Barchart Morning Call 8/10

Barchart Morning Call

BC - Fri Aug 10, 7:00AM CDT

Overnight Developments

• Sep E-mini S&Ps this morning are down -0.45% due to the -0.77% sell-off in European stocks and a much weaker-than-expected Chinese export report that indicated further deceleration in China's economy. Commodity prices are down by an average -0.34% this morning with Sep crude oil down -1.21%, Dec gold down -0.52%, Sep copper down -1.31%, and agricultural prices trading mostly higher. The grain markets are looking ahead to this morning's key USDA WASDE report where the USDA is expected to slash its corn and soybean estimates due to this summer's severe drought. The dollar index this morning is up +0.11 (+0.13%) on increased safe-haven demand, while EUR/USD is down -0.0037 (-0.30%). USD/JPY is down -0.20%. Sep 10-year T-notes are up +11 ticks this morning.
• Asian stocks today closed mostly lower due to the alarming Chinese export news: Japan -0.97%, Hong Kong -0.66%, China -0.50%, Taiwan +0.10%, Australia -0.72%, Singapore +0.06%, South Korea +0.32%, India -0.02%, Turkey -0.27%.
• China's July trade surplus fell to $25.15 billion from $31.72 billion in June and was substantially narrower than market expectations for a surplus of $35.05 billion. July exports rose by only +1.0% y/y, which was sharply below expectations of +8.0% y/y and +11.3% in June. July imports rose by +4.7%, down from +6.3% in June and well below expectations of +$7.0% y/y. The sharply lower level of export growth indicated that the Chinese economy is quickly losing its growth capacity due to poor overseas demand for Chinese exports. In fact, Chinese exports to Europe fell -16.2% y/y and Chinese exports to the U.S. were very weak at +0.6% y/y vs +10.6% y/y in June. The report bolstered expectations that the Chinese government will soon step in with additional growth measures such as a bank reserve ratio cut, a possible interest rate cut, and possibly new fiscal stimulus spending.
• China's July new loan report of 540.1 billion yuan was down sharply from June's 919.8 bln and was well below market expectations of 700 billion yuan. The weak level of bank lending was another indicator of slower Chinese economic growth.
• French June industrial production was unchanged m/m and -2.3% y/y, which was weaker than market expectations of +0.1% m/m and -1.8% y/y but an improvement from May's revised report of -2.1% m/m and -3.7% y/y.
• The UK PPI report was close to market expectations. The UK July input PPI rose by +1.3% m/m, the July output PPI was unchanged m/m, and the July core output PPI was unchanged m/m.
• The Russian central bank today after its policy meeting left rates unchanged and highlighted that there are "significant" inflation risks from a weaker harvest and that higher interbank rates are constraining lending growth.
• The International Energy Agency cut its estimate for oil use growth to +0.9% y/y in 2013, down from growth of +1.0% in 2012 and less than its prediction last month for 2013 growth of +1.1% y/y.
• Japan's upper house of Parliament approved an increase in the sales tax for the first time since 1997 in a victory for Prime Minister Noda who is trying to rein in Japan's massive budget deficit and debt load. The new law will double the 5% sales tax by 2015. Japan's lower house already passed the sales tax increase in June.
  Market Comments
