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Market View

Asian stocks rose for a third day

Wednesday, February 8, 2012 8:25 AM GMT

Good Morning,


- Asian stocks rose for a third day after Toyota Motor Corp. raised its profit forecast, while the euro traded near an eight-week high as Greek leaders worked on a rescue plan with creditors. The yen weakened against the dollar after Japan's current-account surplus slid to a 15-year low.

- Greek parties will try yet again today to strike a reform deal in return for a new international rescue to avoid a chaotic default, after a string of delays which have prompted some EU leaders to warn that the euro zone can live without Athens. As one deadline after another has come and gone, leaders of the three parties in the coalition of Prime Minister Lucas Papademos postponed what was supposed to have been a crunch meeting on Tuesday until the following day.

- Italy's PM Monti told WSJ that should urge the Germans to go to the full extent of their virtuous notions.

- German's Chancellor Merkel said that will not participate in pushing Greece out of the euro-zone. Worries situation in Greece is very complicated, sees need for greater eurozone fiscal union.

- UK Jan Shop price inflation slid to a near 2 year low rising 1.4% yy vs 1.7%  prev

- Japan current account balance stood at a surplus of JPY9.6tn in 2011, lower than JPY17.17tn in 2010. Trade balance swung into a deficit of JPY1.6tn in 2011 from JPY7.98tn in 2010, while income balance rose to JPY14.02tn in 2011 vs JPY11.70. December CA surplus stood at a surplus of JPY303.5bn, slightly lower than expectations.

- Japan bank lending up 0.6% yy in January vs 0.4%yy in December.

- Japan Economy watchers Index fell to 44.1 in January from 47 in December

- JPY went through important chart points (EURJPY, GBPJYP)

- Fed Bernanke says 8.3% unemployment rate understates the job market weakness, says US fiscal policy is neutral now, expects inflation to remain below 2% in the near term

- Australia's foreign reserves increased slightly to AUD 46.8bn in January from AUD 46.1 bn in December.

 

Today's Figures

07.45 CH Unemployment rate unadj 3.4% adj 3.1%

08.00 GER Import,Export, Trade balance

08.45 FR budget ytd

13.00 US Mortgage market index and change

13.00 US Refinance index and change

13.00 US MBA purchase change

14.15 CA House starts      

 

(CET)

 

Have a good day !

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