As March Madness continued with Loyola-Chicago’s improbably run into the Elite Eight, the new issuance market welcomed 20 deals (2 IPOs, 11 FOs, 1 BLK, and 6 CVT) to the market for $4.3B in combined proceeds.
In U.S. economic news, CPI for the month of February reported 0.2% growth, matching the consensus estimates, butbelow the prior month’s 0.5% growth. Revised February data for the Eurozone showed inflation growth eased to 1.1%, following January growth of 1.3%. Japan’s industrial production dropped an adjusted 6.8% month-over-month in January, faster than the 6.6% fall reported earlier and below the 2.9% increase seen in December.
In U.S. economic news, revised productivity for the fourth-quarter remained flat, moving slightly higher than the decline of 0.1% reported in the prior quarter, and was higher than economists’ estimates of a 0.1% reduction as well. Germany’s exports & imports declined sequentially in January, but continued to grow on a year-over-year basis. Exports decreased in January by 0.5%, missing analyst’s expactations of a 0.3% increase. Imports decreased by 0.5% in January, well below a December increase of 1.1% and a forecasted 0.2% decrease.China’s inflation increased to its highest point since November 2013, rising to 2.9% in February, higher than the 1.5% rise seen in January, also topping analysts’ forecasts of a 2.4% increase. Meanwhile, producer price inflation dropped to 3.7% in February from the 4.3% seen in January.