Euribor Rate Fixing

One-week Euribor: 0.342% vs. Prev. 0.343%
Three-month Euribor: 0.651% vs. Prev. 0.652%
Six-month Euribor: 0.956% vs. Prev. 0.956%

Market talk that China Steel is looking to take a stake in Salzgitter (SZG GY)

unconfirmed

E.ON (EOAN GY) says aims to reduce ratio adjusted EDITDA to debt within 12 to 24 months

Munich Re (MUV2 GY) CFO says expects hardly any write downs on capital investment in Q1

Magnitude 5.1 earthquake at offshore Bio-Bio Chile, USGS says

German Schatz Tap Auction for EUR 5.035bln, 1% 16-Mar-12, Bid/Cover 2.1 vs. Prev. 1.6

Italian GDP SA and WDA (Q4 F) Q/Q -0.3% vs. Exp. -0.2% (Prev. -0.2%, Rev. to 0.5%)

Italian GDP SA and WDA (Q4 F) Y/Y -3.0% vs. Exp. -2.8% (Prev. -2.8%, Rev. to -4.8%)
Exports (Q4) Q/Q 0.1% vs. Exp. -0.1% (Prev. 2.5%, Rev. to 2.6%)
Imports (Q4) Q/Q 3.2% vs. Exp. 0.9% (Prev. 1.5%, Rev. to 1.6%)

RANsquawk 'EU morning briefing': Video uploaded to www.youtube.com

http://www.youtube.com/watch?v=YBFosT-eDxI

Munich Re (MUV 2 GY)m has bough back about EUR 675mln of own shares in current programme, which runs until April AGM - CEO

Says:
- Consolidation in insurance sector to continue, co. is very selective.

Greek 5-year CDS narrows to 274.4 BPS from 290.9 BPS at New York close - CMA

Says:
- Portuguese 5-year CDS narrows to 110.3 BPS from 118.3 BPS at New York close.

UK Treasury says budget statement to be made at 1230 GMT on March 24

UK Manufacturing Production (Jan) M/M -0.9% vs. Exp. 0.2% (Prev. 0.9%)

UK Manufacturing Production (Jan) Y/Y 0.2% vs. Exp. 1.4% (Prev. -1.9%)

ONS says fall in manufacturing due to reversal from strong December and poor weather in January.

UK Industrial Production (Jan) M/M -0.4% vs. Exp. 0.3% (Prev. 0.5%)

UK Industrial Production (Jan) Y/Y -1.5% vs. Exp. -0.8% (Prev. -3.6%, Rev. to -3.7%)

German economy minister, in letter to finance ministers, says European Monetary Fund should only be for Eurozone countries

Says:
- Funds should only help with deficit problems.
- Fund should only be used in cases where insolvency looms.

UK PM Brown says stimulus will not be withdrawn until recovery is assured

UK PM Brown says believes Britain will maintain AAA credit rating

Houston, Texas City ship channels closed by fog, Coast Guard says

Says:
- Ship pilots closed channels late yesterday.

UK PM Brown says cutting spending now could tip Britain back into recession

UK PM Brown says banks need to become better capitalised over time

Italian Industrial Production SA (Jan) M/M 2.6% vs. Exp. 0.7% (Prev. -0.7%, Rev. to -0.2%)

Italian Industrial Production WDA (Jan) Y/Y 0.1% vs. Exp. -3.4% (Prev. -5.6%, Rev. to -5.4%)

Italian Industrial Production NSA (Jan) Y/Y -3.3% vs. Exp. 0.7% (Prev. -0.7%, Rev. to -2.2%)

UK PM Brown says budget in 2 weeks' time will set out more detail on deficit reduction

Munich Re (MUV2 GY) CFO says we have capital buffer of EUR 9.3bln

UK PM Brown says recovery still in early stages and remains fragile

Says:
- Economic data likely to remain volatile for months ahead.
- Nearly there in repairing much of the global financial system.

Tullet Prebon (TLPR LN) confirms that it is in preliminary discussions with a third party which may lead to an offer

Says:
- Shareholders should be aware that there is no certainty that an offer will be forthcoming.

