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By Research Team, 1000 GMT: Not much has happened this far in European trade with risk seeming to be off for the day. Equity markets are down and US equity futures have taken a hit as oil and other commodities have fallen. Italian industrial orders are down -7.4% on the month [JAN] which is a sharper fall than was expected (-3.2%). Meanwhile, Chinese Premier Wen has said Europe should safeguard itself from foreign debt. 0730 GMT: The PBOC's deputy director Wang Yu has said that China is to gradually increase the Yuan's flexibility as well as iberalize lending and deposit rates. Meanwhile, the EU’s Reichenbach has told the German press that Greek exports are set to decline. 0530 GMT: A very quiet Asian session so far with EURUSD staying within a 30-point range into the European open. Haven't been able to guage risk optimism today yet but last week closed pretty strongly for risk and overnight we saw some improvement in New Zealand consumer confidence. The IMF has had words to say about the Chinese situation with Zhu Min trying to dispel some fears by saying China will see a soft landing. Meanwhile, RBA RBA Gov Stephens has noted that the recent performance of the Australian economy is "not too bad." Stephens pointed out that other data aside from the recent GDP report are still pointing to a growth trend.