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'Grexit' Risks Rise But Compromise Seen Still Possible

 

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HEADLINES

Greek Govt Official: Greece Won't Accept Ultimatums But Deal Feasible

Greek Dep Foreign Minister: Will Not Be Blackmailed Into Keeping Bailout

Spanish EconMin de Guindos: Greek Govt Should Reconsider Its Position

EU's Moscovici Denies EU Divisions On Greece

Austrian FinMin Schelling: Grexit Ruled Out At The Moment

Rebels In One Part Of East Ukraine Pulling Back Big Guns - TASS

Over 120 Ukrainian Servicemen Surrender In East Ukraine's Debaltseve

Bank Indonesia Unexpectedly Cuts Interest Rate To Bolster Growth

UK Inflation At Historic Low On Lower Crude, Food Prices

Surge In Investor Optimism Continues In February - German ZEW

Medtronic Q3 Earnings Results Beat Estimates

General Mills Reaffirms Goals For Fiscal 2015

Kering 2014 Profit Up On Smaller-Brand Growth

Orange Warns Sales Will Continue To Slide

Caixabank Launches Takeover Bid For Banco BPI

COMMENTARY

'Grexit' Risks Rise But Compromise Seen Still Possible

The chances of Greece being forced out of the euro zone have risen but a compromise agreement between Athens and its European partners is still possible, Greek media and investment banks said on Tuesday.

They said all eyes were now on the European Central Bank, which must decide on Wednesday whether to extend Emergency Liquidity Assistance (ELA) funds to Greek banks to keep them in cash while the crisis unfolds.

"Hard ultimatum from the EU, 96 hours until an agreement or an accident," ran the headline of Greek daily Eleftheros Typos. (Reuters – Continue Reading)

 

Draghi's QE Plan Seen Challenged By Hoarders Amassing Bonds

As if Mario Draghi doesn’t have enough problems already.

Europe is trying to avert a crippling bout of deflation. Germany wants austerity and less stimulus. And Greece is demanding to renegotiate the terms of its bailout, a move that has revived the risk of the euro area splintering.

Now, there’s yet another: the European Central Bank president’s unprecedented plan to jolt the eurozone out of its economic malaise by buying 1.1 trillion euros ($1.3 trillion) of bonds may be hamstrung, even before it starts. (ekathimerini – Continue Reading)

Ukraine Crisis: Battle Rages For Debaltseve Despite Truce

Rebels say they have taken most of Debaltseve, a transport hub, but the government says it is still in control.

International observers tasked with monitoring the ceasefire have been unable to enter the town.

Earlier, both sides failed to begin withdrawing heavy weapons, despite a Monday deadline agreed in the truce.

The two sides were given until two days after the latest ceasefire came into effect to start the pullout.

A spokesman for the self-proclaimed Donetsk People's Republic told Russian news agency Interfax that the police station in Debaltseve had been taken as well as the railway station. (BBC – Continue Reading)

 

UK Inflation Drops To Record Low As Petrol Prices And Food Costs Tumble

Tumbling petrol prices and falling food costs pushed inflation to its lowest level on record in January, as economists said there were further falls to come.

Prices, as measured by the consumer prices index (CPI), rose by just 0.3pc in the year to January, from 0.5pc in December, according to the Office for National Statistics (ONS).

This was lower than economists' expectations for a fall to 0.4pc and the lowest rate of inflation since comparable records began in 1989.

The decline was led by a big drop in petrol prices, which fell by 8.5p per litre between December 2014 and January 2015, to 108.3p. Petrol and diesel prices have fallen by 16.2pc over the past year, while food prices, which have fallen by 2.8pc, also pushed inflation down in January. (Telegraph – Continue Reading)

Fiscal Austerity Versus European Society

Over the last five years, the eurozone has, without explicit popular consent, maintained a strict policy focus on fiscal austerity and structural reforms – despite serious social repercussions, not only in the Mediterranean periphery and Ireland, but even in a “core" European Union country like France. Unless eurozone leaders rethink their approach, the radical Syriza party's success in Greece's recent general election could turn out to be just one more step toward a future of social fragmentation and political instability in Europe. Or it could mark the beginning of a realistic and beneficial re-orientation of Europe's economic strategy. (Project Syndicate – Continue Reading)

