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(Reuters/China Stringer Network) A trainer with a crocodile at a zoo in Zhejiang province, China. Here's what you need to know.
China's annual parliamentary meeting is underway. Chinese growth of about 7% is likely in 2015, with Premier Li Keqiang noting, "The downward pressure on China's economy is intensifying." Beijing announced government spending would jump 10.6% year-over-year in an effort to lift the slowing economy. China's yuan slipped 0.1% to 6.2662 per dollar.
The European Central Bank will outline its quantitative-easing program. The ECB opines Thursday and is expected to keep policy on hold. The highlight of Thursday's meeting will be a more in-depth outline of how the central bank plans on executing its asset-purchase plan of 60 billion euros a month. The euro hit a 12-year low of 1.1026 in overnight trade, and it now holds down 0.3% at 1.1050 ahead of the decision.
The Bank of England kept policy on hold. The BOE held its key rate at 0.50% and its asset-purchase program at 375 billion pounds. Post-decision action has the pound down 0.1% at 1.5245.
Brazil's central bank hiked its key rate. The Copom upped its benchmark interest rate 50 basis points to a six-year high of 12.75%. Inflation in the country is running at a 12-year high of 7.4%, well above the 6.5% target. Brazil's real slumped to 2.991, its weakest against the dollar since September 2004.
French unemployment is at a record high. The unemployment rate ticked up to 10.4% for the three months ending 2014, making for the highest print since at least 1998, as far back as comparable records go. BNP Paribas' Dominique Barbet notes, " The number of underemployed people is still rising, accounting for 6.5% of the people having a job." France's 10-year yield is up 1 basis point at 68 basis points.
German factory orders plunged. Europe's growth engine sputtered in January as German factory orders tumbled 3.9% from December. Overseas orders were the biggest disappointment, sliding 4.8%. Germany's 10-year yield is higher by 1 basis point at 0.39%.
Global stock markets are mixed. Hong Kong's Hang Seng (-1.1%) led Asian stock markets lower, while France's CAC (+0.6%) paces the advance in Europe.
Craft marketplace Etsy announced plan to go public. Reports indicate the company is seeking to raise as much as $300 million. The company will be listed under the ticker 'ETSY.'
Costco posted mixed results. The retailer announced earnings of $1.35 per share, topping the consensus estimate of $1.18 per share. The better-than-expected number, however, was boosted by tax benefits related to last month's special divided. Revenues rose 4.4% year-over-year to $27.45 billion but fell short of the $27.52 billion that was expected.
US economic data remains heavy. Challenger job cuts are scheduled for 7:30 a.m. ET, while initial and continuing claims, productivity-revised, and unit labor costs-revised are due out at 8:30 a.m. ET. Data continues to flow at 10 a.m. ET as factory orders are released, and it concludes at 10:30 a.m. ET with natural gas inventories. The US Dollar Index is higher by 0.2% at 96.18 and at its best levels since September 2003.
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