  • Sep E-mini S&Ps this morning are down -0.45% thanks to the -0.77% sell-off in the Euro Stoxx 50, the very weak Chinese export growth report of +1.0%, the weak Chinese new loan report, and a slightly weaker than expected French industrial production report. The stock market on Thursday closed narrowly mixed: S&P 500 +0.04%, Dow Jones -0.08%, Nasdaq 100 +0.21%. Stocks were supported by the unexpected 6,000 decline in initial unemployment claims to 361,000, which was only 9,000 above the 4-1/3 year low of 352,000 posted in early July. The report was particularly encouraging since a Labor Department official said that the data was free of distortions from auto plant closures for retooling, which indicated the labor market is in better shape than earlier thought. The stock market was able to shake off bearish overnight news that included a weaker-than-expected Chinese July industrial production report +9.2% y/y (vs market expectations of +9.7% y/y), Chinese July retail sales +13.1% y/y (vs expectations of +13.5% y/y), India industrial production of -1.8% y/y (vs expectations of +0.4% y/y), and Japan June machine orders of +5.6% m/m (vs expectations of +12.0% m/m).
  • Sep 10-year T-notes this morning are sharply higher by +11 ticks due to poor Chinese export report, the sell-off in global stocks, and some supply relief after the conclusion of this week's $72 billion refunding operation. T-note prices on Thursday closed slightly lower: TYU2 -1, FVU2 -0.5. T-note prices were pressured by the decline in initial unemployment claims, which provided more evidence of a stronger-than-expected labor market following last Friday's news that July payrolls rose by +163,000.
  • The dollar index this morning is up +0.11 (+0.13%) on increased safe-haven demand with the sell-off in global stocks. EUR/USD is down -0.0037 (-0.30%) and USD/JPY is down -0.16 (-0.20%). The dollar index on Thursday closed mildly higher: Dollar index +0.24 (+0.29%), EUR/USD -0.0059 (-0.48%), USD/JPY +0.14 (+0.18%). The dollar was supported by the positive U.S. labor market data as seen in the 6,000 decline in initial unemployment claims. EUR/USD was undercut by the news in the ECB's monthly report that the ECB's survey of private forecasters found expectations for a -0.3% decline in 2012 Eurozone GDP, a slightly larger decline than its previous survey of -0.2%. Spanish and Italian bond yields were little changed on Thursday.
  • Sep WTI crude oil prices this morning are down -1.13 (-1.21%) and Sep gasoline is down -0.0322 (-1.07%) on pessimism about Chinese economic growth. Crude oil and gasoline prices on Thursday closed mildly lower: CLU2 +0.01 (+0.01%), RBU2 +0.0204 (+0.68%). Crude oil and gasoline saw support from the positive U.S. economic data as seen with the drop in initial unemployment claims. Meanwhile, a new tropical depression formed in the Atlantic that appears to be headed along roughly the same path as Ernesto, i.e., towards Central America and Mexico, and not towards the Gulf of Mexico. The storm may be designated as Tropical Storm Gordon by today. Gasoline prices in California continue to see upward pressure from the August 6 fire at Chevron's refinery in Richmond, California.
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    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): JC Penney (Consensus $-0.15), HAR-Harman Intl (0.64), HRG-Harbinger Group (na), EEQ-Enbridge Energy (na), RNF-Rentech Nitrogen (0.98).
    Global Financial Calendar
    

