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Good Morning Europe
Equity Forecasters are calling for modest early falls in Europe, in line with those seen on Wall Street Monday.
Greece has faded a little from market radar, as , despite a delay in Athens presenting reform plans to eurozone partners, confidence in an eventual deal remains strong.
Assuming no bad news from that quarter, the days focus is likely to be on Federal Reserve Chair Yellen who has the pleasure of testifying before the Senate Banking Committee. For the markets any hints that the central bank could be minded to start tightening policy sooner than investors expect will be key. Hints that rate-setters have faith in an improving labor market might be interpreted this way, and could give the dollar a further lift.
Market Snapshot: U.S. markets (Monday close) DJIA down 0.1%, Nasdaq down 0.1%, S&P 500 flat.. Nikkei (Tuesday close) up 0.7%. Brent crude down 33 cents at $58.57. Gold down ten cents at $1200.70. EUR/USD at $1.1341, USD/JPY at Yen119.21. 10 year Treasury yield 2.07%, Bund 0.32%, Gilt 1.80%.
Watch For: European Union inflation data, U.S. redbook retail sales, consumer confidence numbers and the Richmond Fed's business activity survey. Fed Chair Yellen will present her monetary policy report to the Senate Banking Committee.
What You May Have Missed on MoneyBeat:
Tragic Greek Timing for Fed Liftoff: Europe breathed easier after an arrangement was reached to keep the Greek crisis from coming to a boil. But Fed officials likely weren't cheering the new plan's timetable.
A Greek 'Deal' Does Not Solve the Eurozone's Woes: A deal was struck -- with caveats -- between Greece and its eurozone creditors on Friday. Whether or not it was a good one for Greece is the subject of some debate. What it doesn't do, however, is resolve the eurozone's fundamental problems.
Greek Deal: 'Tough Negotiations and Brinkmanship Will Be Back' -- Strategists: After almost a month of wrangling, Greece's collation government, led by Syriza, reached an agreement with its creditors in the Eurogroup late Friday to extend its support program by four months. Greece now has to prepare a list of reforms to set that agreement in motion. That is far from the end of the story, though.
UBS Whistleblower Pushed Hard to Help in Paris Probe: Bradley Birkenfeld isn't ready to let UBS off the hook.The American whistleblower, who has a track record of creating legal headaches for his former employer, will aid a current French probe of UBS, but had to push hard to win permission to do so, according to correspondence reviewed by The Wall Street Journal.
HSBC Earnings: The Key Takeaways: It's HSBC PLC's turn in the bank earnings spotlight, and investors have not reacted well. Just weeks after being shaken by allegations over how it helped cliens of its Swiss private bank avoid tax, the bank Monday cut its financial targets and revealed that its chief executive, Stuart Gulliver, pumped his bonus into a Swiss account via a Panamanian company.
Why Will Deutsche Bank Fail the Fed's Stress Tests? -- The Short Answer: For at least two European banks, the Federal Reserve's upcoming stress tests are likely to prove a little trickier that those back home. As we reported Friday, Deutsche Bank and Santander's U.S. units are predicted to fail tests in March because they won't meet qualitative aspects of the review that weren't included in the European tests. For Deutsche Bank, this is new terrritory. How much does it matter? Here's the short answer.
Overnight Action
Germany Sued Over Looted Art Claim : A lawsuit filed in a U.S. district court over a Berlin museum's medieval treasure is the latest sign of conflict despite the German government's pledge last year to strengthen its artwork restitution procedures.
Big Banks Face Scrutiny Over Pricing of Metals : U.S. officials are investigating at least 10 major banks for possible rigging of precious-metals markets.
Greece Delays Awaited Reforms Until Tuesday : Greece's government pushed back a list of awaited reforms that its eurozone partners had demanded in exchange for continuing to fund the country for another few months.
HSBC's Woes Mount : The bank has been rocked by a tax scandal and now it has lowered its financial targets after reporting a sharp fall in annual profit, a change in fortune for a bank that had managed to ride out the aftermath of the financial crisis.
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(END) Dow Jones Newswires
February 24, 2015 02:01 ET (07:01 GMT)
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