2 February 2015



Today’s Issue Cluster: Greece

CBR – Defends Its Independence After Surprise Rate Cut
Uber – NY converts used cars to yellow cabs to counter exodus
TPP – US trade chief sees prize within reach


MAJOR DATA POINTS

China – Jan: HSBC factory output contracts for second month; 49.7 from 49.6 / R / WSJ / AP

China – Jan: Factory sector unexpectedly shrinks; 49.8 from 50.1 / R / WSJ / FT *

EZ – Jan: Markit Manufacturing Stays Close to Stagnation; 51.0 from 50.6 / WSJ

US – Dec: Consumer spending weakest since 2009; -0.3% from +0.5% / R / WSJ / AP

US – Jan: Markit manufacturing growth holds steady; 53.9 from 53.9 / R

US – Jan: ISM manufacturing sector growth slows; 53.5 from 55.1 / R / AP / WSJ / cr *

US – Dec: Construction spending rose; +0.4%, +2.2% yr / AP / cr *


MARKETS

Bonds – Asia Junk Market Struggles to Rebound WSJ *

Bonds – Eurozone QE weighs on German yields FT *

Bonds – Caught in a debt trap FT * * * *


ECONOMICS

US – Economy Hits Speed Bumps WSJ * *

US – Philly Fed State Coincident Indexes increased in 46 states / cr *

US – Savings at the Pump Are Staying in Wallets WSJ *

US – A Two-Tier Economy Is Reshaping the Marketplace WSJ * *

US – Benefits of Infrastructure Spending Not So Clear-Cut WSJ *


POLITICS & FISCAL POLICY

Greece – Will no longer deal with ‘troika’ Varoufakis says FT / AP

Greece – Feisty Finance Minister Tries a More Moderate Message NYT

Greece – Tries to Mend Ties Ahead of New Meetings WSJ / FT / AFP / R / WSJ

Greece – Starts drive to sell new debt deal to doubting Europe R *

Greece – Germany Sees No Need to Scrap Troika WSJ / WSJ / r *

Greece – ‘It’s Time To Compromise’ S *

Greece – ‘Merkel’s Unintended Creation’ S * *

Greece – ‘Beware Greeks voting for gifts’ E * *


FINANCE

Greece – Banks May Lose ECB Credit WSJ / R / AP / NYT / B


MONETARY POLICY

CBR – Cuts Interest Rates WSJ / FT / AP / R / NYT / B * *

CBR – Defends Its Independence After Surprise Rate Cut WSJ / r *


REAL ESTATE



SERVICES

Uber – NY converts used cars to yellow cabs to counter exodus FT

Uber – Hard-Driving Service Gives Compromise a Try WSJ / NYT *

Uber – Job creator? A * *


MANUFACTURING

Ships – Maersk in Talks Over $1.5b Order WSJ

Ships – Japan’s leading builder to invest in new dock N * *


TECH



TRADE & TRANSPORTATION

TTIP – German automakers lobby for trade deal AP

TTIP – German fear of tribunals threatens trade deal FT

TTP – Japan ready to meet US halfway on beef and pork tariffs N * *

TPP – Drug Patents Pose a Major Hurdle to Deal WSJ

TPP – US trade chief sees prize within reach FT


COMMODITIES

Water – US: California Drought Intensified in January WSJ

Water – US: Colorado River’s Future Is Threatened WSJ *

Water – Brazil: Crops still at risk a year after epic drought R

Water – China: Poor provinces forced to export to wealthier regions q * *

Water – Australia: Beef exports seen missing as drought eases R * *


ENERGY & ENVIRONMENT

Coal – US crisis deepens as gas prices fall FT / FT * *

Coal – China moves to limit glut FT *

Coal – Fire Hasn’t Gone Out of India’s Furnace WSJ

Coal – Glencore considers closing S.Africa mines R *

Coal – Cost curves / FT *


LABOR & EDUCATION



HEALTH



ENDNOTE

Manhattan Taxi Dropoffs by Time reddit *


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