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Market Vibrations: News and Commentary from the Europe Desk  (1130 GMT)

Market Vibrations: News and Commentary from the Europe Desk (1130 GMT)

2012-03-12 04:15:00
Research, Research Team
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1130: Today's German bond auction has seen narrowing spreads, but has fallen shy of the target amount. Continuing with the Greek saga, a senior EU diplomat has said further talks on Greek bond swap will be held in Wednesday's EU teleconferance summit.

0930: The IMF's Lagarde has said she will ask the IMF board to approve a new loan plan to Greece to the tune of EUR 28bln over four years. A vote is planned for March 15th. The loan is meant to compliment Greek ability to pay its new debt restrucuring agreement with Europe. Meanwhile, German wholesale price index came out as expected, while Italian GDP numbers were slightly above expectations on a year-over-year basis (-0.4% vs. -0.5% expected). Eleswhere, the German FinMin Schaeuble has said that deficit spending wrong way to boost economic growth and that advocates of this strategy have "learned nothing" if they advocate growth-inducing measures without budget consolidation.

0730: The new weeks opns with risk-correlated, high-yielding currencies struggling to regain losses versus safe haven alternatives. Risk sentiment was not helped by during today's Asians session by news China's trade balance plunged in Feburary. Meanwhile, Japanese machine orders rose sharply on the months, and consumer confidence held steady. Today is expected to be a light session on the European data front, but stay tuned for Italian GDP numbers later in the day abd we will let you know if we see any market developments.

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