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Reports US

US stock market, economy and companies update (February 18, 2013)

February 18, 2013, Monday, 15:51 GMT | 10:51 EST | 20:21 IST | 22:51 SGT
Contributed by Trade The News

- ECB's Draghi commented during his Quarterly Hearing on ECB that the early part of 2013 was seeing more financial stability than in last few years. He reiterated that monetary policy was accommodative; aware of challenges of from protracted period of low rates, including impact on savers.- Reiterated that risk to economy were on the downside. Latly he again stressed that ECB did not have an exchange rate target
- ECB's Nowotny (Austria) commented that there was no immediate need for Euro intervention as the currency was within its historical range. Talk of currency wars was unnecessary. He reiterated that ECB had no exchange rate target, only an inflation target. Euro area forecasts could be revised down further but saw a trough in Q1. Interestingly he stated that the SNB was more likely to raise EUR/CHF target to 1.30 than to lower it, but was too early for the SNB to think about any move in its floor. He saw no Cyprus bailout without money laundering measures
- German Bundesbank Feb Monthly Report commented that German economy returning to growth in Q1 of 2013
- Poland Central banker Winiecki: Current 3.75% level for Base Rate is appropriate and did not see scope for further Polish rate cuts

Fixed Income:
- (IS) Israel sold total ILS1.1B in 2016, 2018, 2022, 2023 and 2041 Bonds
- (SK) Slovakia Debt Agency (ARDAL) sold total 400.2M in 2015 and 2017 bonds
- (TR) Turkey sold total TRY5.427B in 2018 and 2022 bonds
- (FR) France Debt Agency (AFT) sold approx 7.19B vs 7.2B indicated in 3-month, 6-month and 12-month Bills
- (EU) ECB to drain 205.5B in next 7-day Term Deposit Tender on Tuesday, Feb 19th

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 5 hours for GMT equivalent)
- 11:00 (DE) German Chancellor Merkel to address Chamber of Commerce in Mainz
- 11:00 (EU) EU's Ashton Meets Russian, Norwegian, Icelandic Officials
- 11:30 (EU) ECB's Draghi speaks in Brussels at Quarterly ESRB Hearing
- 13:00 (BR) Brazil President Rousseff to meet Fin Min Mantega
- 13:30 (DE) German SPD Steinbrueck, Di Rupo Speak at Socialist Event in Brussels
- 18:50 (JP) BOJ Minutes for Meeting on Jan. 21-22
- 19:30 (AU) Australia Central bank (RBA) Minutes

**Economic Data***
- (RU) Russia Jan Producer Prices M/M: -0.4% v 0.0%e; Y/Y: 5.1% v 5.3%e
- (PL) Poland Jan Avg Gross Wages M/M: -10.5v -10.8%e v +8.8% prior; Y/Y: 0.4% v 1.0%e
- (PL) Poland Jan Avg Employment M/M: 0.6% v 0.5%e; Y/Y: -0.8% v -0.9%e
- (MX) Mexico Q4 GDP Q/Q: 0.8% v 0.6%e; Y/Y: 3.2% v 3.3%e ; 2012 GDP Annual Growth Rate: 3.9%
- (MX) Mexico Dec Global Economic Indicator: 1.4% v 1.6%e