Clouds Are Lifting A Bit

Market movers ahead Following a week of improved economic indicators, we are headed for a light data calendar, with consumer confidence the most interesting data in the US in the coming week. However, we expect a Greek PSI deal to be struck very soon, so we might know more about the losses that investors will suffer on their holdings of Greek debt as early as Monday. The ECB will probably take some comfort from the slightly brighter economic outlook but leave rates as they are. We expect inflation in China to have increased but only because of the Chinese New Year. Data out of Sweden will indicate whether GDP really slowed as fast in Q4 11 as indicators have so far suggested. Global update PMIs from most of the world increased in January, signalling an ...