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Market Vibrations: Live News and Commentary from the Europe Desk (1240 GMT)

Market Vibrations: Live News and Commentary from the Europe Desk (1240 GMT)

Research, Research Team

1240 GMT: At the European close, sentiment seems to have picked up a bit after the stronger than expected ZEW survey reading out of Germany. Auction results have been solid all around, headlined by Italy selling 2014 bonds at well under the yield taken last month. Out of the US, the small business optimism index has risen to 93.9 from December's 93.8.

1135 GMT: OECD's Gurria speaking about the Greek situation, said now is the right time for Greek PSI deal and repeated call for 1trl. firewall. He added that the ECB could value Greek bonds at matket price. Gurria also said he "completely disagrees" with the recent batch of downgrades by Moody's. The OECD reaffirmed German growth outlook at 0.4% unadjusted in 2012. Meanwhile, China's Wen said he is confident China will sustain growth.

1006 GMT:Inflation in the UK dropped by half a percentage point in January from the month before, the UK statistics office said today. Inflation rose by 3.6% on the year, which was a softer reading than the previous 4.2%. The data were in line with the median forecast by economists. Meanwhile, the infuential German ZEW survey triggered a bounce in EURUSD past 1.3200 when it predicted improving economic sentiment and current situation assestment in Europe largest economy. The survey showed that Investor confidence jumped to a 10-month high in February.

0911 GMT: ECB's Coeure has said the ECB should distribute profits on Greek debt to member states who can use it to contribute to the sustainability of Greek debt. Meanwhile, ECB's Nowotny is downplaying inflation risks, saying inflation is expected to play second fiddle to growth issues in the Eurozone.

0800 GMT: According to the German economy ministry, OECD expects the German economy to grow by 0.4% in 2012. The Polish PM has been making waves in the past hour saying that a Greek exit of the Eurozone now will be less harmful than it would have been in 2012. The PM also stated such a development would be undesireable. Amid the BoJ's decision to expand stimulus, BoJ's Shirakawa has stated that the Japanese economy is headed for moderate recovery, but the outlook is highly uncertain,

0700 GMT: The big news this morning is the Moody's downgrade of a number of European soveriegns including Italy, Spain, and Portugal. Moody's also places the UK, France, and Austria on AAA negative watch. The Euro is down on the day and appears to have run out of steam from the Greek ratification of new austerity measures. The BoJ is also making headlines, increasing QE measures from Yen55trl to Yen65trl and also bringing in a 1% policy inflation target. Stay tuned for European data later this session in the form of UK inflation and the German ZEW survey.

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