07 February 2012 at 9:01 GMT
Eyes will be on Greece yet again, as nothing materialised yesterday. However, it is also worth keeping an eye out for numbers from the Eurozone's largest economy, Germany, and Federal Reserve Chairman Bernanke's testimony to Congress.
- No Greek agreement yet: Despite Greece's self-imposed 11:00 (GMT) deadline yesterday nothing was eventully announced - though to label it as a surprise may be a stretch. Nevertheless, they are at it again today with Papademos, the Greek Prime Minister, scheduled for talks with the major political leaders, though there are no indications that today will be the day when an agreement is reached. On the positive side the Greeks have agreed to a further 1.5 percent in budget cuts (of GDP) this year, but the Greeks and their creditors are stilling clash over the demands included in the PSI (Private Sector Initiative), which will release the EUR 130 billion (second) bailout package. Though Greece will auction off 625 million in bills today, this is not expected to be a problem. The real obstacle is the 14.5 billion bond auction on 20 March.
- German Industrial Production may beat expectations (11:00)Yesteerday's stronger than expected German factory orders report (+1.7 pct. MoM vs. 1 pct. expected) may have increased expectations somewhat for today's industrial production report (0 pct. expected) vs. -0.6 pct. prior), but the orders flowing in to German companies suggest that production will be stagnant to mildly positive in the coming months with orders down to the same level as twelve months ago.
- Federal Reserve's Bernanke to testify before the Senate (15:00): The chairman of the Federal Reserve, Ben Bernanke, will testify before the Senate Budget Committee today on 'the economic outlook and the Federal budget situation.' While the chairman may well spend most of the time lecturing the senators on the unsustainability of the public deficit, the markets will watch for any clues toward more stimulus; a prospect that is bound to have moved further away after last Friday's great US Employment report even if the central bank has struck a more cautious tone than the markets in recent weeks.
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