    Friday 8/10/12
    United States
    0830 ET	Jul import price index expected +0.2% m/m and -2.4% y/y, Jun -2.7% m/m and -2.6% y/y.
    1400 ET	Jul monthly budget statement expected -$103.0 billion, Jun -$59.741 billion.
    Japan
    0030 ET	Japan revised Jun industrial production, previous -0.1% m/m and -2.0% y/y. Revised June capacity utilization, previous -2.2% m/m.
    Germany
    0200 ET	German revised July CPI (EU harmonized) expected no change at +0.4% m/m and +2.0% y/y.
    United Kingdom
    0430 ET	U.K. July PPI input prices expected +1.3% m/m and -1.5% y/y, June -2.2% m/m and -2.3% y/y.

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Barchart Morning Call 3/15

Barchart Morning Call

Barchart.com - 1 hr 3 mins ago

Overnight Developments

• Global stocks this morning are mixed with the Euro Stoxx 50 down -0.12% and Jun S&Ps up +2.40 points. 10-year Treasuries dropped to a 4-1/2 month low and the dollar index fell back from a 1-3/4 month high as the market awaits U.S. reports on unemployment claims and manufacturing activity. The euro rebounded from a 4-week low against the dollar after strong demand was seen at Spanish and French auctions of government debt. Spain sold 3 billion euros of securities maturing between 2015 and 2018 and had a bid-to-cover ratio of 4.13 on 976 million euros of 3.25% notes due in 2016, stronger than the 2.21 ratio seen at a similar auction in Jan, while France sold 3.26 billion euros of benchmark 5-year debt at an average yield of 1.78%, below the 1.93% seen at a similar auction last month. The British pound weakened against the dollar after Fitch Ratings lowered the outlook on Britain's sovereign debt to "negative" from "stable," indicating a "slightly greater" than 50% chance its AAA credit rating will be reduced within 2 years.
• Asian stocks today closed mostly lower with Japan up +0.72%, China -0.75%, Australia -0.22%, South Korea -0.03%, India -1.36%. Japan's Nikkei 225 Stock Index climbed to a 7-1/2 month high as a fall in the yen to an 11-month low against the dollar buoyed the earnings outlook for exporters. Mining stocks in Australia and China declined and dragged their respective bourses lower as gold and copper prices slumped. As expected, the RBI kept interest rates unchanged for a third consecutive month after it left India's repurchase rate at 8.5%, although it kept its easing bias intact when it said "recent growth-inflation dynamics have prompted the Reserve Bank to indicate that no further tightening is required and that future actions will be towards lowering the rates."

Overnight U.S. Stock News

• June S&Ps this morning are trading up +2.40 points. The U.S. stock market Wednesday fell back from their best levels and settled a tad higher on increased economic optimism from the Fed's upbeat assessment of the economy on Tuesday along with strength in most bank stocks that passed the Fed's stress tests: Dow Jones +0.12%, S&P 500 -0.12%, Nasdaq Composite +0.03%. The S&P 500 posted a 3-3/4 year high, the Dow rose to a 4-year high and the Nasdaq climbed to an 11-year high. Bullish factors Wednesday included (1) carry-over support from Tuesday's rally after the Fed said economic conditions improved, (2) strength in most U.S. bank stocks after the Fed said 15 of the nation's 19 largest banks could maintain adequate capital levels even in a recession, (3) increased economic optimism after the VIX volatility index or "fear gauge" that typically moves in a direction opposite to stock prices, held near Tuesday's 5-year low of 13.99, and (4) reduced European sovereign-debt concerns after Fitch Ratings raised Greece's credit rating 4 levels to B- from restricted default with a stable outlook.
• Bearish factors Wednesday included (1) weakness in insurance companies on speculation the industry may face tighter capital rules, (2) comments from former Fed Chairman Volcker who said he sees a "long slog" before the U.S. attains adequate economic growth, and (3) the surge in the 10-year T-note yield to a 4-1/4 month high of 2.287%.
• Guess? (GES) may be active on the downside today after the company forecast full-year earnings of no more than $2.65 a share, well below analysts' estimates of $3.16 a share.

