Quote:
‘The art of losing isn’t hard to master;
so many things seem filled with the intent
to be lost that their loss is no disaster’. Elizabeth Bishop (1911-1979)
The News:
February Vehicle Sales in the US –10.2% M/M, domestic cars –4.9%, trucks –15.2%.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP February Money Supply +0.1% Y/Y versus –0.1% January.
03:30 AU Reserve Bank of Australia raises rates by 25 basis points to a record 7.25%.
06:45 CH February CPI +0.1% M/M, +2.4% Y/Y, versus –0.3% and +2.4% January.
06:45 CH Q4 GDP +1.0% Q/Q, +3.6% Y/Y, versus +0.8% and +3.0% Q3.
09:30 GB February Construction PMI (52.2 to 53.5 versus 53.9 January).
10:00 EZ15 January PPI (+0.2% to +0.9% M/M, +4.3% to +5.1% Y/Y, versus +0.1% and +4.3% December).
10:00 EZ13 final Q4 GDP (+0.4% Q/Q, +2.3% Y/Y, versus +0.4% and +2.3%).
14:00 CA Bank of Canada interest rate decision (-25 to –50 basis points from 4.00%).
14:00 US Fed’s Bernanke takes part Independent Community Bankers of America, Orlando. 17:15 US Fed’s Mishkin speaks on policy in an election year, Virginia.
18:00 US Fed’s Fisher speaks on inflation and growth, London.
23:50 JP Q4 Capital Spending (-4.0% to +2.5%, Ex-Software –3.9% to +2.7%, versus –1.2% and –0.6% Q3).
03:30 AU Reserve Bank of Australia interest rate decision (expected +25 basis points to a record 7.25%).
The Psychology:
OPEC meeting in Vienna today as Nymex Crude Oil hits a new record at $103.95.
The Risk:
UK Gilt auction £2.5B 4.50% 2013.
Today’s most interesting chart: Nasdaq future
Ready to re-test January’s low.
