Notes From Around the Globe Today
The markets are closed today for the Presidents Day Holiday
Around Europe today:
Brussels: The Eurozone Ministers continue in meetings with no decision at this time.
German Chancellor Angela Merkel’s government coalition on Sunday agreed with the center-left opposition parties to jointly nominate former East German human rights activist Joachim Gauck to become the country’s next president. Gauck is not a member of a political party. The role of the German president is mainly ceremonial.
Greek bailout will “likely” get final approval in the week starting March 12, according to statement on Finnish Finance Ministry website. “The final approval for activating the EFSF guarantees and completing the PSI operation are conditional on the Troika and the eurogroup deeming the PSI as successful and Greece to have fulfilled its commitments”
China’s VP Xi Jinping, in a speech in Dublin last night, said his country is considering more support for Europe. The official said “We are considering more involvement in helping address the European debt issue through EFSF, ESM and other channels” adding “China supports the European integration process, the euro, by purchasing European bonds.”
In Italy Dec industrial orders rose 5.5% in seasonally-adjusted m/m terms as a result of increased domestic and foreign orders. It was the steepest gain since march 2011, ISTAT said. On the year, unadjusted industrial orders fell 4.3%, down from -0.7% y/y in November. -Dec seas. adjusted m/m domestic orders +5.8%; foreign orders +5.1% m/m .
Italian Industrial orders for Dec +5.5%m/m from +0.2% in Nov. Unadjusted -4.3% y/y Dec sales sa +3.4%m/m from +0.1$ in Nov Workday adjusted +5.6% y/y Improvement, with increases in domestic and foreign orders with the largest gain since March 2011.
Italian PM Monti say that his government is sticking to 2013 balanced budget target
In France February manufacturing sentiment 92 vs January 92 (91)also France manufacturing morale came in at forecast in MNI
UK Gross mortgage lending fell 14.1% on the month in January but was up 10.2% on a year ago, according to Council of Mortgage Lenders data. As the CML figures are not seasonally adjusted it said the monthly fall in January was not unexpected. The 10.2% rise on the year.
Around the globe today:
S&P downgrades coastal Greenland to ‘CCC+’; outlook negative
In Japan, Department store sales in Japan were hit by record snowfalls in some regions in January, slipping 1.1% on year and giving up a 0.8% rise in December, data released by the Japan Department Stores Association showed on Monday.
Japan posts the highest trade deficit in history. The Bank of Japan says its January real export index rose a seasonally adjusted 0.2% m/m to 116.5 (100 for the 2005 base year), posting the second consecutive monthly gain, after +1.1% in December and -2.7% in November. The January reading was the highest since 118.2 in October. The Bank of Japan Governor Masaaki Shirakawa renewed his pledge to maintain the BOJ’s monetary easing while also repeating that the bank’s new explicit 1% inflation goal is similar in nature to the Federal Reserve’s own 2% price target.
Originally posted here
