- US Core PCE rose to 0.8% YoY in Jan as expected and 0.7% previously.
- Chicago PMI improved to 71.2 in Feb vs 67.5 expected and 68.8 previously. This was a 22 year high.
- US Personal Income rose 1.0% MoM in Jan vs 0.4% expected, but Personal Spending rose just 0.2% vs 0.4% expected. As with all January data, weather disclaimers apply.
- Canadian GDP rose 3.2% YoY in Dec vs 2.8% expected and 3.0% previously
- The opposition in Libya allows oil shipments to commence. A tanker carrying 700K barrels of crude departed Libya Sunday night bound for China. This marks the first crude shipment from the eastern territory of the country in more than a week. WSJ
- HSBC posted $13.2bn in net income, missing $13.7bn expectations. They cited an “unacceptable” increase in costs and they have reduced their profit forecasts.
- EU CPI rose 2.3% YoY in Jan vs 2.4% expected and previously. The Core measure was unchanged at 1.1% vs 1.2% expected.
- Month end flows are likely ‘distorting’ some of the price action. However, any pause in the sell off of risky assets is a positive. Certainly the two consecutive positive closes ahead of month end is a good setup and suggest that the panic selling is now over.