clauses (CACs) were implemented. Greek Foreign law bond participation rate was 69%. The govt etended invitation under non-Greek law issued by State companies until March 23rd (21:00 GMT) and extended settlement date for Foreign Law bonds to April 11th
- Institute of International Finance (IIF) commented after the formal Greek PSI results were announced that the results were reached through cooperation and good faith discussions. IIF added that the new bailout program would give Greece some room to implement reforms and paved the way for the country to return to market access
- Greece Fin Min Venizelos commented that any activation of CDS was not a concern for the Greek economy
- German Ministry of Finance (MOF) welcomed the high voluntary participation in Greek PSI debt swap but added it was awaiting the Troika assessment of deal and Greece's prior actions. Germany noted that EU finance ministers to debate further action in tele-conference call scheduled later today (13:00 GMT)
- German Econ Min Roesler commented that now was the time for Greece to overhaul its economy
- France Fin Min Barion commented that the PSI allowed the debt swap remaining voluntary
- Italy Dep Finance Minister Grilli commented that the Greek debt swap was a success. He also noted that PM Monti's reforms would not be undone by a new government and would focus on implementation of reforms
- Germany BDB Banking Group stated that the Greek PSI bond swap participation rate was "good news" and that the operation bought Greece time and that conditions were met for EU to approve 2nd tranche of Greek bailout.
- EU Parliamentary chief commented that Greece now needed a growth initiative.
- EU Commission to send delegates to Spain to investigate and review its 2011 deficit after having doubts about Spain's deficit numbers. The article did note that Spain PM Rajoy did warned after taking over power that Spain would overshoot its 6% deficit target by a wide margin. The 2011 deficit was eventually calculated at 8.51% of GDP vs. 6.0% target
- Sweden Finance Min Borg commented that the 'significant' slowdown in domestic spending that has been witnessed should gradually ease. He reiterated that Sweden had relatively strong finances and that its yields should long-term be on par or below Germany.
- Norway Trade Min commented that it was concerned about strong NOK currency but it could live with short-term fluctuations and added that the country's oil-linked exports doing very well.
- Ireland PM Kenny commented the financial, employment situation had stabilized, but had a "very long way" to go in recovery
- Former PBoC official Wu Xiaoling commented that China 2012 inflation could be kept under 4.0% and left room for fuel and resource price reforms. The official noted that China's official 4% inflation target did take into account higher oil prices. Banks might need to absorb some losses on local govt debt but added the local government debt risks were controllable.
- Thailand Central Bank commented that the THB currency volatility had risen recently but would not take action at this time. The central bank did reiterate its plan to increase capital outflows
Currencies:
- The EUR/USD entered the European session in a profit-taking news following the official announcement of the Greek PSI participation rate. The pair tested 1.3278 during Asian but slipped to test below 1.3215 during the European morning. Dealer are eyeing the ISDA meeting scheduled for 8:00 ET (13:00 GMT) as the panel was again asked a question whether a credit event has occur. The Ecofin will also hold a conference call on Greece during the NY morning. The US payroll data is highly anticipated event as well.
- The GBP was softer after weaker-than-expected Industrial Production data which saw the lowest YoY reading since Dec 2009. The GBP/USD was below 1.5860 after the data and off 60 pips from the Far East open.
- The JPY was mixed among the major pairs with USD/JPY again probing 9-month highs while the yen was firmer against its European peers.
Political/ In the Papers:
- The Telegraph's Ambrose Evans-Pritchard believes that the handling of the Greek debt crisis has hurt the integrity of the global bond markets, as contagion remains a risk in the EU. Portugal, Spain and Italy could still be vulnerable because investors could be wary of buying certain peripheral debt due to the impression left on bond buyers from the Greek PSI. Some analysts have suggested that investors have doubts about the EU pledges related to Greece being an isolated case. In terms of the fiscal situation in Portugal, Nomura analyst Dimitris Drakopoulos said that the country's government had used "fiscal engineering" in 2011 to help improve its deficit figures by using its pension funds.
- Following the 2,500 job cut announced by Allied Irish Banks, the Irish press reported that the financial sector jobs cuts are now expected to hit 12,000. The Irish Banking Officials Association spokesperson Seamus Sheils said, "When this crisis started we suggested that as many as 10,000 jobs could go, and it gives us no satisfaction to say that suggestion is closer to fulfillment every day. We now fear significantly more than that will be lost - it could be 12,000". During the past three and a half year (including the 2,500 job cuts) there have been over 10k redundancies announced across the financial sector.
***Looking Ahead***
- (CO) Colombia Monetary Policy Minutes
- 6:00 (IC) Iceland to sell Bonds
- 6:00 (PT) Portugal Jan Construction Works Index: No est v 59.9 prior
- 6:00 (PT) Portugal Q4 Final GDP Q/Q: -1.3%e v -1.3% prelim; Y/Y: -2.7%e v -2.7% prelim
- 6:10 (UK) DMO to sell Bills.
- 6:30 (GR) European Finance Ministers to hold Greek tele-conference call
- 6:30 (IN) India Forex Reserves
- 6:30 (ZA) South Africa to sell I/L Bonds
- 7:00 (CA) Canada Feb Net Change in Employment: No est v +2.3K prior; Unemployment Rate: No est v 7.6% prior
- 7:00 (BR) Brazil Feb IBGE Inflation IPCA M/M: 0.5%e v 0.6% prior; Y/Y: 5.9%e v 6.2% prior
- 8:00 (GR) ISDA Committee to meet on PSI to determine whether a credit event occurred
- 8:00 Germany Finance Ministry to hold press conference on Greece
- 8:30 (CA) Canada Q4 Labor Productivity Q/Q: 0.6%e v 0.4% prior
- 8:30 (CA) Canada Jan Int'l Merchandise Trade: C$2.0Be v C$2.7B prior
- 8:30 (US) Jan Trade Balance: -$49.0Be v -$48.8B prior - 8:30 (US) Feb Change in Nonfarm Payrolls: 210Ke v 243K prior; Change in Private Payrolls: 225Ke v 257K prior; Change in Manufacturing Payrolls: 23Ke v 50K prior
- 8:30 (US) Feb Unemployment Rate: 8.3%e v 8.3% prior; Underemployment Rate: No est v 15.1% prior
- 8:30 (US) Feb Avg Hourly Earning M/M: 0.2%e v 0.2% prior; Avg Weekly Hours: 34.5 v 34.5 prior
- 10:00 (US) Jan Wholesale Inventories: 0.6%e v 1.0% prior
- 10:00 (UK) Feb NIESR GDP Estimate: No est v -0.2% prior
- 10:00 (MX) Mexico Jan Final Trade Balance: +$160.0Me v -$287.2M prelim
- 11:00 (DE) German Chancellor Merkelholds State election rally in ST. Wendel
- 15:00 (AR)Argentina Q4 Quarterly GDP: 7.3%e v 9.3% prior
- 16:00 (CO) Colombia Feb Producer Price Index M/M: No est v -0.5% prior; Y/Y: No est v 3.8% prior
- MAR (CN) China Feb Trade Balance:-$ v -$10.0Be v $27.3B prior; Exports Y/Y: +29.5%e v -0.5% prior; Imports Y/Y: +31.7%e v -15.3% prior
Speakers/Events
09-11 MAR (UK) Liberal Democrat Spring Conference
09-10 MAR (EU) EU Foreign Ministers meet in Copenhagen
Weekend
Sat:
- (US) Republican Kansas Caucus
- (SL) Slovakia Parliamentary Election
Sun:
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