Friday, February 20, 2015

Greece dominates the news again

     Greece dominates the news again
    Greece requested an extension of its rescue package; Germany rejected it
    Finance ministers’ deputies met yesterday, apparently are near an agreement
    Finance ministers meet today at 1400 GMT; this is the big one!
    It’s not clear what will happen if they don’t reach agreement today.

     US indicators are conclusive
    Leading index rose, but not as much as usual; jobless claims are very volatile, indicating problems with seasonal adjustment; Phili Fed index shows modest growth
    Fed funds futures creep higher, reversing some of Wednesday’s move, as investors look to next week’s testimony by Yellen

     Japan’s manufacturing PMI falls to lowest since last July
    Some return to talk of weak yen is likely after elections in April are finished

     Today:
    Eurozone: PMI day – manufacturing & service sector PMIs for several European countries and Eurozone as a whole are expected to rise, which could boost EUR
    UK:  Retail sales for Jan expected to fall

    US: preliminary Markit manufacturing PMI

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