Good morning! Here are the 10 biggest stories you should know about in markets this morning.
Credit Suisse CEO Brady Dougan is reportedly out. Credit Suisse is replacing CEO Brady Dougan, according to a Wall Street Journal report. He’ll be replaced by Prudential UK CEO Tidjane Thiam. Dougan took over Credit Suisse in 2007, just in time to catch the worst global financial crisis in decades.
China’s inflation rate was above expectations. China’s consumer inflation quickened to 1.4% in February, beating market expectations, recovering from a five-year low in January, but factory deflation worsened. Analysts polled by Reuters predicted consumer inflation at 0.9%, compared with 0.8% in the prior month. The producer price index declined 4.8% in February.
Europe is tightening the screws on Greece. After euro zone finance ministers told Greece to “stop wasting time” on Monday, its financial experts will begin technical talks with its international creditors on Wednesday to agree reforms and unlock further funding. “We agreed there is no further time to lose,” the head of the Eurogroup, Jeroen Dijsselbloem, told a news conference after chairing Monday’s meeting.
Ukraine says Russian-backed rebels have attacked Mariupol. Ukraine accused pro-Russian separatists Monday of using mortars and a tank to fire on government positions near the eastern port of Mariupol in clashes that lasted several hours, violating a nearly month-old ceasefire.
Asian markets are down. The Nikkei closed down 0.67% in Japan, and Hong Kong’s Hang Seng is currently down 0.70%, followed by the Shanghai Composite Index, 0.29% lower than yesterday’s close.
China’s social security minister says the retirement age will be raised. The government needs to gradually raise the official retirement age to salvage the country’s pension fund, Yin Weimin, minister of human resources and social security, said on Tuesday. The government will gradually raise the official retirement age, which is as low as 50 for some female workers, but stressed that any policy changes will be phased in over five years.
French and Italian industrial output at coming. Europe’s second and third-largest economies are releasing January’s industrial production data at 7:45 a.m. and 9 a.m. GMT respectively (3:45 a.m. and 5 a.m. ET). Economists expect a 0.2% rise from December for Italy and a 0.3% drop for France.
Airbus sees the demand for a significant hike in output. Airbus, which recently announced an output increase for its A320 jet family, has amassed enough excess orders through overbooking to justify further production increases at some point in the future, its sales chief said on Monday. Airbus last month announced plans to increase output of its best-selling jet family to 50 aircraft a month in 2017, up from 42 a month now.
US JOLTS are out later. January’s job opening data will be watched closely by the Federal Reserve, with the potential for a summer rate hike on the cards. Signs of building pressure on employee compensation and costs will also be pored over closely. The report is out at 2 p.m. GMT (10 a.m. ET).
Australia’s subsidies to a failing auto industry are back. The Australian government threw the country’s ailing auto industry a lifeline Tuesday, reinstating 500 million Australian dollars ($US383 million, £253.9 million) in funding to ensure it can continue until it shuts for good in 2017. All three of Australia’s key car manufacturers — Toyota, Ford and Holden — plan to cease production by the end of 2017 at the latest, citing high costs and the small domestic market.