Thursday, 26 February 2015

Stories to be thinking about this morning

Am travelling, so a few stories in brief...and a bunch of slightly worrying ones they are too (but still many markets are at/near highs...).  

German Chancellor Advisor Feld Calls For Grexit – and Bild treats it with great subtlety: 



Europe fiscal -  The European Commission has decided not to fine either France or Italy for violating EU budget rules, but signaled that France remains the eurozone country that needs closest watching to ensure it sticks on a reform and austerity course.

Irish bond yields – 10 year fell <1% yday



As for Germany…moving into the negative yield area: 



Asia GDP/market updates - S&P: Raises India GDP Forecast To 8.2% In FY17 Vs 6.6% Prev. But S&P CUTS #JAPAN & #CHINA 2015 GDP FORECASTS TO 0.7% FROM 1.3% .....AND 6.9% FROM 7.1% RESPECTIVELY! Despite all this Japan's benchmark stock average established another 15-year high, FTSE All-World equity index was up for an 11th straight session, Shanghai Composite up: eighth gain in the past nine sessions.

BoJ Governor Kuroda says sees CPI reaching 2% target before end of FY 2016....previously said CPI target centred around FY 2015

Chinese tourists spend more than any other foreigners at an average of $7,200 per visit to the US
America: The new destination for rich Chinese shoppers (link here)
(h/t @sophia_yan)

Oil - Seven straight weeks of higher than expected crude oil inventories. Longest streak since August 2005.  Meanwhile in the UK oil industry –



UK house price affordability – bit of a problem if lending only at x4 income



FTSE-100 - More than half of companies have left FTSE since last peak!  Link here 

US markets - Dow is on pace for its best month since October 2011. Up better than 6% — so far this month to a new record high above 18,200.

Italy - Italy's government is selling a 5.7 per cent stake in state-controlled utility Enel worth around €2.2bn in a long anticipated move that is a key plank of the reformist government's privatisation programme, according to two people familiar with the matter.


Ukraine - Goldman says Ukraine's international reserves probably fell to just 3 weeks of import cover in February

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