Today's Market Focus

• June 10-year T-notes this morning are down -7 ticks. T-note prices Wednesday plunged to a 3-1/4 month low on carry-over weakness from Tuesday's slide in prices after the Fed's upbeat assessment of the economy reduced speculation for further easing: TYM2 -1-11.5/32, FVM2 -23.7, EDU2 -1.0. The 10-year T-note yield climbed to a 4-1/4 month high of 2.287%. Bearish factors Wednesday included (1) increased inflation expectations after the 10-year break-even rate, a gauge of the outlook for consumer prices derived from the difference between yields on conventional and inflation-linked bonds, rose to 2,39 bp, the highest in 7-1/2 months, (2) reduced safe-haven demand for Treasuries as the S&P 500 climbed to a 3-3/4-year high and after Fitch Ratings raised Greece's credit rating 4 levels to B- from restricted default with a stable outlook, and (3) technical selling as T-note prices accelerated lower to their lowest level this year. Bullish factors included (1) the weaker-than-expected Feb U.S. import price index (+0.4% m/m and +5.5% y/y versus expectations of +0.6% m/m and +5.9% y/y with the +5.5% annual gain the smallest increase in 14 months, and (2) decent demand for the Treasury's $13 billion auction of 30-year T-bonds that had a bid-to-cover ratio of 2.70, stronger than the 12-auction average of 2.68.
• The dollar index this morning is weaker with the dollar/yen -0.24 yen and the euro/dollar +0.16 cents. The dollar index Wednesday rallied to a 1-3/4 month high as interest rate differentials moved in the dollar's favor and after the yen plunged to an 11-month low against the dollar after a MOF official said Japan's fiscal situation is worse than Greece: Dollar Index +0.372, USD/JPY +0.785, EUR/USD -0.00509. Bullish factors included (1) improved U.S. interest rate differentials that increases demand for dollars after the spread between U.S. and German 2-year note yields increased to 17 bp, the most since June 2010, (2) weakness in the yen after the International Bureau at Japan's MOF said Japan's debt-to-GDP ratio has risen to 230% and that the large amount of the nation's debt held by domestic financial institutions makes the Japanese financial system more vulnerable to fiscal shocks than Europe, and (3) the fall in the euro to a 3-week low against the dollar after Jan Euro-Zone industrial production was weaker than expected. Bearish factors included (1) the larger-than-expected increase in the Q4 U.S. current account balance which widened to a deficit of -$124.1 billion, the most in 3 years and (2) reduced safe-haven demand for the dollar after Fitch Ratings raised Greece's credit rating 4 levels to B- from restricted default with a stable outlook on optimism that a debt swap will reduce the risk that Greece reneges on its debt obligations.
• Apr crude oil prices this morning are up +17 cents a barrel and Apr gasoline is -0.80 of a cent per gallon. Crude oil and gasoline prices Wednesday settled lower as a stronger dollar and Saudi comments that it will meet any supply shortages overshadowed record Chinese crude imports: CLJ12 -$1.28, RBJ -0.76. Apr gasoline posted a 1-1/2 week high but erased its gains and closed lower. Bullish factors included (1) the larger-than-expected decline in weekly DOE distillate supplies to a 3-1/2 month low (-4.68 million bbl to 134.8 million bbl versus expectations of -1.45 million bbl) and (2) strong crude demand in China, the world's second-largest oil consumer, after Feb China crude imports rose to a record 23.64 MMT, up +1% m/m and +18.5% y/y. Bearish factors included (1) the rally in the dollar index to a 1-3/4 month high, which discourages investment demand in commodities, (2) the as-expected +1.75 million bbl increase in weekly DOE crude stockpiles to a 6-month high of 347.4 million bbl, and (3) comments from Saudi Arabian Oil Minister Ali al-Naimi who said "Saudi Arabia and others remain poised to make good any shortfall, perceived or real, in global crude supplies."

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): ROST-Ross Stores (BEST earnings consensus $0.85), AMCX-AMC Networks (0.60), SCHL-Scholastic (-0.70), PWRD-Perfect World Co. Ltd. (0.56), RNF-Rentech Nitrogen Partners LP (0.63), DOLE-Dole Food (-0.09), QRE-QR Energy LP (0.37), CATO-Cato Corp. (0.34), NAT-Nordic American Tankers Ltd. (-0.34), GEVA-Synageva BioPharma (-0.38), GTY-Getty Realty (0.48), MAPP-MAP Pharmaceuticals (-0.29).
Global Financial Calendar

