From UBS:
* EU: An agreement on fiscal austerity measures (EUR3.3bn spending cuts) has been reached by Greek politicians. The structure of the bailout is now being discussed by EU finance ministers in Brussels.
* EU: ECB left rates unchanged at 1%. At the press conference, Draghi pointed to surveys indicating "stabilisation of economic activity", though there were still "downside risks". He opposes the ECB taking a loss on its (Greek) debt holdings as this would amount to "monetisation of debt", but did not rule out transferring them at cost price (i.e. foregoing profits).
* UK: The BoE left rates unchanged at 0.5%, but expanded QE by £50bn to £325bn - both in line with expectations. The explanatory statement was dovish in, explaining that without the expansion, inflation would undershoot the 2% target in the medium term.
* UK: IP rose 0.5% (mkt: +0.2%)...The outperformance was driven by manfuacturing output (+1% vs mkt: +0.2%).
* US: Jobless claims continued to decline, confounding consensus forecasts for a small rise. The 15k decline to 358k left the four week average at 366k, lowest since before the financial crisis.
* CH: China's CPI unexpectedly rose to 4.5% y/y in January, from 4.1% in December (mkt: 4.0%), driven by higher than expected food prices, due to Chinese new year. But we continue to expect CPI to dip below 4% y/y in February. PPI fell to 0.7% y/y from +1.7%, in line with expectations.
* KO: Bank of Korea held rates at 3.25%, as expected.
* ID: Bank Indonesia surprisingly cut rates by 25bp to 5.75% vs consensus on-hold.
