US Market close yest for President Day.
European negotiators and the new Greek anti-austerity govt remain at odds on how to handle the expiring bailout program. The former insist that Athens request an extension under the previously agreed upon terms, the latter continue to push for a bridge loan while it evaluates its fiscal state. The meeting of the two sides ended abruptly on Monday when Greek officials said the opening EU offer demanding adherence to the existing bailout was "absurd" and "unacceptable". The draft called for a 6-month technical extension of current program, calling on Athens to continue to guarantee debt sustainability. In a NY Times Op/Ed, Fin Min Varoufakis said his govt is "determined not to be treated as a debt colony that should suffer what it must", refusing to accept VAT hikes or cuts in pensions in the coming months. The Fin Min later added he still believes a deal can be reached in as early as two days. Eurogroup's Dijsselbloem meanwhile said Greece has until the rest of the week to formally request extension to bailout program, adding its govt cannot attempt to roll back agreed upon measures unilaterally...China property prices fell m/m for the 9th consecutive decline, sliding -0.4% v -0.3% prior. Y/Y price decline also deteriorated to -5.1% v -4.3% prior. Note that after last month's rosier figures, some economists began to anticipate the end of the correction in China housing prices... As widely expected, Bank of Korea left rates on hold for the 4th straight meeting at 2%. In a unanimous decision, BOK noted inflation would remain low and economy would maintain negative output gap for considerable time, though conditions would likely begin to improve in the coming months. BOK said it would monitor oil prices, spare capacity, China slowdown, and monetary policy shifts of other nations in considering future actions. Gov Lee later added global easing is positive for Korea and that KRW is somewhat overvalued on REER (Real Effective Exchange Rate) basis.
Nikkei -0.10% Hang Seng +0.19% shanghai +0.79%
RUB $63.15 (-0.39) WTI $53.21 (+0.81%) EURCHF 1.0581 - RUB is back on its 50d MA, lower level in a month
Eur$ 1.1352 S&P -0.39% EuroStoxx Dax SMI
Macro :
- France’s Sapin Says Greek Program Extension Is Only Way Forward
- MAN May Curb Truck Output in Germany, Austria, Handelsblatt Says
- EU28 January Car Registrations Rise 6.7% Y/y to 0.999m Units
Keep an eye on :
- AI FP : Air Liquide 2014 Net Income Beats Estimates
- ALIV SS : Autoliv boosts Q div to 56c/sh from 54c, Est 54c
- BALSN SW : Basilea Posts FY Loss, Sees FDA Decision on Isavuconazole in 1Q
- BPI PL : CaixaBank to Make Bid for BPI at EU1.329/Shr in Cash
- BRIT LN : Fairfax Financial to Buy Brit for $1.88b
- CO FP : Casino 2014 Trading Profit In Line With Ests.
- CLN VX : Clariant Says Stockhausen to Retire From Board of Directors
- FRE GY : Fresenius Sells German Oncology Compounding Business
- FUM1V FH : Fortum Div. Will Support Shares, L/T Questions Remain, MS Says
- KER FP : Kering 4Q Overall, Luxury Comp Sales Beat Ests.
- MAN GY : MAN May Curb Truck Output in Germany, Austria, Handelsblatt Says
- MONI LN : Monitise attracts takeover interest from FIS, Oracle and IBM - Sky News
- MRK GY : Merck & Co. and Merck KGaA in Talks to Solve Name Confusion: FAZ
- ORA FP : Orange Sees 2015 Ebitda in Line With Ests. as 4Q Sales Beat, Orange 2015 Forecast Is ‘Cautious,’ CFO Says
- PUB FP : Publicis in Exclusive Talks to Buy Relaxnews for About EU15m
- RAL FP : Rallye 2014 Sales Up 1.3%, to Pay Div. EU1.83/Shr
- BIL BB : Rentabiliweb 2014 Rev. EU71.9 m; Est. EU72m
- RIO LN : Rio Could Raise Gearing for Right M&A, UBS Says, Citing CFO
- SIK VX : Sika management bolsters defence against Saint-Gobain's takeover bid
- TNTE NA : TNT 4Q Oper Loss EU53m; Sees 2015 Challenging
- UCG IM : UniCredit Offering Church Pawn Shop in $3 Billion Property Sale
- VATT SS : Vattenfall Mulls Adding Hydro Plant to German Coal Offer: WiWo
- WIE AV : Wienerberger Targets 2015 Ebitda EU350m vs Est. EU344m
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