By Research Team, 1000 GMT: Notmuch has happened this far in European trade with risk seeming tobe off for the day. Equity markets are down and US equity futureshave taken a hit as oil and other commodities have fallen. Italian industrial orders aredown -7.4% on the month [JAN] which is a sharper fall than wasexpected (-3.2%). Meanwhile, Chinese Premier Wen has saidEurope should safeguard itself from foreign debt. 0730 GMT: ThePBOC's deputy director Wang Yu has said that China is to graduallyincrease the Yuan's flexibility as well as iberalize lending anddeposit rates. Meanwhile, the EU’s Reichenbach has told theGerman press that Greek exports are set to decline. 0530 GMT: Avery quiet Asian session so far with EURUSD stayingwithin a 30-point range into the European open. Haven't been ableto guage risk optimism today yet but last week closed prettystrongly for risk and overnight we saw some improvement in New Zealand consumerconfidence. The IMF has had words to say about the Chinesesituation with Zhu Min trying to dispel some fears by saying Chinawill see a soft landing. Meanwhile, RBA RBA Gov Stephens hasnoted that the recent performance of the Australianeconomy is "not too bad." Stephens pointed out that other dataaside from the recent GDP report are still pointing to a growthtrend.
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