View this email online | Add newsletter@businessinsider.com to your address book
|
|
| | | | | | |  Good morning. Here's what you need to know.
- Markets in Asia were higher in overnight trading – the Japanese Nikkei rose 0.3 percent and the Shanghai Composite advanced 2.3 percent. European markets are posting solid gains, with Italy leading the way, up 1.8 percent. In the United States, futures point to a positive open.
- In fact, futures suggest the Dow Jones Industrial Average will open close to its highest level ever. The index closed at 14,127.82 yesterday, just 37 points shy of the all-time high at 14,164.53. Futures have already bridged more than 30 points of the gap.
- China HSBC Services PMI fell to 52.1 in February from 54.0 the month before. In the country's equivalent to the U.S. "State of the Union" speech, outgoing premier Wen Jiabao laid out several state economic targets, including 7.5 percent growth, 3.5 percent inflation, a deficit of 1.2 trillion yuan (about 2 percent of GDP), the creation of 9 million urban jobs, and 13 percent money supply growth.
- The Reserve Bank of Australia elected to leave the key benchmark interest rate unchanged at 3 percent, in line with economists' expectations. RBA Governor Glenn Stevens said that the rate cuts enacted in 2012 were starting to show signs of having an effect and warned that there was scope for the central bank to ease further. A strong Aussie dollar has helped to counter growth.
- Following the latest Eurogroup meeting, euro zone finance ministers appear to have soften their stance toward austerity in some of the bloc's hardest-hit countries. EU Economic and Monetary Commissioner Olli Rehn told reporters that economic conditions in those countries "may also justify in a certain number of cases reviewing deadlines for the correction of excessive deficits."
- Euro zone services PMIs out this morning highlight the continued economic troubles the region faces. The Italian number staged its steepest decline in seven months to 43.6 while the French number rose to 43.7, both indicative of moderate recessionary conditions. On the other side of the coin, German services PMI rose to 54.7, helping bring the overall euro zone services PMI to 47.9 from 47.3 the month before.
- Euro zone retail sales figures, however, showed reasons for optimism. In January, sales grew 1.2 percent after contracting 0.8 percent in December. Economists predicted only a 0.3 percent sales increase.
- North Korea warned Tuesday that it would scrap the armistice with South Korea signed in 1953 if the latter country pressed ahead with its annual two-month military drill coordinated with the U.S. North Korea is upping the rhetoric after staging a controversial nuclear test last month.
- China's technology ministry released a white paper saying that Google was gaining too much control over the country's smartphone industry with the growth in market share of the company's Android mobile operating system. According to analysts, the paper could mean new regulations against Android in China are on the way.
- The February ISM Non-Manufacturing survey is due out in the United States at 10 AM ET. Economists expect the index to moderate slightly to 55 from 55.2, indicating a robust but slowing pace of expansion in the U.S. services sector. Follow the release LIVE on Business Insider >
- BONUS: Lauren Silberman, the first woman to ever participate in a regional NFL combine, was injured after kicking the ball only 19 yards.
Please follow Money Game on Twitter and Facebook. | | | | | | | |
|
If you believe this has been sent to you in error, please safely unsubscribe.
Facebook
Twitter
Digg
Reddit
StumbleUpon
LinkedIn
No comments:
Post a Comment