Recap 2-25-12

~ globalmacrotrading

Main Items:

  • US Pending home sales improved to 10.3% YoY in Jan vs 10.7% exp and 4.4% exp.
  • Dallas Fed Mfg improved to 17.8 in Feb vs 15.8 exp and 15.3 prev
  • G20 officials say that Europe needs to come up with more financial firepower before they consider lending outside support via IMF bi-lateral loans.
  • Der Spiegel reports German Interior Minister Friedrich saying Greece would have better chance overhauling economy if it left the euro area. Friedrich is the first German cabinet member to advocate such a stance, contrary to Merkel’s stated views.

Overseas:

  • EU M3 Growth improved to 2.5% YoY in Jan vs 1.8% exp and 1.6% prev on the back of the LTRO
  • South Korea Business Survey improved to 84 in March vs 81 prev.
  • Italian Business Confidence declined to 91.5 in Feb vs 92.3 exp and 92.1 prev

Upcoming Data:

  • EU Industrial Confidence, German CPI, USDGO, US Cons Confidence, JapanPMI, UK Cons Confidence, US PMI

Commentary:

None.

Published by globalmacrotrading

I am a G20 Global Macro Portfolio Manager in NYC. My background includes stints at a major investment bank, a commodities market maker, and one of the world's largest global macro hedge funds.