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News roundups over the weekend

  • Greece expects EU and IMF partners will accept the reform promises - Reuters
  • FinMin Varoufakis expects EU and IMF partners will accept reform promises
  • "We have discussed this with our partners andI am confident the list of reforms will be approved." Varoufakis said after briefing cabinet
  • A government official said the pledges were on issues such as tackling tax evasion and corruption
  • PM Tsipris declares "victory" over EU and IMF - insisting that Friday's agreement cancelled austerity commitments and dispensed with the "troika"
  • Irish FinMin Noonan contradicted Greek PM by saying no concessions made by EU
  • Noonan said Greek banks would have collapsed in week ahead and Greece will need a third bailout after the four-month extension
  • Headlines from Friday Night
  • Moody's Downgrades Russia's Sov Rating to Ba1 from Baa3; Outlook Negative
  • Moody's - Downgraded the Government of Russia's Sovereign Debt Rating to Ba1/Not Prime (NP) from Baa3/Prime-3 (P-3)
  • Moody's - Lowered Russia's Country Ceilings for Foreign Currency Debt to Ba1/NP from Baa3/P-3
  • Moody's - "Russia is expected to Experience a Deep Recession in 2015 and a Continued Contraction in 2016"Moody's-Continuing Crisis in Ukraine, Oil Price and Exchange Rate Shocks will Further Undermine Russia's Economic Strength, Medium-Term Growth Prospects
  • Moody's-Second Driver for Downgrade of Russia's Government Bond Rating to Ba1 is Expected Further Erosion of Fiscal Strength, Foreign Exchange Buffers
  • Moody's - Lowered Russia's Country Ceilings for Local Currency Debt and Deposits to Baa3 from Baa2
  • Moody's - Lowered Russia's Country Ceiling for Foreign Currency Bank Deposits to Ba2/NP from BA1/NP
  • Moody's - Unlikely to Upgrade Russia's Sovereign Debt Rating in the Near Term given the Negative Outlook
  • Eurogroup's Dijsselbloem says EZ extended Greek bailout by 4 months, includes requirement for Greece to submit list of reform measures on Monday, Greece expressed commitment to no roll-back of measures
  • Dijsselbloem EZ funds for Greek bank recap must not be used for govt needs
  • ECB prepares for a Greece exit from euro zone (Der Spiegel)
  • PM Tsipras confident on extension, calls for "historic" political decision
  • Germany's Merkel wants "significant improvements" to Greek bailout proposal
  • FR Hollande Greece must meet commitments; EU must take election in account 
  • Dutch junior FinMin Wiebes bailout extension request not clear enough
  • EU's Juncker rules out Greek exit from euro (WirtschaftsWoche)
  • Portugal PM Coelho against loans for Greece if no clear obligations, no bitterness against Greece & its new govt
  • Fed's Bullard US will benefit from low oil low yields in 2015, Okun's law should be demoted to Okun's suggestion (DJ)
  • Plosser Fed will have to do something about 'patient' rate guidance at March meeting; poor Fed communication has made risk of abrupt mkt reaction greater
  • Canada's Oliver says core inflation nowhere near deflationary
  • Danish CB to defend peg to "last drop of blood", current tools should be enough to defend crown's peg to euro (government adviser)
  • Turkish EconMin Zeybekci says c/b should take 'brave decisions' to lift growth
  • Moody's Italy set to benefit from reforms, though debt/GDP ratio to decline only gradually
  • Moody's won't rush decision on Brazil rating prefers to wait & see if high risk events will materialize
  • US Markit Mfg PMI Flash Feb 54.3, f/c 53.6, 53.9-prev
  • CA Retail Sales MM Dec -2%, f/c -0.4%, 0.4%-prev
  • CA Retail Sales Ex-Autos MM Dec -2.3%, f/c -0.8%, 0.7%-prev
  • MX GDP YY Q4 2.6%, f/c 2.6%, 2.2%-prev
  • BOE McCafferty: Int rates could go negative, unhappy about GBP's appreciation - The independent
  • EZ Feb Markit Mfg flash PMI 51.1 vs prev 51.0. 51.5 exp 
  • EZ Feb Markit Serv flash PMI 53.9 vs prev 52.7. 53.0 exp 
  • EZ Feb Markit Comp flash PMI 53.5 vs prev 52.6. 53.0 exp 
  • GB Jan PSNB -9.405b vs prev 9.867 rvsd. -7.8b exp 
  • GB Jan PSNCR -18.921b vs prev 21.44b
  • GB Jan Retail sales -0.3% m/m, 5.4% y/y vs prev 0.2%/4.0% rvsd. -0.2%/5.9% exp

  • Market Data
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