Notes/Observations
- President Obama inaugurated for second term
- German Chancellor Merkel party loses lower Saxony election.
- Markets anticipate aggressive policy action by BOJ and now await its decision on Tuesday
- Japan PM Abe's Economic Adviser Hamada: BOJ will need to slow monetary easing if effects on prices/yen go too far
- UK Rightmove house prices up 0.2%m/m in January after decline of 3.3% m/m in December
- Dealers taking notice of technicals on silver with potential upside breakout in price action
- US: Markets closed for holiday; House is expected to vote on a short-term increase to the debt ceiling during the week
- (DE) Germany Dec Producer Prices M/M: -0.3% v 0.0%e; Y/Y: 1.5% v 1.7%e
- (TW) Taiwan Dec Export Orders Y/Y: 8.5% v 10.0%e
- (CH) Swiss Dec M3 Money Supply Y/Y: 9.8% v 9.3% prior
- (EU) ECB: €1.032B borrowed in overnight loan facility vs. €900.0M prior; €196.4B parked in deposit facility vs. €179.1 prior
- (CH) Swiss Q3 Industrial Production Y/Y: 2.2 v 4.7% prior
- (IS) Israel Jan Inflation Forecast: 2.0% v 1.9% prior
- (IS) Israel Jan Dec Money Supply Y/Y: 9.8 v 8.8% prior
- (NL) Netherlands Jan Consumer Confidence: -35 v -36e
- (NL) Netherlands Dec House Price Index M/M: -0.4% v +0.3% prior; Y/Y: -6.3% v -6.8% prior
- (HK) Hong Kong Dec CPI Composite Index Y/Y: 3.7% v 3.8%e
- (UK) Dec Gross Mortgage Lending: £11.7B v £12.7B prior - CML
- (NL) Netherlands Debt Agency (DSTA) sold approx ?3.4B vs. €3.0-5.0B indicated range in 3-month and 6-month Bills
- Sold €2.31B vs. €2.0-3.0B indicated in 3-month bills; Yield: -0.011% v -0.014% prior; Bid-to-cover: 2.1x v 1.53x prior
- Sold €1.08B vs. €2.0B indicated in 6-month Bills; Avg Yield: -0.007% v -0.040% prior; Bid-to-cover: 3.6x v 2.40x prior- 05:30 (BR) Brazil Central Bank Weekly Economists Survey
Indices: FTSE 100 +0.32% at 6,165, DAX +0.3% at 7,726, CAC-40 +0.2% at 3,748, IBEX-35 +0.0.4% at 8,638, FTSE MIB +0.2% at 17,594, SMI -0.6% at 7,329, S&P 500 Futures +0.1% at 1,479.0
European markets were slightly positive in the session taking its cue from a positive close on Wall Street Friday. Overall volumes were lighter than usual during the session as US markets were slated to be closed for Martin Luther King day with price action fairly calm
UK Movers: Education and media group Pearson [PSON.UK] dropped after the company cut its earnings forecasts for 2012,citing UK government changes to apprenticeship program requirements that were forcing it to close a business unit. Admiral Group [ADM.UK] was the biggest gainer, +5.6% after Goldman Sachs upgraded the stock to buy and adds it to its conviction list
Swiss movers: Shares in Compagnie Financiere de Richemont [CFR.CH] maker of high-end watches, fell as its third-quarter revenue came in short of expectations.