Quote:
‘It is so exciting to have a real crisis on your hands when you have spent half your political life dealing with humdrum issues like the environment.’ Margaret Thatcher (1925)
The News:
Singapore Airlines asks staff to volunteer for up to two years of unpaid leave.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP January Machine Orders –3.2% M/M, -39.5% Y/Y, versus –1.7% and –26.8% December.
(23:50) JP February Domestic CGPI –0.4% M/M, -1.1% Y/Y, versus –1.0% and –0.2% January.
00:01 GB February NIESR –1.8% GDP versus –1.7% January.
07:00 DE February PPI –1.2% M/M, +2.0% Y/Y, versus revised –0.8% and +4.0% January.
09:30 GB January Trade Balance (-£7.8B to –£7.0B, Non-EU -£4.5B to –£4.1B, versus –£7.4B and –£4.2B December).
11:00 DE January Factory Orders (-5.0% to +2.0% M/M, -34.0% to –25.0% Y/Y, vs –6.9% and –25.1% December).
12:30 CA January New Housing Price Index (-0.3% to +0.3% M/M versus –0.1% December).
14:00 US Treasury’s Kashkari testifies to House Committee on Oversight of $700B TARP program.
17:00 US Auction result of 10-year TNotes.
18:00 US February Monthly Budget Statement (-$250B to –$175B versus –$175B January).
20:00 NZ Reserve Bank of New Zealand Official Cash Rate decision (expect a cut of 50 to 100 bp from 3.50%).
23:50 JP final Q4 GDP (Mizuho Research Institute –3.6% Q/Q, -13.8% Y/Y, Deflator +1.0%, versus –3.3%, –12.7% and +0.9%).
The Psychology:
Relief as indices rally from their lowest levels in years.
The Risk:
US dollar interbank interest rates creep higher as investors take their eye off the ball.
Today’s most interesting chart: Nasdaq Index
Rallies by over 7.00% from lowest price since March 2003.
