LONDON (ShareCast) - -German Finance Minister says Greece missing targets-Bloomberg
-Chinese customs official says February trade data will improve on seasonal factors.
-Spain will unveil labour market reform this evening.

FTSE-100: -0.76%
Dax-30: -1.63%
Euro Stoxx 50: 1.60%
Cac-40: -1.30%
Ibex 35: -1.33%

Greece is missing its debt-cutting targets, full stop. German Finance Minister Wolfgang Schaeuble told lawmakers today that Greece’s plans would leave its debt as high as 136% of gross domestic product by 2020, according to two people who took part in the meeting and who spoke on condition of anonymity because it was private. That compares with the 120% debt load foreseen in a €130bn bailout being negotiated, Bloomberg News is reporting.

Yesterday, the Eurogroup –as the grouping of Eurozone finance ministers is called- acknowledged efforts by Greek authorities to reach a deal on new spending cuts. The grouping´s chairman, Jean Claude Juncker, however, asked for Greek parliamentary approval of the new austerity plans (this Sunday) and a commitment from politicians (by which some may understand written acceptance of the terms which have been set out).

Also of import, the Spanish government is expected to unveil its proposal for a reform of the labour market this evening.

As an aside, there are reports that a Chinese customs official has said that he expects to see a rebound in Chinese imports come February, as the seasonal adjustment factors which weighed on the January data revert.

EQUITIES

Oil major Total has announced fourth quarter results that were in line with analysts´ estimates, while at the same time unveiling $20bn in planned investments for 2012, versus $22bn in 2011. Exploration spending however is set to rise.

French Telecoms equipment maker Alcatel Lucent is rocketing higher after forecasting an improvement in its operating margins for this year.

From a sector stand-point the worst performers now are: insurance (-2.15%), banks (-2.43%) and basic resources (-0.86%).

MACROECONOMY

Italy´s industrial production grew by 1.4% on the month in December (Consensus: -0.1%).

French industrial production contracted at a 1.4% on month pace in December (Consensus: -0.7%).

The French current account deficit worsened to €3.0bn in December from €2.3bn the month before.

The Swiss consumer price index for the month of January has come in at 2.1% on the year (Consensus: 2.0%).

OTHER MARKETS

Front month Brent futures are falling by 1.49% to the $116.84/barrel mark in ICE trading.

The euro/dollar is moving down by 0.67% to the 1.3196 dollar mark.

AB

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