DATA

EU New Car Registrations Jan: 6.70% (prev 4.70%)

German ZEW Survey Expectations Feb: 53 (est 55; prev 48.4)

UK CPI (YoY) Jan: 0.30% (est 0.40%; prev 0.50%)

UK PPI Input NSA (YoY) Jan: -14.20% (est -11.90%; rev prev -11.60%)

UK RPI (MoM) Jan: -0.80% (est -0.70%; prev 0.20%)

UK ONS House Price (YoY) Dec: 9.80% (est 9.50%; rev prev 9.90%)

Italian Trade Balance Total Dec: 5756M (prev 3541M)

Spanish Industrial Orders NSA (YoY) Dec 2.60%

Greek CPI (YoY) Jan: -2.80% (est -2.70%; prev -2.60%)

Swedish CPI (YoY) Jan: -0.20% (est -0.30%; prev -0.30%)

GOVERNMENT/ CENTRAL BANK NEWS & COMMENTARY

Greece Told To Extend Bailout As Eurogroup Talks Collapse

Greek FinMin Varoufakis: 'Solution Possible In 48 Hours, Based On Moscovici Draft'

Greek FinMin Varoufakis: We Will Continue To Deliberate

Greek Govt Official: Greece Won't Accept Ultimatums But Deal Feasible

Greek Dep Foreign Minister: Greece Will Not Be Blackmailed Into Keeping Bailout

Eurogroup's Dijsselbloem: Hopes Greece Will Ask For Programme Extension

EU's Moscovici Denies EU Divisions On Greece

Spain EconMin de Guindos: Greece Must Fully Repay Its Debt

Austrian FinMin Schelling: Grexit Ruled Out At The Moment

UK Chancellor Osborne: It's 'Crunch Time' For Greece

RBA Minutes Confirm Concerns Over AUD Helped Drive February's Rate Cut

Japan's Amari: Yen's Current Level Is Positive For Economy

GOVERNMENT/ BOND NEWS & COMMENTARY

BlackRock: How To Invest In Bonds This Year

Greek Markets Slip But No Panic After Debt Talks Collapse

ECB Allots EUR122.114 Bln In 7-Day Refis (Fixed Rate 0.05%; 138 Bids)

EQUITY NEWS & COMMENTARY

US Stocks: Greek Deadlock Hits Futures

Greek Impasse Limits Gains For European Stocks

Standard Chartered Falls As City Supporter Caves In, But FTSE Recovers

Asian Stocks Mixed On Greece Fears, Earnings

General Mills Reaffirms Goals For Fiscal 2015

Telef?nica Lowers Value Of Venezuelan Assets

Kering 2014 Profit Up On Smaller-Brand Growth

Air Liquide Expects Net Profit To Rise In 2015

Orange Warns Sales Will Continue To Slide

TNT Express Swings To Fourth-Quarter Loss

Caixabank Launches Takeover Bid For Banco BPI

CURRENCY/ COMMODITY NEWS & COMMENTARY

EUR/USD: Euro Solid Following German ZEW Survey

GBP/USD Could Test 1.5480 Ahead Of Tomorrow's Fed Minutes

USD/JPY: Yen Posts Slight Gains Ahead Of BoJ Statement

Gold Snaps 3-Day Rally After Greece Talks Collapse, Low China Demand

Copper Falls After Greek Talks Collapse; Tin Shrugs Off Quota

Oil Rises To $62, Near 2015 High As Mideast Risks Support

EMERGING MARKET NEWS & COMMENTARY

Bank Indonesia Unexpectedly Cuts Interest Rate To Bolster Growth

Rebels In One Part Of East Ukraine Pulling Back Big Guns - TASS

Over 120 Ukrainian Servicemen Surrender In East Ukraine's Debaltseve

Dutch Military To Inspect Southern Russia For ?Military Activity?