ZuluTrade Blog

Oil rose to a nine-month high

Market View | Monday, February 20, 2012 9:11 AM GMT

Good morning,

- Asian stocks rallied, extending the longest run of weekly gains since 2005, and metals advanced after China’s central bank cut reserve requirements for banks. Oil rose to a nine-month high as Iran said it halted crude exports to French and British companies.

- Austrian FinMin Fekter signaled on Sunday that approval of a new bailout for Greece could be possible on Monday. Says there will be intense negotiations on control mechanisms at Monday’s meeting. But she doesn’t think there is a majority to go a different way.

- German FinMin Schaeuble said that euro-zone leaders will decide on a whole programme on Monday. Says no sense in splitting Greek aid package.

- Unnamed Greek government official told Reuters that Greece cabinet approved on Saturday to launch a debt swap for private creditors on March 8 and plans to complete it by March 11.

- EU Junker, Greece still well off the mark in reducing its debt/GDP ratio to 120% by 2020

- UK Rightmove house price index increased 4.1% mm in mid Feb. vs -0.8% mm in January

- BOE Posen: inflation likely to fall below target, policy on the right track

- UK chancellor seen on target to beat OBR debt forecast

- Japan's trade balance stood at a record deficit of JPY 1.48tn. January exports fell 9.3% wihle imports rose 9.8%yy. In January exports to China declined 20.1% yy while to the US rose 0.6% yy

- Japan and China vow to respond to any IMF funding requests to address Europe's debt woes

- S&P affirms Japan's AA-/A-1+ ratings, outlook remains negative

- A Japanese finance ministry official said that Japan had applied to buy about USD 10bn of Chinese bonds.

- BOJ Shirakawa Power easing to continue until 1% inflation target is foreseen

- Australian Prime Minister Gillard denies her job is under threat

- NZ Q4 producer prices retain firm pulse input prices +0.5%qq output prices +0.1%qq

- NZ service sector bounces from 12 month low in Jan, PSI rise to 53.6 from 50.9 in Dec

- NZ govt deficit exceeds forecast in Dec on lower tax intake

- Chinese VP Xi Jinping said that he expects China’s economy to expand by 8.5% in 2012 and for there to be no “drastic fall” in the growth rate

– Irish Times cited an interview.

- China to cut banks reserve rate requirements for major commercial banks by 50 bps to 20.5% effective Feb 24.

- Finance Ministry says details for South Korean government bond purchase by central banks including Swiss National Bank haven’t been decided.

  • Finance ministry says central banks from developed nations and Asia show interest in South Korean government bonds

  • Maeil Business Newspaper reported SNB to buy S. Korea govt. bonds

Today's Figures

US Presidents Day
08.45 FR Business climat
15.00 EZ Eurozone Finance Ministers meeting
15.00 GR Greece FinMin Venizelos speaks


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