Japan Feb All Industry Activity Index (MoM) increase to 0.6% vs -1.4%

The headline drama out of Europe seems to come and go in recent months. Although the underlying problems are well known to all by now (initial Fitch downgrade of Greek Debt was way back in October 2009), it seems the market can go 2-3 weeks without hearing any type of rumor which rattles markets. Then, when no one least expects it, we get news out of Cyprus over a weekend which put markets in turmoil as futures opened on Sunday evening. Thankfully, the panic didn’t last long as investors came to their senses and cooler heads prevailed in a matter of days. Another example was earlier this week, when ECB Official Weidmann made a dovish statement on current interest rate policy which sent the euro sharply lower in a matter of minutes.