CANADA
A bounce from December was anticipated for January retail sales, but the bounce exceeded expectations, as total sales were up 1.9% and ex-autos they were up 1.3%; sales remain down 5.8% YoY. The monthly bounce was more than just a price effect, as volumes were up similarly; new motor vehicle sales were up 5.5% for the month but still down 23% YoY.
US
No data today, but Bernanke speaks at noon on the financial crisis.
This comes a day after the TALF program was modified to expand the list of eligible collateral; it will now accept AAA rated tranches of ABS backed by floorplan loans, vehicle leases, as well as loans/leases for business equipment and for mortgage servicing rights.
It is also, of course, the day after the House overwhelmingly approved a 90% tax on bonuses paid this year to employees of AIG (Arrogant. Incompetent. Greedy.) and other firms that have accepted large amounts of federal bailout funds.
INTERNATIONAL
the Baltic Dry Index fell yesterday for the 7th consecutive day, still well higher than the lows it plummeted to late last year (up 170%), but still down 85% from its 2008 highs
German producer prices fell more than expected in February, dropping the YoY rate to 0.9%
Euroland industrial production through February is now down over 17% YoY, from 12% at the end of January
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