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.
In U.S. economic news, international trade in goods for the month of January reported a $74.4 billion deficit, below the downwardly-revised $72.3 billion deficit in the prior month, and below consensus estimates of a $72.2 billion deficit. Spanish unemployment fell in February by 6,280, as compared to January. Unemployment has fallen by 280,628 since the same time last year, or by 7.48%. Currently, unemployment is at 3.47 million, its lowest mark in 9 years. Manufacturing in South Korea continued its expansion in the month of February recording score of 50.3, lower than the prior month’s reading of 50.7. Industrial output in South Korea grew a seasonally adjusted 1.0%, on month for January, following a 1.7% decline seen in December.
As everyone geared up for the 90th Annual Academy Awards this weekend, the new issuance market managed to remain quiet, pricing 16 deals (1 IPO, 8 FOs, 4 BLKs, and 3 CVTs) for combined proceeds of $6.3B.
In U.S. economic news,the MBA mortgage applications index fell 6.6% for the week ended February 17, lower than the prior week fall of 4.1%. The United Kingdom saw GDP increase by just 0.4% sequentially, as opposed to initially reported estimates of 0.5%. Japan’s producer prices in January increased 0.7%, slightly missing analysts’ expectations of a 0.8% gain.
Following the successful debut of the new NBA All-Star game format last weekend, the new issuance market did not impress, offering just 11 deals (6 FOs, 3 BLKs and 2 CVTs) priced generating $2.1B in total proceeds.