Quote:
‘Sometimes a cigar is just a cigar.’ Sigmund Freud (1856-1939)
The News:
Renewed questions surrounding exactly who and how Greece will be bailed out.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
05:00 JP Bank of Japan Monthly Report. 07:15 CH February Trade Balance CHF +1.29B versus +2.42B January.
09:00 EZ16 January Current Account (versus +€1.9B December). 10:00 CH March ZEW (versus 52.5 February).
09:30 GB February Mortgage Approvals (45K to 55K versus 49K January).
09:30 GB February Public Finances (+£5.7B to +£23.0B, Net Borrowing £9.8B to £18.0B, vs -£11.8B and £4.3B Jan).
09:30 GB February M4 Money Supply (+0.1% to +0.9% M/M, +3.8% to +4.6% Y/Y, versus +0.4% and +4.9% Jan).
10:00 EZ16 January Trade Balance (+€1.0B to +€7.5B versus +€7.0B December).
11:00 GB March CBI Industrial Trends (-39/-27). 16:45 BoE’s Sentence at British Chamber of Commerce conference.
11:30 US Fed’s Duke speaks at American Bankers Association Government Relations. 13:00 Hoenig, Lacker+ Pianalto.
12:30 US February CPI (0% to +0.2% M/M, +2.1% to +2.4% Y/Y, versus +0.2% to +2.6% January).
12:30 US February CPI Ex-Food&Energy (0% to +0.2% M/M, +1.3% to +1.6% Y/Y, vs -0.1% and +1.6% January).
12:30 US Weekly Jobless Claims (440K to 465K, Continuing Claims 4,450K to 4,610K, vs 462K and 4,558K prior week).
12:30 US Q4 Current Account (-$123B to -$105B versus -$108B Q3).
12:30 CA January International Securities Transactions (3B to 12B versus 11.2B December).
14:00 US March Philadelphia Fed Survey (13 to 23 versus 17.6 February).
14:00 US February Leading Indicators (-0.4% to +0.3% versus +0.3% January).
The Psychology:
Treasury auctions in France, Spain (2020 and 2041), and UK (2020).
The Risk:
14:00 US Fed’s Greenlee speaks at House Financial Services Subcommittee on insurance supervision.
Today’s most interesting chart: S&P 500
Squeezing to multi-month high ahead of witching tomorrow.
