Recap

Main Items:

  • US Non-Mfg ISM increased to 57.3 in Feb vs 56.0 exp and 56.8 prev
  • Chinese premier Wen lowered China’s 2012 GDP forecast to 7.5% from 8%. He said the country will maintain a prudent monetary policy and a proactive fiscal policy. China’s officials reiterated their desire to reorient the economy’s focus away from exports by enhancing domestic consumption and said property market restrictions would stay in place.
  • Apple is expected to unveil the iPad 3 on Wednesday.
  • Results of the Greek PSI announced Friday the 9th. The deadline to tender is the 8th. The FT says the subscription process is going slower than anticipated. Greece must get 75% of holders to participate by this Thursday to avoid triggering the CACs. If less than 66% participate, even the CACs would become invalid, threatening the entire deal.
  • Spanish Gov’t raises the 2012 deficit target to 5.8% of GDP vs 4.4% previously and 8.5% in 2011 as a result of much weaker economic forecasts. The consensus expectation for 2012 is -7.1%.

Overseas:

  • China Non-Mfg PMI declined to 48.4 in Feb vs 52.9 prev. However, the HSBC measure improved to 53.9 vs 52.5 prev
  • EU Sentix Investor confidence improved to -8.2 for March vs -5.0 exp and -11.1 prev
  • Italian Service PMI declined to 44.1 in Feb vs 45.2 exp and 44.8 prev
  • UK Services PMI declined to 53.8 in Feb vs 55 exp and 56 prev
  • AU Services PMI declined to 46.7 in Feb vs 51.9 prev

Upcoming Data:

  • RBA, US ADP

Commentary:

FRBNY: 27% of non-students may be delinquent on their student loans. Link

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