Thursday 3/15/12
United States
0830 ET	Weekly initial unemployment claims expected -5,000 to 357,000, previous +8,000 to 362,000. Weekly continuing claims expected -8,000 to 3.408 million, previous +10,000 to 3.416 million.
0830 ET	Mar Empire manufacturing index expected -2.0 to 17.5, Feb +6.0 to 19.5.
0830 ET	Feb PPI expected +0.5% m/m and +3.3% y/y, Jan +0.1% m/m and +4.1% y/y. Feb PPI ex food and energy expected +0.2% m/m and +2.9% y/y, Jan +0.4% m/m and +3.0% y/y.
0900 ET	Jan net long-term TIC flows expected +$38.5 billion, Dec+$17.9 billion.
1000 ET	Mar Philadelphia Fed manufacturing index expected +1.8 to 12.0, Feb +2.9 to 10.2.
1100 ET	Treasury announces amount of 10-year TIPS to be auctioned Mar 22 (previous $15 billion).
1630 ET	Weekly money supply report and Fed balance sheet.
Euro-Zone
0500 ET	ECB publishes monthly report for March.
0600 ET	Q4 Euro-Zone employment, Q3 -0.1% q/q and +0.3% y/y.
0600 ET	Q4 Euro-Zone labor costs expected +2.3% y/y, Q3 +2.7% y/y.
n/a	G-20 begins 2-day summit in Mexico City.

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Barchart Morning Call 3/14

Barchart Morning Call

Barchart.com - Wed Mar 14, 7:00AM CDT

Overnight Developments

• Global stocks this morning are mostly higher with the Euro Stoxx 50 up +0.83% and Jun S&Ps up +2.20 points. The dollar index rose to a 1-3/4 month high, the 10-year T-note yield climbed to a 4-1/4 month high and most commodities retreated with gold falling to a 1-1/2 month low after the Fed bolstered confidence in the U.S. banking system and raised its economic assessment. Late yesterday after the markets closed, the Fed released its stress tests that said 15 of the nation's 19 largest banks could maintain adequate capital levels even in a recession. This helped lift European banking shares with Barclays Plc and Credit Suisse Group Ag up more than 3.5%. Another boost to European shares was the action by Fitch Ratings to raise Greece's credit rating 4 levels to B- from restricted default with a stable outlook on optimism that a debt swap will reduce the risk that it reneges on its debt obligations. A slight negative for stocks was the Jan Euro-Zone industrial production which rose +0.2% m/m and fell -1.2% y/y, weaker than expectations of +0.6% m/m and -0.8% y/y.
• Asian stocks today closed mostly higher with Japan up +1.53%, China -2.83%, Australia +0.93%, South Korea +1.11%, India +0.59%. Asian stocks rose after U.S. retail sales jumped and the Fed raised its economic assessment, which boosted the earnings prospects of exporters. Japan's Nikkei 225 Stock Index climbed to a 7-1/2 month high as exporters rallied when the yen tumbled to a fresh 11-month low against the dollar. China's Shanghai Stock Index bucked the trend and closed lower as property developers plunged after Chinese Premier Wen Jiabao said home prices are still too high and that loosening property controls risks "chaos in China's housing sector." The Feb India wholesale-price index climbed 6.95% y/y, its first increase in 5 months and stronger than expectations of a +6.7% y/y gain, which dampens expectations of a rate cut by the RBI at its policy meeting on Thursday.

