Overnight Markets-Leading News -Update 2

 40 PC Tender to Greeks So Far

http://www.bloomberg.com/news/2012-03-07/investors-holding-39-3-of-greek-debt-will-participate-in-swap-iif-says.html

China Starts Filling Its SPR

http://www.bloomberg.com/news/2012-03-07/china-starts-filling-lanzhou-emergency-petroleum-reserve-tanks-cnpc-says.html

European Credit Markets-Italian/Spanish Bonds Drop Below 5 pc on Optimism Greek Deal Will Move Forward

http://www.bloomberg.com/news/2012-03-07/german-10-year-bunds-drop-before-factory-data-5-year-government-note-sale.html

German Factory Orders Fall Unexpectedly

German factory orders unexpectedly declined in January as foreign demand for investment goods such as machinery slumped.

Orders (GRIORTMM), adjusted for seasonal swings and inflation, fell 2.7 percent from December, when they gained 1.6 percent, the Economy Ministry in Berlin said today. Economists forecast a 0.6 percent increase, according to the median of 37 estimates in a Bloomberg News survey. From a year ago, orders dropped 4.9 percent when adjusted for work days.

“It’s an ugly number but it was caused by a sharp drop in big-ticket items so it masks the overall robustness of the German economy,” said Alexander Koch, an economist at UniCredit Group in Munich. “The confidence indicators signal a gradual recovery.”

The economy, Europe’s largest, contracted in the fourth quarter of 2011 as the sovereign debt crisis curbed demand for its exports across the euro region. Still, business, consumer and investor confidence all jumped last month after Greececlinched a second bailout and the European Central Bankflooded the banking system with a record amount of cash, pushing down yields on government debt and lifting stock markets.

http://www.bloomberg.com/news/2012-03-07/german-factory-orders-unexpectedly-fall-as-demand-from-outside-eu-slumps.html

Brazil Growth 2.7 pc on High Real

I should not Brazil overtook the UK to become the number 5 economy. The UK economy includes trading as the English by their own admission make nothing but bloomers for fat rich women.

http://www.bloomberg.com/news/2012-03-06/brazil-s-gdp-growth-of-2-7-last-year-underperformed-bric-peers-economy.html

Socgen, Uni Tender to Greeks

Patrick Armstrong, managing partner at Armstrong Investment Managers in London, said he won’t voluntarily join in the swap because of the “minuscule” chance his bond maturing March 20 will be redeemed at par. Failing that, “‘I do fully expect to be part of the collective action clause,” he said in a Bloomberg Television interview with Mark Barton today.

http://www.bloomberg.com/news/2012-03-06/societe-generale-unicredit-join-firms-participating-in-greece-s-debt-swap.html

OZ Slows Significantly In 4Q

http://www.bloomberg.com/news/2012-03-07/australia-s-economy-grew-less-than-forecast-0-4-last-quarter-on-housing.html

Chinese Withdraw Syrian Workers

http://usa.chinadaily.com.cn/business/2012-03/07/content_14780125.htm

USA Must Respect Chinese Regional Interests

http://usa.chinadaily.com.cn/china/2012-03/07/content_14773109.htm

: #f-ckSabu.

http://rt.com/news/anonymous-sabu-pleads-guilty-993/

Evil Stratfor-Zionist War Mongers Given Top Secret Information -Nato troops in Syria Now

http://rt.com/news/stratfor-syria-secret-wikileaks-989/

Asian Central Banks Near End of Rate Cuts as Inflation Bites

http://www.bloomberg.com/news/2012-03-06/asia-s-central-banks-may-be-nearing-end-of-rate-cuts-on-oil-risk.html

ECB Balance Sheet full of $4 Trillion In Junk Bonds

http://www.bloomberg.com/news/2012-03-06/ecb-balance-sheet-is-30-bigger-than-germany-s-economy-after-lending-boom.html

 

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