Breakfast Bites; Equities are trading in positive territory this morning, getting a boost from the February consumer confidence number after the S&P reached a 5 year high, but cautiously rising wary of the beginning of the G-20 meeting in Moscow.
- Manufacturing in the New York region unexpectedly expanded to 10.04 in February indicating the areas factories are emerging from a slump that began in August.
- International purchases of U.S. stocks, bonds and other financial assets rose more than forecast to $64.2 billion during December as investors sought shelter from slowing global growth.
- Industrial Production in the U.S. unexpectedly shrank in January as factories took a breather after the biggest back to back gain in 3 decades.
- University of Michigan Consumer Confidence came in at 76.3 better than expected and the best number since November of last year.
- Investors in U.S.-based funds gave $2.4 billion to stock mutual funds in the latest week, the fifth consecutive week of inflows, but all the cash was placed into international equities.
- Today is a Double Witch options expiration.
- G-20 Finance Ministers are due to meet in Moscow today and tomorrow, where discussions are set to include how to fund infrastructure building, changing a 2010 Toronto agreement about cutting deficits because many of the commitments haven't been met, and, of course, currency movements
- Retail sales in the U.K. fell 0.6% in January, the biggest monthly decline in nine months, while expectations were for a 0.6% increase. In addition, a decline in euro-zone imports and exports in December raised some concern about the region's manufacturing base and consumer demand
- Japan's industrial production climbed 2.4 percent month-over-month in December, down from 2.5 percent the previous month
- Today S&P support looks to be 1514/1517. Resistance looks like 1528/1531