Overnight U.S. Stock News

• June S&Ps this morning are trading up +2.20 points. The U.S. stock market Tuesday moved higher right from the opening and continued higher throughout the day after German investor confidence rose more than forecast and after Feb U.S. retail sales grew at the fastest pace in 5 months: Dow Jones +1.68%, S&P 500 +1.81%, Nasdaq Composite +1.88%. The S&P 500 posted a 3-3/4 year high, the Dow rose to a 4-year high and the Nasdaq climbed to an 11-year high. Bullish factors Tuesday included (1) carry-over support from a rally in European stocks after the Mar German ZEW economic sentiment rose more than expected to a 21-month high, (2) increased optimism in the U.S. economic outlook after the larger-than-expected increase in Feb U.S. retail sales along with an upward revision to Jan (Feb +1.1% and +0.9% less autos versus expectations of +1.1% and +0.7% less autos and Jan revised up to +0.6% and +1.1% less autos from the originally reported +0.4% and +0.7% less autos), and (3) the action by the Fed to raise their assessment of the economy in its post-FOMC statement that said "labor market conditions have improved further; the unemployment rate has declined notably in recent months but remains elevated," and that "strains in global financial markets have eased, though they continue to pose significant downside risks to the economic outlook."
• Bearish factors Tuesday included (1) ongoing European sovereign-debt concerns after European Commissioner Barroso said the situation in Europe "remains fragile as we are not yet out of the crisis," and (2) insider selling of stocks after data from TrimTabs Investment Research showed U.S. companies and their executives are selling stocks at 2.2 times the pace of buying, the most in over 2 years, as about $15.3 billion of shares have been sold by companies and insiders this month compared with $7.1 billion of purchases.
• Citigroup (C) fell 2.7% in pre-market trading after it failed to meet some standards of the Fed's stress tests and said it will submit a revised capital plan to the Fed later this year.

Today's Market Focus

• June 10-year T-notes this morning are down -21 ticks. T-note prices Tuesday slumped to a 1-1/2 month low and settled lower after Feb U.S. retail sales were stronger than expected along with reduced safe-haven demand for Treasuries as the stock market rallied: TYM2 -20.0, FVM2 -10.2, EDU2 -2.5. Bearish factors Tuesday included (1) the larger-than-expected increase in Feb U.S. retail sales along with an upward revision to Jan (Feb +1.1% and +0.9% less autos versus expectations of +1.1% and +0.7% less autos and Jan revised up to +0.6% and +1.1% less autos from the originally reported +0.4% and +0.7% less autos), (2) reduced safe-haven demand for Treasuries after the S&P 500 rallied up to a 3-3/4 year high, (3) the action by the Fed to raise their assessment of the economy in its post-FOMC statement that said "labor market conditions have improved further; the unemployment rate has declined notably in recent months but remains elevated," and that "strains in global financial markets have eased, though they continue to pose significant downside risks to the economic outlook," and (4) supply pressures ahead of the Treasury's $13 billion auction of 30-year T-bonds on Wednesday. Bullish factors included (1) ongoing European-sovereign debt concerns which keeps the safe-haven demand strong for Treasuries after European Commissioner Barroso said the situation in Europe "remains fragile as we are not yet out of the crisis," and (2) decent demand for the Treasury's $21 billion auction of 10-year T-notes that had a bid-to-cover ratio of 3.24, stronger than the 12-auction average of 3.12.
• The dollar index this morning is stronger and at a 1-3/4 month high with the dollar/yen +0.58 yen and the euro/dollar +0.01 cents. The dollar index Tuesday posted a 1-1/2 month high and settled higher as the yen tumbled to a 10-3/4 month low against the dollar on speculation the BOJ will expand its stimulus measures while the euro fell to a 3-week low against the dollar on speculation a rift may be developing among ECB Council members: Dollar Index +0.303, USD/JPY +0.714, EUR/USD -0.00719. Bullish factors included (1) the strong Feb U.S. retail sales which rose by the most in 5 months and reduces the chance the Fed will add to its dollar-negative stimulus measures, (2) weakness in the yen after BOJ Governor Shirakawa said the BOJ will continue with its strong easing policy, and (3) concern a rift may be building among ECB Council members after ECB Council member and Bundesbank President Weidmann sent a letter to ECB President Draghi saying the ECB is taking risks with its non-standard emergency liquidity measures. Bearish factors included (1) the larger-than-expected increase in the Mar German ZEW economic sentiment to a 21-month high, which is euro supportive and (2) reduced safe-haven demand for the dollar after the S&P 500 rose to a 3-3/4 year high.
• Apr crude oil prices this morning are down -8 cents a barrel and Apr gasoline is +0.59 of a cent per gallon. Crude oil and gasoline prices Tuesday settled higher after strength in U.S. retail sales along with a surge in German economic sentiment offset the negative aspects of a strong dollar: CLJ12 +$0.37, RBJ +3.16. Apr gasoline posted a 1-week high. Bullish factors included (1) the surge in the Mar German ZEW economic sentiment to a 21-month high, which is positive for energy demand and consumption, (2) the increase in Feb U.S. retail sales by the most in 5 months, which signals economic strength that is positive for fuel consumption, and (3) the rally in the S&P 500 to a 3-3/4 year high, which boosts confidence in the economic outlook and energy demand. Bearish factors included (1) the rally in the dollar index to a 1-1/2 month high, which discourages investment demand in commodities, (2) concern the European sovereign-debt crisis will continue after European Commissioner Barroso said the situation in Europe "remains fragile as we are not yet out of the crisis," and (3) carry-over weakness from the slide in natural gas prices to a 10-year nearest-futures low. Expectations for Wednesday's weekly inventory report from the DOE are for crude oil supplies to climb +1.75 million bbl, gasoline stockpiles to fall -1.5 million bbl, distillate inventories to decline -1.45 million bbl and the refinery utilization rate to remain unchanged at 83.9% of capacity.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): YOKU-Youku (BEST earnings consensus -$0.05), GES-Guess? (1.04), VRA-Vera Bradley (0.47), OILT-Oiltanking Partners LP (0.32), RNF-Rentech Nitrogen Partners LP (0.63), GEOI-GeoResources (0.39), FXCM-FXCM Inc. (0.17), RUE-Rue21 (0.49), NGL-NGL Energy Partners LP (0.68).
Global Financial Calendar

