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EUROPEAN OPENING NEWS INCLUDING: German Chancellor Merkel has said the ECB cannot simply “put in as much money as possible”
ASIA
JGBs trimmed all of the early losses in the 5-yr to 10-yr zone on the back of stronger-than-expected results from today's monthly JPY 2.2trl 10-yr JGB auction. At 0625GMT JGBs were trading up 8 ticks at 142.75. (RTRS/RANsquawk)
BoJ’s Yamaguchi has said Japan must watch the impact of the European debt crisis on global markets and has said Japan will take appropriate policy measures if necessary. (Sources)
GLOBAL
On an official visit to China, German Chancellor Merkel has said China will have “more and more” power in the IMF, and the two countries can work together for a greater convertibility of the CNY. (Sources)
US
T-notes finished in negative territory yesterday, as hope picked up that a resolution on Greek debt talks may be imminent. Asian names were touted as taking profits at the CBOT open, ahead of the refunding announcement for next week's issuance from the treasury. A large amount of corporate issuance also kept treasuries under-pressure, with rate-lock deals propping up the benchmark yields. At the pit close, t-notes settled at 131.31, down 9 ticks. Finally the DJIA finished up 0.66% at 12716.46, the S&P 500 finished up 0.89% at 1324.08 and the Nasdaq 100 finished up 0.82% at 2488.18. T-notes were trading steady ahead of the European session, last price for the US 10-yr at 0635GMT was 131.30 down 1+ ticks. (RANsquawk)
US Senate negotiators have offered a partial jobless benefits proposal and lawmakers are working on a deal to extend key tax breaks and benefits expiring at the end of the month. (Sources)
EU
The IIF said that Greece and private creditors are close to finalising the debt agreement and they expect to conclude discussions by the ‘close of this week’. (Sources) Separate reports said that the PSI deal is being held up in part by German and IMF differences, with the IMF wanting sacrifices by official creditors whereas Germany does not see the need for official sector involvement. Germany also wants deeper cuts in the Greek budget according to sources.
German Chancellor Merkel has said the ECB cannot simply “put in as much money as possible”. (Sources)
Leader of the Greek Laos party Karatzaferis, has written to EU’s Barroso and Van Rompuy and requested a loosening of the terms of Greece’s second bailout or risk a “social explosion”. (FT-More)
EU considers easing asset lending rules for lenders. (WSJ)
European regulators are considering loosening some rules that require lenders to maintain deep pools of ultrasafe assets to protect them in a crisis. This would allow the banks to hold a broader variety of assets. European regulators and central bankers say they have grown increasingly worried in recent weeks that overly stringent liquidity requirements could force banks to rapidly shrink by constraining their lending.
FX
Australian Trade Balance M/M (Dec) 1709mln vs. Exp. 1200mln (Prev. 1380mln, Rev. 1343mln). (Sources)
Japanese Finance Minister Azumi has said the domestic economy cannot overlook speculative moves in the foreign exchange market, and he will take decisive steps if necessary to intervene. (Sources)
COMMODITIES
WTI crude futures are trading broadly flat heading into the European session at USD 97.67, which remains near the lowest level in six weeks. Last price taken at 0630GMT. (RANsquawk)
German Chancellor Merkel has urged China to further pressure Iran to be more “open and transparent” over its nuclear program. (Sources)
Iraq oil exports in January fell 1.9% M/M to 2.106MBPD, according to source close to the State Oil Marketing Organization. (Sources)
