Recap :


NB: No updates on Monday.



  • Japan Unemployment declined to 3.6% vs 3.7% exp and prev
  • Japan CPI was stable at 1.3% as exp, but the core measure ticked higher to 1.8% as exp
  • UK Consumer Confidence improved to -5 vs -6 exp and -7 prev
  • Japan will bring forward the implementation of government spending programs for the fiscal year starting in April. The government will aim to complete 40% of projects earmarked in the budget by the end of June and 60% by the end of September
  • US corporate profits hit 11.1% of GDP in Q4, a new all-time record (if profits returned to their ‘90s average of 5.4% they would be half the current level). Some think these high levels of corporate profits are damaging the overall economy given mgmt. teams are slashing costs and not investing (aggregate capital expenditure for members of the broad S&P 1500 index has grown by just 0.8% annually over the past five years). Low interest rates also are contributing to the profits boom. WSJ
  • As Xi Jinping prepares to make the first trip to Germany by a Chinese president in eight years, lofty goals to boost trade between the world’s top exporters look hopelessly out of reach, and German firms are beginning to rethink their aggressive push into China. – Reuters

Upcoming Data:

  • Mon: Month End, EU CPI, Canada GDP, Chicago Fed, AU PMI, China PMI, China HSBC PMI
  • Tue: Japanese VAT hike hits, UK PMI, Italy PMI, US ISM, Australia Building Approvals
  • Wed: UK House Prices, EU PPI, US ADP, Australia Retail Sales, Trade Balance, China PMI
  • Thu: EU PMI, ECB, US Jobless Claims, Markit PMI, ISM Non-Mfg
  • Fri: US Employment, Canada Employment,