Wednesday 3/14/12
United States
0700 ET	Weekly MBA mortgage applications, previous -1.2% with purchase mortgage sub-index +2.1% and refinancing sub-index -2.0%.
0830 ET	Feb import price index expected +0.6% m/m and +5.9% y/y, Jan +0.3% m/m and +7.1% y/y.
0830 ET	Q4 current account balance expected -$114.80 billion, Q3 -$110.28 billion.
0900 ET	Fed Chairman Ben Bernanke speaks at the Independent Community Bankers of America convention in Nashville, TN.
1300 ET	Treasury auctions $13 billion 30-year T-bonds.
Japan
0030 ET	Revised Jan Japan industrial production, previous +2.0% m/m and -1.2% y/y. Revised Jan capacity utilization, previous +3.1% m/m.
0200 ET	Revised Feb Japan machine tool orders, previous -8.6% y/y.
United Kingdom
0530 ET	Feb U.K. jobless claims change expected +5,000, Jan +6,900. Feb claimant count rate expected 5.0%, Jan 5.0%.
0530 ET	Jan U.K. avg weekly earnings expected +1.9% 3-mo/year-over-year, Dec +2.0% 3-mo/year-over-year.
0530 ET	Jan U.K. avg weekly earnings ex-bonus expected +1.9% 3-mo/year-over-year, Dec +2.0% 3-mo/year-over-year.
0530 ET	Jan U.K. ILO unemployment rate expected 8.4%, Dec 8.4%.
Euro-Zone
0600 ET	Feb Euro-Zone CPI expected +0.5% m/m and +2.7% y/y, Jan -0.8% m/m and +2.6% y/y. Feb core CPI expected +1.6% y/y, Jan +1.5% y/y.
0600 ET	Jan Euro-Zone industrial production expected +0.6% m/m and -0.8% y/y, Dec -1.2% m/m and -2.0% y/y.
0800 ET	ECB Executive Board member Peter Praet speaks at the ?Collateral Solutions Conference? in Paris.
Canada
0830 ET	Q4 Canada capacity utilization rate expected 81.5%, Q3 81.3%.

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