ZuluTrade Blog

Germany does not have any Plan B for Greece-Dep

Market View | Thursday, February 9, 2012 6:44 AM GMT


Good Morning

- Asian stocks  and the euro recovered earlier losses after Greek leaders said they are nearing a full agreement on a rescue plan. Oil rose as much as 0.4 percent after U.S. stockpiles climbed less than forecast.

- Greek Finance Minister Evangelos Venizelos said there is still uncertainty on the terms of a 130 billion-euro ($172 billion) rescue package for his country ahead of a meeting of euro area finance ministers today. "There are issues outstanding that must be resolved by the time the eurogroup meets," Venizelos told reporters in Athens today after a meeting with Prime Minister Lucas Papademos and European Union and International Monetary Fund  officials that ended just before 6 a.m. "As the prime minister said, there is agreement on   all the issues bar one."The meeting with the so-called troika of lenders, representing the European Commission, the European Central Bank and the IMF, took place after leaders of the three parties supporting the government met Papademos and failed to resolve a dispute over pension cuts.

- Germany does not have any Plan B for Greece-Dep Fin Min

- An unnamed Greed official said Greece will be given one extra year until 2015 to produce primary surplus of EUR 4.5bn under bailout agreement.

- Ireland's Noonan watching any ECB/Greek accord closely

- Fed's Williams speaking: if fed needs to do more, would like to buy MBS; sees unemployment to remain high and inflation below 2% for years to come; sees 8% unemployment into 2013 and over 7% through end of 2014; and not a promise rates will stay low through end of 2014, it is just a "best judgment." Willaims says unemployment rate declining due to people leaving the labor force.

- NZ unemployment rate improved to 6.3% in Q4 from 6.6% in Q3.

- Australia's NAB business confidence higher in Q4 to 1 from a revised -3 in Q3

- Australia's Treasurer Wayne Swan said in Parliament, more action from Europe is required, said thte government is committed to return to budget surplus   for 2012/13, said government is expecting trend growth in Australia, said Australia is resilient and fundamentals are strong.

- IMF said GDP growth in Australia will likely continue in 2012 and expand by 3% average in 2012

- Japans PM Noda, Government and BoJ should work closely together to support the economy. Strong JPY poses downside risk to the economy

- Japane core machinery orders -7.1%mm in December compared with +14.8mm in   November

- Japan M3 money supply rose 2.6%yy vs +2.6% yy in December. M2 money supply fell 3% yy in January vs 3.2% yy in December

- China Inflation inched up to 4.5% y/y in January from 4.1% y/y in December due to the Chinese New Year effect. Food prices increased to 10.5% y/y in January from 9.1% y/y in December. Producer prices however eased to 0.7% y/y in January from 1.7% y/y in December

Today's Figures

07.45 CH Consumer confidence -19

10.30 UK Industrial output mm and yy

10.30 UK Manufacturing output mm and yy

10.30 UK Trade balance

13.00 UK BoE QE total exp 325bn

13.00 UK BoE Bank rate exp no change 0.5%

13.45 EZ ECB rate decision, exp no change 1.0%

14.30 EZ ECB press conf

14.30 CA New housing price index

14.30 US jobless claims

16.00 US Wholesale inventories and sale


Have a good Day !

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