By Research Team, 1200 GMT: Italy is setto increase its VAT by 2% to 23% in October 2012, the deputy FinMinhas said. Meanwhile, the French press has quoted EU's Rehn assaying the Greek bond swap will "go through with out a hitch." Rehnhas previously been hesitent on the deal's prospects. US MBAmortgage apps [02 March] have come it at -1.2%. 1100 GMT: Notmuch happening in markets this session, but German factoryorders have come out a good deal weaker than expected at -4.9% vs.expected -1.7% on the year. EURUSD droppedabout 20 points on the news. Meanwhile, the Dutch FinMinhas said his nation is ready to increase the size of Eurozonerescue fund. Eleswhere, S&P is reporting a recovery in theEuropean housing marketin 2012, and the agency is predicting a strong bounce in 2013. 0900 GMT: Bankof Italy Governor Visco hasbeenon the wires, saying Italy must boost growth and mentioningthat only 1 in 4 youths in southern Italy have jobs. Meanwhile, theGerman press is reporting that Germany'sFinMin opposes an increase in Euro bailout funds. 0720 GMT: Afairly quiet Asian session as risk-correlated markets consolidateafter losing major ground during yesterday's North Americansession. Asian session highlights included Aussie GDP growthslowing more than expected, improving reports of UK job growth, andlower UK shop price inflation. Meanwhile, China'scommerce minister has said the Yuan is at appropriate levels, andhas taken aim at "questionable" US trade policies vis a vis China.Today's European session is light on the data release front, with German factoryorders the sole economic release scheduled for today. Swissunemployment has come out as expected.
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