- US Consumer Credit increased 6.1bn in Dec vs 2.4bn expected and 1.3bn previously. Credit Card debt increased for the first time since August 2008.
- FDIC voted 5-0 to require banks to pay insurance on reserve deposits held at the Fed. The new assessment base will be based on assets instead of deposits, exempt firms with assets below 1bn, require incentive pay to be deferred over 3 years, which would need to be adjusted for losses.
- EU Sentix investor confidence increased to 16.7 in Feb vs 14 expected and 10.6 previously.
- The ECB will have to raise interest rates if the rate of inflation does not begin to slow by the end of 2011, ECB Executive Board member Jose Manuel Gonzalez-Paramo said.
- Australia Real Retail Sales declined -0.3% QoQ in 4Q as expected, vs 0.7% previously
- The S&P 500 Earnings Surprise as calculated by Bloomberg suggests that the spread between beats and misses has fallen sharply since late last year. Typically, the slowing of this second derivative measure occurs with a deceleration in the pace of S&P appreciation. However, since the S&P sold off in 3Q on the back of double dip fears despite the earnings beats, there is some ‘catch-up’ that suggests further intermediate term upside fro the market.