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  • Squawk / 22 minutes ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    Chicago PMI drops sharply in February to 5-year low:

    Consensus had looked for a small decline to 58 in February from 59.4 in January, but instead the Chicago PMI surprised everybody with a plunge to just 45.8, the lowest print since mid-2009.

    S&P 500 is down 0.2% on the news.

    The ISM manufacturing report will be released on Monday.
    Read the Squawk
    9m
    Mads Koefoed Mads Koefoed
    University of Michigan consumer confidence is revised up in the final February report to 95.4 from 93.6. Still a decline from January's 98.1.
  • Article / 25 minutes ago

    WCU: Oil benchmarks diverge – gold makes its stand

    Head of Commodity Strategy / Saxo Bank
    Denmark
    WCU: Oil benchmarks diverge – gold makes its stand
    The diverging outlook between WTI crude oil and Brent crude continues to grow with the spread between the two benchmarks reaching a 13-month high. The resumption of dollar buying was meet by defiance among gold investors who stood their ground. Coffee slumped and Starbucks jumped while copper rallied on continued stimulus speculation in China.
    Read the article
  • Squawk / 36 minutes ago
    FX Trader / Saxo Bank
    Denmark
    FX Trading Desk: There is a rumour that a Greek bank has run out of cash, putting some pressure on EURUSD and EUR/XXX's. #Forex
    Read the Squawk
  • Saxo TV / 1 hour ago

    Hansen: Twin trading tracks for oil and gas

    Ole Hansen
    While WTI crude has continued to be on the defensive, Brent has been trading upwards with potentially the best month since May 2009. Natural gas has also had two stories to tell this week - in the US it's fallen 9% while UK gas is up around 5%. Saxo's Ole Hansen looks at this week's divergence plus gold.
    watch video
  • Squawk / 1 hour ago
    FX Trader / Saxo Bank
    Denmark
    FX Trading Desk: EURUSD broke lower through 1.1270 yesterday and the 1.1260-80 zone is now the place people are looking to add to shorts. Today's activity has been somewhat muted, but this is largely because of month end flows expected later at 5pm CET. There is an expectation of large USD selling against EUR, GBP, CAD, AUD, NZD, SEK, NOK, CHF. #Forex
    Read the Squawk
  • Squawk / 1 hour ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    US Q4 GDP growth revised down to 2.2% on inventories:

    The second estimate of fourth quarter GDP for the US resulted in a downward revision of 0.4pp to 2.2%, confirming that the US economy slowed down in the final quarter of 2014 after growth of 4.6% and 5% in Q2 and Q3 respectively. However, the main culprit of the downward revision were inventories, which are now estimated to have added 0.1pp to growth vs. 0.8pp in the original estimate.

    Key components such as private consumption (2.8pp vs. 2.9pp prior), fixed investment (0.7pp vs. 0.4pp), government consumption (-0.3pp vs. -0.4pp) and net exports (-1.2pp vs. -1pp) saw little change.

    All in all, a non-event.
    Read the Squawk
  • Article / 2 hours ago

    FX Noon: Focus off Greece, on USD

    Director / Accumen Management
    United Kingdom
    FX Noon: Focus off Greece, on USD
    The Greek issue is hardly off the table, but given Germany's approval of Athens' proposal, focus may head elsewhere in the short-to-medium term. Perhaps to the US, in fact, where rate hike talks continue to prompt much speculation.
    Read the article
  • Editor’s Picks / 3 hours ago

    German lawmakers approve Greek bailout extension

    Reuters
    Germany's parliament approved an extension of Greece's bailout on Friday after Finance Minister Wolfgang Schaeuble, who has voiced doubts about whether Athens can be trusted, promised he would not let Greece "blackmail" its Eurozone partners. With 542 members of the Bundestag voting "yes", including almost all of Chancellor Angela Merkel's right-left coalition and the opposition Greens, it was the biggest majority so far for a euro zone rescue package. There were 32 "no" votes and 13 abstentions, Reuters reports.
    Read article on Reuters
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    2h
    Mickette Mickette
    A charade of bumbledom.