AUTOREFRESH 
Italy February manufacturing PMI dips fractionally
Has come in at 51,6, down from 51.7 in January, below median forecast 52.1 and first fall in index since August 2009.
Greek/German 10-year government bond yield spread narrows to 302 bps, tightest since mid-February
ECB’s Stark in Athens with EU Commissioner Olli Rehn to discuss Greek situation.
Swiss February PMI better than expected
Has come in at 57.4, better than median forecasts of 56.0.
EUR/CHF continues to see very steady trade, presently at 1.4637.
“We have the torture equipment in the cellar” – Juncker
Juncker has told German daily Handelsblatt “If the Greeks hold on to the strict parameters and the markets continue to speculate against Greece, we will not let them just march through” adding “we have the torture equipment in the cellar, and we will show them if needed.”
The official declined to give exact details about what would be done to dampen speculation.
EUR/USD sits presently at 1.3626.
Sell orders tipped up at 1.3640/50.
Prudential confirms it is in advanced discussions with AIG
- Can be no certainty that these discussions will lead to any agreement.
Cable has recovered back to 1.5137 at writing having earler dipped below 1.5100. Talk of sell orders up at 1.5150/60. I’d hazard a guess buy stops gathered not far north of 1.5200.
Eurogroup’s Juncker: Would act against market speculation if it ignores Greek reform efforts -Newspaper
Awaiting details.
Spain’s Economy Minister: Euro zone will not just stand by if a member is in trouble
No they won’t. But they’ll expect their pound of flesh.
China risking property bubble with prices rising 20% a month
Chnia is in the midst of such a vast property boom, with prices leaping 20% a month in some regions, that developments are taking on fairly tale dimensions.
Don’t go wobbly on us now, Ben Bernanke
Cable starts week on backfoot
Cable sits at 1.5150, down a full cent from Fridays North American close. Weekend poll shows Labour just 2 points behind Tories. The spectre of a hung parliament is weighing on sterling. There is also some anticipaton of large negative M&A flows eminating from Prudential’s potential purchase of Asian life insurance unit from AIG.
UK data due today:
09:30 GMT: UK mortgage approvals for January expected 50k from previous 59k
09:30 GMT: UK net consumer credit for January expected -0.1 bln
09:30 GMT: UK net lending sec on dwellings for January expected +0.9 bln
09:30 GMT: UK PMI manufacturing for February expected 56.5 from 56.7
09:30 GMT: UK M4 money supply for January/final
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Economics
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