Dow -1.54% S&P -1.42% Nasdaq -1.11% Russell-1.36% VIX @15.20 (+8.26%)
Greek govt officials sent a set of proposals to their EU "partners" last week, however the latest reports suggest the lenders have scoffed at the vague set of promises that falls short of what the Syriza negotiators promised in Brussels. Eurogroup chairman Dijsselbloem noted Athens is unlikely to receive a disbursement of aid this month, and PM Tsipras said the new govt could consider another referendum option if European partners reject their promises. After falling to multi-year lows on Friday, EUR/USD traded down further toward $1.0820 before a marginal bounce to $1.0850...This weekend, OPEC chief el-Badri noted the current price does not reflect fundamentals even though the market remains oversupplied. Goldman Sachs has also projected continued decline in WTI all the way down to $40/brl as inventories remain high. Oil prices were down nearly 1% in afternoon electronic trade below $49.50/brl....China markets are leading the regional decline, with mixed February trade data compounded by Friday losses on Wall Street after the better than expected US jobs figures added to expectation of an impending rate hike by the Federal Reserve. Although China posted a record high surplus, imports decline exceeded expectations and marked the largest drop in nearly 6 years. A near 50% rise in exports was also indicative of the data being distorted by seasonality of off-month Lunar New Year timing this year. The decline in demand for basic material components of the trade numbers further underscore the slowing mainland economy - imports of iron ore were down 14% and crude oil down 9% on the year. Speaking over the weekend, China premier Li remarked there is more room for further stimulus measures if economic challenges persist deeper into 2015....Japan Cabinet Office released the final Q4 GDP data that confirmed the economy emerged out of recession, but did so at a slower than expected pace. Private consumption component was up 0.5% - ahead of 0.3% prelim and consensus - but corporate sentiment remained cautious, as investment contracted by 0.1% again vs expected 0.2% pickup. Japan Chief Cabinet Sec Suga spoke after the release, noting economy is still on recovery track. Likewise, BOJ Dep Gov Nakaso remarked the trend toward achieving the 2% inflation target is more important than the pace, although he still expects to reach that goal some time in FY15 unless oil prices continue to pull CPI lower.
Nikkei -0.95% Hang Seng -0.08% Shanghai +1.90%
RUB $60.52% WTI $49.58 (-0.06%) Brent $59.47 (-0.43%) EURCHF 1.06996 CHF 0.9854
EUR$ 1.0858 S&P -0.07% EuroStoxx -0.52% Dax-0.30% SMI -0.25%
Macro :
- Germany May See EU45b in Financial Transaction Tax: Sueddeutsche
- Greece Could Hold Referendum on Govt Policy, Not Euro: Spokesman
- Greek Reform Plans `Far From’ Complete, Dijsselbloem Says
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- LHA GY : Lufthansa CEO Wants Merkel to Abolish Flight Ticket Tax: Bild
- UG FP : Peugeot Cuts ~1/3 of Workforce in Germany: Wirtschaftswoche
- STAN LN : StanChart Says No Intention to Move Group Headquarters to Asia
- VIV FP : Malone Said to Have Approached Bollore on Universal: N.Y. Post
- VIV FP : Vivendi Likely to Wait Until Summer Before Reconstruction: WSJ