***COMING THIS WEEK*** by TradeTheNews
*IN THE NEWS*
- UK Gilts and banks
are expected to be in focus on Monday's session, after Moody's cut the UK's
sovereign rating from Aaa to Aa1. There has been ongoing press debate about
whether or not the downgrade has already been priced into Gilts. Additionally,
following the move by Moody's, various UK press reports suggested that Chancellor
Osborne could be pressured to relax his fiscal consolidation plan. Dealers are
now expected to focus on the March 20th budget statement for further clarity on
the UK's fiscal outlook, as the country's sovereign outlook remains negative at
S&P and Fitch. On the growth front, the second estimate of the UK's Q4 GDP
is due to be released on Wed Feb 27th. DMO is not schedule to hold any bond
auctions this week.
- Italian elections: According to press reports the turnout for the
elections may be lower than expected, amid reports that a large turnout could
benefit Berlusconi and Grillo. An article in the FT suggested that many are
expecting a close outcome. The polls are due to close at 3 pm (local time) on
Monday and the results could come on Monday night or early Tuesday.
- BoJ Governor Position: Press reports have suggested that the head of
the Asia Development Bank Haruhiko Kuroda is believed to be the frontrunner for
the BoJ governor position. An official announcement could come later this week.
According to prior reports, Kuroda has been a proponent of aggressive easing
measures. Outgoing BoJ Gov Shirakawa is due to step down on March 19th.
- Fed Chair Bernanke is due to give his semi-annual economic testimony
before Senate and House committees on Feb 26-27th, amid recent calls from some
Fed officials for the QE program to be altered if economic conditions permit.
Bernanke is also due to speak on Friday, March 1st. In comments made by
Bernanke thus far in 2013 he has maintained that the US economy and labor
market are recovering at only a slow pace. Additionally, Bernanke has
downplayed any inflation risks related to the Fed's easing measures.
- US fiscal debate: In terms of the US sequester, President Obama is
still said to be open to negotiations related to the matter, while Republicans
have been less flexible (FT). The sequester-related fiscal cuts are due to take
effect, starting on March 1.
***Looking Ahead***
Mon, Feb 25th
US: US Jan Chicago Fed National Activity Index, US Feb Dallas Fed Manufacturing
Activity
Notable US Earnings: Before open: CTB, DNDN, FE, HTZ, LOW ; After the close:
CZR, EROC, KND, OKE, OKS
Asia: Japan PM Abe to announce BoJ Gov selection any day this week; China HSBC
Flash Manufacturing PMI
Notable Asia Earnings: NTT Data, MGX.AU
Europe: Italian Elections, UK Bond issuance
Notable EU Earnings: Associated British Foods, Bovis Homes, Dialight, Domino's
Pizza, Hiscox, Pearson, Persimmon, Petra Diamonds, Senior, Sportingbet,
Thorntons
Tues, Feb 26th
US: Bernanke speaks before the Senate, US Feb Consumer Confidence, US Jan New
Home Sales, US Dec S&P/Case-Shiller Home Price Index
Notable US Earnings: Before open: AZO, CBRL, ECL, EME, EXPD, HD, HFC, M, PCS,
RSH, SKS, SRE, TDS, THC, USM; After the close: DWA, EIX, FSLR, LYV, PCLN, RRC, SPN,
TIVO, WFT
Asia: New Zealand Jan Trade Balance
Notable Asia Earnings: none seen
Europe: Riksbank Minutes
Notable EU Earnings: Croda International, Dechra Pharmaceuticals, Devro,
Elementis, GKN, Goals Soccer Centres, Provident Financial, Redrow, Robert Walters,
RSM Tenon, Whitbread, Wilmington, Fresenius, MedioBanca, BASF AG, Vivendi
Universal, Lukoil OAO
Wed, Feb 27th
US: Bernanke speaks before the House, US Jan Durable Goods Orders; Durables
Ex-Transportation, US Jan Pending Home Sales
Notable US Earnings: AAPL shareholder meeting, Before open: AES, BYD, CNP,
DANG, HII, JOY, KOF, NRG, RRC. TGT, TJX; After the close: BWC, CBI, FMX, GEF,
GRPN, JCP, LINTA, LTD, MYL, PLL, RJET
Asia: Australia Q4 Private Capital Expenditure; Private Sector Credit, New
Zealand Feb ANZ Business Confidence; ANZ Activity Outlook
Notable Asia Earnings: Orascom Construction
Europe: Draghi speaks in Munich, France INSEE Consumer Confidence, EU Money
Supply, Italy Business Confidence, UK GDP, EU Economic Sentiment
Notable EU Earnings: Anheuser-Busch InBev, Bouygues SA, Ingenico, Man Group,
Capital Shopping, Centrica, Henderson, Interserve, ITV, Oxford Biomedica,
Vesuvius, Weir
Thurs, Feb 28th
US: US Q4 Second Reading GDP; GDP Price Index, US Initial/Continuing Jobless
Claims, US Feb Chicago Purchasing Manager
Notable US Earnings: Before open: BBY, BWC, CVC, KSS, PLL, SHLD, VC, WEN, WNR ;
After the close: CRM, GPS, KOG, MCP, MDR, TEG, UHS
Asia: China Feb HSBC Manufacturing PMI, China Feb Manufacturing PMI, India Q4
Quarterly GDP
Notable Asia Earnings: none seen
Europe: Spain Consumer Prices, Germany Unemployment, EU HICP, Germany Consumer
Prices
Notable EU Earnings: Aeroports de Paris, Bayer AG, Bankia, GDF Suez, Hochtief
AG, Royal Bank of Scotland, Deutsche Telekom AG, Seadrill, Areva, Thales SA,
Luxottica Group Spa, Kier, Man Group, Reed Elsevier
Fri, Feb 29th
US: Canada Q4 Quarterly GDP Annualized; Gross Domestic Product, US Jan PCE
Deflator; PCE Core, US Feb Final U of Michigan Confidence, US Feb ISM
Manufacturing; ISM Prices Paid
Notable US Earnings: Before open: FWLT, MGA, NA.CA, POM; After the close: none
seen
Asia: India Feb Markit Manufacturing PMI
Notable Asia Earnings: none seen
Europe: Germany retail sales, Ireland PMI Manufacturing, EU, UK PMI, Italy
Consumer Prices, UK Mortgage Approvals
Notable EU Earnings: Lloyds Banking, Rightmove, Taylor Wimpey, William Hill,
WPP
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