2018Feb

FC: EU MORNING BULLETS : 28TH-FEBRUARY-2018 February 28, 2018 at 08:06AM

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* Asian shares fell Nikkei -1.4%, Hang Seng -1.4% and the ASX -0.7%

* Chinese MFG in Feb slowed more than expected to the weakest in 19 months

* Japanese manufacturing data revived worries about global growth amid anxiety over faster rate rises in the United States coming in -6.6%mm +2.7%yy

* US Treasuries struggle into NY close on Powell testimony, remain better offered in Asia with 10y yield around 2.90% despite weak data weighing on equities and oil.

* Fed Powell says next couple of years look strong for the US economy and ‘risks two-sided now’ in Congressional hearing

* FOMC is not behind the curve regarding faster rate hikes, would hike faster in case of falling behind; US is not on a sustainable fiscal path; Fed is working on “recalibrating” enhanced leverage ratio. Yellen says relationship between wages and prices is not tight, sees moderate overall risks to financial stability.

* US Senator Cornyn doubts that infrastructure bill will pass Congress this year.

* Chinese Ministry of Commerce expresses ‘strong dissatisfaction’ with US antidumping and countervailing duties on Chinese aluminium foil introduced earlier.

* German Designated Economy Minister Altmaier (CDU) promises “explicitly and personally” that successful work of Schäuble including zero deficits will be continued under SPD-led FinMin (FAZ interview).

* In the UK the GfK cons conf for Feb in line at -10 (vs. -9 in Jan). BRC shop price index for Feb misses consensus at -0.8%yy(vs. -0.6% exp, -0.5% in Jan).

* French CPI and PPI due at 7.45am, Spanish mortgage lending at 8am, Swiss GDP at 8.30am, German unemployment at 8.55am, Italian CPI at 10am.

* US GDP at 1.30pm along with personal consumption and core PCE.Chicago pmi at 2.45pm then pending home sales at 3pm

* Fed Kashkari talks at 7.05pm.

 

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