Week that was..

Feb 24

HSBC Flash PMI for China showed the reading as 50.1 from 49.7 final reading in January. It’s a positive sign for the market as it was first reading above 50 in the past 4 months. Earlier reports showed China’s GDP as 7.4 % in 2014 down from 7.7 % growth in 2013. China’s government might target 7 % growth in 2015 the figures which will be confirmed in March.

US market reached its historic highs after Federal Reserve Chairwoman Janet Yellen’s testimony which gave some confidence to the investors that interest rate hike may not happen in 1H 2015. The market is expecting a mid 2015 interest rate hike.

Greek stocks rose around 10 % after the country’s international creditors approved a 4 months bailout extension.

Feb 26

Standard and Poor’s rating service lowered China’s GDP growth for 2014 to be 6.9 % from 7.1 %, Japan’s  growth of just 0.7 % from 1.3 % and raised India’s  forecast to 7.9 % from the previous forecast of 6.2 % mainly due to new data terminology of India’s GDP calculation, rising investment and lower oil prices.

JC Penney stock misses estimates and stock falls.

Feb 27

Germany’s parliament  approved Greece bailout extension

US 4Q 2014 2^nd estimate came at 2.2 % down from 2.6 % as previously estimated but beats median forecast of 2 %

Events to watch this week:

March 02

Manufacturing PMI’s for Spain, Italy, Germany, France.

US ISM PMI. The previous month reading was 53.5 %.

March 03

China services PMI

Federal Reserve Chairwoman Janet Yellen speaks on Bank regulation and supervision

March 04

Spanish, Italian, French, German Services PMI

March 06

US unemployment rate for February. Previous month data was 5.7 %