• The Center for Economic Research (ZEW) said that German sentiment on the economy turned positive for the first time in 3 months. The poll index rose to 5.4 points in February from -21.6 in January, and the best level since April 2011. The indicator is widely followed, and expectations were for a reading of -11.6. The poll suggests that Germany can avoid economic contraction in the first quarter. From The Wall Street Journal.
• Moody’s cut the debt ratings on six European nations and warned that the UK may loose its AAA rating. The countries downgraded are Spain, Portugal, Italy, Slovakia, Slovenia and Malta. The ratings cuts were not a surprise to market players as bond auctions in the region did well. From Bloomberg News.
• The Bank of Japan eased monetary policy further by boosting its buying of long-term bonds by 10 trillion yen, to 65 trillion yen. The yen weakened against the dollar on the news. From Reuters News.
• Crude oil futures on the NY Merc rose through $101/bbl on fears of supply disruption in Iran. The nation continues to threaten shutting down supply routes, or limiting supply. Brent oil for March delivery was up slightly at almost $118/bbl. From Bloomberg News.