French President Nicolas Sarkozy said the Euro region is ready to rescue Greece should the government struggle to fund Europe’s biggest budget deficit, while former Federal Reserve Chairman Paul Volcker said the challenges posed by Greece’s debt aren’t “insuperable.” Dubai World, the state-owned holding company that’s trying to renegotiate about US $26 billion of debt, will present a plan to creditors this month, said three bankers familiar with the negotiations
Read more: Emerging-Market Commodities & Stock Rise on Dubai, Greece Plans...
Major Economy and Forex Market Headlines - Previous Session
- USA Feb. Change in Non-farm Payrolls out at -36k vs. -68k expected and revised -26k prior
- USA Feb. Unemployment Rate out at 9.7% vs. 9.8% expected and unchanged from prior
- USA Feb. Avg. Hourly Earnings out at +0.1% m/m vs. +0.2% expected and +0.2% prior
- USA Jan. Consumer Credit out at +$5 bln vs. -$4.5 bln expected and revised -$4.6 bln prior
- NZ Q4 Manufacturing Activity out at +0.7% unchanged from revised prior (-5.1% previously)
- Japan Jan. Current Account Balance out at ¥899.8b vs. ¥783.9b expected and ¥900.8b prior
- Japan Feb. Bank Lending out at -1.5% y/y vs. -1.7% expected and -1.5% prior
- Japan Feb. Bankruptcies out at -17.3% y/y vs. -21.8% prior
- Japan Feb. Economy Watchers Survey: Current out at 42.1 vs. 40.1 expected and 38.8 prior
- Japan Feb. Economy Watchers Survey: Outlook out at 44.8 vs. 41.9 prior
China cut its holdings of U.S. government debt in December to the lowest level since February 2009 and Japan was a net buyer for the six month in the past seven. As the financial crisis eased, some central banks that poured money into Treasuries have been investing reserves elsewhere, economists said.
Net buying of long-term equities, notes and bonds totaled $63.3 billion for the month, compared with net purchases of $126.4 billion in November, the Treasury said in Washington. Including short-term securities such as bills and stock swaps, foreigners purchased a net $60.9 billion in December, compared with net buying of $30.7 billion the previous month.
The ministers from the 16 nations that use the Euro told Greek authorities yesterday to ready more deficit measures for next month, in case the government fails to show sufficient progress reining in the region’s largest budget deficit. After leaders promised to back Greece last week, EU governments are looking for guarantees that Greece can slash spending before they spell out what help they may offer.
“We certainly won’t let them off the hook,” Austrian Finance Minister Josef Proell said today before a meeting of European Union finance ministers in Brussels. His Swedish counterpart, Anders Borg, called for Greece to take more “concrete steps to regain credibility in the markets.”
Read more: Europe Ministers Ready to Force Deeper Cuts on Greece...
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Currency Converter
Central Banks Interest Rates
| US | 0.25% |
| UK | 0.5% |
| EMU / EURO | 1% |
| Japan | 0.1% |
| Switzerland | 0.25% |
| Canada | 0.25% |
| Australia | 3% |
| New Zealand | 2.5% |
| Sweden | 0.25% |
