- WSJ reported that the ECB has agreed to exchange Greek bonds it purchased with EFSF bonds. The EFSF will return the bonds to Greece and Greece will pay the EFSF @ the purchase price. The article goes on to say that this could help reduce Greek debt by 11bn euros, ~5% of GDP.
- IG Metall union calls for a 6.5% pay rise for around 3.6mn workers in the metal and electronics industry
- Roubini’s firm is overweight equities.
- Goldman upgrade BNP Paribas to a Conviction Buy.
- Swiss Unemployment was stable at 3.1% in Jan as exp.
- Japan Eco Watchers Outlook Survey improved to 47.1 in Jan vs 45.5 exp and 44.4 prev