Recap 2015-02-20




  • Greece came to a 4 month agreement with the Eurogroup. There were some reports that the ECB will make Greek debt eligible as collateral again.
  • EU Mfg PMI was stable at 51.1 vs 51.5 exp and 51.0 prev. Germany was stable at 50.9 vs 51.5 exp. France was weak at 47.7 vs 49.6 exp and 49.2 prev
  • EU Services PMI jumped to 53.9 vs 53 exp and 52.7 prev. Germany and especially France was strong
  • US Markit Mfg PMI improved to 54.3 vs 53.6 exp and 53.9 prev
  • Japan Markit Mfg PMI declined to 51.5 vs 52.5 exp and 52.2 prev
  • Mexico GDP grew 0.7% QoQ vs 0.9% exp
  • Hilsenrath talks about the challenges the Fed faces with the removal of “patient” from the statement. The Fed bond dealer survey revealed that several of the 22 surveyed are taking a very narrow view of what it will mean when the Fed removes patient. They responded that patient will be dropped “exactly two meetings prior to liftoff.” "Many dealers indicated that they expect that the forward guidance change would result in a tightening of financial conditions," the survey said.


  • Mon: German IFO, Chicago Fed National Activity Index, US Existing Home Sales
  • Tue: US Markit US Services PMI, Humphery-Hawkins, US Consumer Confidence, China HSBC Mfg PMI
  • Wed: France Consumer Confidence, US New home Sales, Oil Inventories, Draghi Testifies to EU Parliament
  • Thu: German GfK Consumer Confidence, EU Money Supply, UK GDP, Italy Consumer Confidence, US CPI, Durable Goods, Jobless Claims, Japan Employment, CPI
  • Fri: Month End, German CPI, ChicagoPMI, US Pending Home Sales