Global Jitters as Greece in Recession + Nikkei Now (21%) in 2016

Lou Brien |

*Stocks were mostly lower in Asian trade. The Nikkei fell 4.8% on Friday, it is by the way down 14.6% in February and 21% lower in 2016. The Hang Seng was down 1.2% on the day and Australia was 1.1% lower. Shanghai was closed once again, but it will reopen on Monday. European indexes are well bid this morning, with the Footsie up 1.8% and the DAX better by 1.7%. US stock futures are up about three quarters of a percent as I write.

*The December reading of Euro Zone Industrial Production is -1.0% month on month, but it was expected to be +0.3% on the month.

*The Q4 reading of the Euro Zone GDP is +0.3% on a quarterly basis and +1.5% on the year; both results matched the forecasts.

*The Q4 reading of German GDP is +0.3% on the quarter, as expected; the year on year was a tenth short of the estimate at +1.3%.

*Greece is back in recession, according to the GDP data, which was down 0.6% in the fourth quarter from the previous quarter. On a quarterly basis Greek GDP has been negative the last two quarters and four of the last five. On an unadjusted basis the GDP was -2.0% in Q4 from a year earlier.

*The final January reading of Germany’s Consumer Price Index was unrevised at -0.8% on the month and +0.5% on the year; the EU harmonized CPI was not released due to changes to the calculation.

*The January reading of Retail Sales is due out at 7:30am CST. Headline Sales are expected to be +0.1% month on month and the estimate for the Sales Ex-autos is unchanged on the month. Also due out at 7:30am is the January reading of the Import Price Index, which is expected to be -1.5% on the month and -6.8% on the year. The preliminary February reading of consumer sentiment from the University of Michigan is due out at 9:00am CST, it is forecast to be 92.3, up three tenths from January. Also set for release at 9:00am is the December reading of Business Inventories, it is expected to be +0.1% month on month.

*NY Fed boss Dudley is holding a press briefing this morning at 9:00am CST; the main topic is household borrowing and indebtedness.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


Emerging Growth

VirtualArmor International Inc.

VirtualArmor International Inc is engaged in handling the design, configuration and installation of advanced network, cybersecurity, and cloud architecture solutions and serves as an ongoing resource for its clients.

Private Markets

Ozobot by Evollve Inc

Ozobot is a world leader in compact super intelligent robots that entertain and educate through fun interactive gaming.


Our mission is to be the best place for people who care about music to create and discover thoughtfully curated playlists. In essence, 8tracks is a platform for online mixtapes.