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Market Brief
With the timing of Fed rate hikes getting pushed out, equity markets taken on a bullish tone. US stock futures are pointing to a higher open and US 10-yr yield were flat at 1.895%. The risk appetite was help with news that that Greece has assured the IMF they would not missed a €450mn debt payment on Thursday April 9th. This has lowered the fear that Greece might become the first development nation to ever default on an IMF loan.  Greek Finance Minister Varoufakis met with IMF Managing Director Lagarde to discuss the repayment. We remain significant uneasy with the developments in Greece and will stay vigilant till the “money is in the bank”. We also anticipated substantial volatility emulating from Greece with large payments coming due. In the European session, March euro area composite PMI to be unrevised from the flash read of 54.1 (slight upside risk) and German PMI steady at 55.3. Italian PMI composite should rise to 52.5. Spanish PMI composite was revised sharply higher to 57.3 from 56.5. Overall further evidence that there is a marginal recovery occurring in Europe. UK PMI services should rise from 56.7 to 57.0 in March. EURUSD was able to break above channel top at 1.0883 yet failure again to clear 1.1052 resistance should neutralize any bullish tone and retest support base at 1.0570.

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