Here is what you need to know.
The euro is plunging. Selling has pushed the euro below 1.0600 for the first time since the third quarter in 2003. The weakness follows a note released Tuesday by Deutsche Bank, which called for the euro to hit $US0.85 by 2017. Currently, the euro is down 1.2% at $US1.0570.
Greece received a 500 million euro lifeline. The troubled country received the money from the European Stability Mechanism. The cash-strapped country must still negotiate with its creditors to receive 8 billion euros to meet its obligations through March. Greece’s 3-year yield is higher by 175 basis points at 17.89%.
Data out of China remains weak. Industrial production, fixed asset investment, and retail sales all missed the mark. Most notable was the 6.8% year-over-year advance for industrial production in January and February, the weakest since the end of 2008. China’s yuan finished little changed at 6.2625 per dollar.
Japan’s core machinery orders outpaced estimates. The 1.7% drop outpaced the 3.9% decline that was anticipated. “Capital spending is recovering, although at a slower pace than initially thought,” according to Meiji Yasuda Life Insurance Chief Economist Yuichi Kodama. The yen is down 0.4% at 121.55 per dollar.
Britain’s manufacturing production unexpectedly declined. The 0.5% month-over-month drop was far worse than the 0.2% mum gain that was anticipated. Notable was the weakness in the computer electronics space, which shaved off 0.5% from the number. Britain’s pound is flat at 1.5060.
Australian data missed the mark. Home loans tumbled 3.5% mum versus the expected decline of a 1.9% mum drop and Westpac Consumer Sentiment slid to minus 1.2%. The Australian dollar is lower by 0.3% at .7605.
The Fed’s is releasing the results from its next round of stress tests.Goldman Sachs is the bank to watch after last week’s test showed a 6.3 per cent minimum tier 1 common ratio, compared to an 8.2 per cent average. The results come out at 4:30 p.m. ET.
US airlines are expecting a strong spring. Airlines for America projects the busiest spring in seven years for the airline industry. The group’s chief economist, John Heimlich, attributes the forecast to “rising U.S. employment and personal incomes, an improving economy, the highest consumer sentiment in a decade and the continued affordability of air travel.”
Global stocks are mixed. Japan’s Nikkei (+0.3%) led the way in Asia while Hong Kong’s Hang Seng (-0.8%) lagged. Stock markets are higher across Europe with France’s CAC (+1.8%) out in front.
US economic data is light. Crude oil inventories will cross the wires at 10:30 a.m. ET and the Treasury budget is due out at 2 p.m. ET. The US Treasury will hold a $US21 billion 10-year note reopening at 1 p.m. ET. The US 10-year yield is up 1 basis point at 2.14%
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