G3 Recap 3-21-11

Main Items:

  • Japan:
  • Power restored at all Reactors. Cooling has been restarted on reactors 5 and 6.
  • Kan says seeing light at the end of the tunnel
  • Japanese Factories are starting to resume production – NYT
  • Japanese market holiday today

MENA:

  • Western powers launched a second wave of air strikes early Monday after halting Qaddafi’s forces attempt to advance to Benghazi and established a “no-fly” zone. Joint Chiefs Chairman said Gaddafi hasn’t had aircrafts flying the last couple days.
  • FT: Iran has bought large amounts of gold in the international market, according to a senior BoE official, pressure on Tehran to reduce its exposure to the US dollar.

Fed National Activity Index improved to -0.04 in Feb vs -0.20 expected and -0.16 previously.

US Treasury announced it will be winding down its 142bn Agency MBS portfolio – selling up to 10bn a month, which is on top of 3-5bn per month in paydowns. This was unexpected and caused a sharp sell off in treasuries, which was almost completely unwound over the course of the day.

AT&T is buying Deutsche Telekom for $39bn

Overseas Data:

Commentary:

  • See Trades for 2Q
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