Book open on new French april 2060 OAT, spread seen between 2-4 BP over OAT 2055 - Market Sources

Swedish Industrial Production SA (Jan) M/M 1.6% vs. Exp. 0.8% (Prev. 1.8%)

Swedish Industrial Production NSA (Jan) Y/Y -0.2% vs. Exp. -1.7% (Prev. -5.8%)

Novartis (NOVN VX): Transgene grants co. worldwide license for cancer vaccine

Says:
- Novartis to pay Transgene USD 10mln option fee.
- Transgene eligible to receive up to EUR 700mln.

Greece may seek EU aid in 6-8 weeks unless spreads narrow - Officials

Says:
- Greece wants spreads over bunds to narrow to 200 BPS.
- Greece may seek IMF support if no aid from EU.
- Greece wants clear suport from Tuesday Ecofin meeting.

ECB says Eurosystem covered bond purchase amount to EUR 40.534bln

ECB says banks borrowed EUR 67mln at margninal rate and deposited EUR 33.867bln with it overnight

AUCTION PREVIEW: GE EUR 6bln 1% 16-Mar-12 (Schatz Tap)

Today the German Debt Agency is to offer EUR 6bln of the 1.00% Mar-12 Schatz. This will be the first reopening since the inaugural auction which was conducted back in Feb was covered 1.6 times. Results due at 1000GMT.

AUCTION PREVIEW: POR EUR 750mln 3.85% Apr-21

Today the Portuguese Treasury is to offer EUR 750mln in 3.85% Apr-21 line. This will be the fifth reopening of this line, which was last auctioned in August 2005 and was covered 1.43 times. As such, it may prove more useful using an auction of similar maturity to assess the performance of today’s auction. In this case, the b/c of the 2023 line which was conducted in January was 2.0.

Given the latest debt worries in Greece, Spain and Portugal – today’s auction results are likely to get more attention than usual. Only recently Portugal announced fresh set of austerity measures and this bond sale may be viewed as a gauge if market participants are indeed satisfied with steps taken so far. Results are due just after 1045 GMT.

Swiss National Bank in report to parliament says Swiss GDP to grow by around 1% in 2010

Spain Retail Sales (Real) (Jan) Y/Y -4.5% vs. Prev. -0.5%

Spain Adjusted Real Retail Sales (Jan) Y/Y -2.8% vs. Prev. -1.4%

China Jan/Feb property investment up 31.1% Y/Y vs. 16.1% in all of 2009 - Official

Says:
- China Feb property prices in 70 cities up 10.7% Y/Y vs. 9.5% Y/Y in January.

Japan Govt not pressing BoJ to buy more bonds

French Industrial Production (Jan) M/M 1.6% vs. Exp. 0.1% (Prev. -0.1%, Rev. to -0.2%)

French Industrial Production (Jan) Y/Y 3.5% vs. Exp. 1.7% (Prev. -2.3%, Rev. to -1.8)

French Manufacturing Production (Jan) M/M 0.8% vs. Exp. 0.2% (Prev. -0.8% Rev -0.9%)

French Manufacturing Production (Jan) Y/Y 4.4% (Prev. -2% rev -1.4%)

German Trade Balance (Jan) M/M 8.0bln vs. Exp. 14.5bln (Prev. 13.5bln, Rev. to 13.4bln)

German Imports SA (Jan) M/M 6.0% vs. Exp. 1.2% (Prev. 4.5%, Rev. to 5.0%)

German Exports SA (Jan) M/M -6.3% vs. Exp. 0.5% (Prev. 3.0%, Rev. to 3.4%)

German CPI (Feb F) Y/Y 0.6% vs. Exp. 0.4% (Prev. 0.4%)

German CPI (Feb F) M/M 0.4% vs. Exp. 0.2% (Prev. 0.2%)

German Current Account (EUR) (Jan) M/M 3.6bln vs. Exp. 15.0bln (Prev. 20.6bln, Rev. to 19.9bln)

RANSQUAWK AUDIO CLOSED FOR TODAY UNTIL 0630 TOMORROW (LONDON TIME)

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IF YOU ARE INTERESTED IN RECEIVING A SERVICE FOR ASIA-PAC THEN PLEASE EMAIL US: INFO@RANSQUAWK.COM

US API Crude Oil Inventories W/W (Mar 5) 6500K vs. Prev. 2665K

US API Gasoline Inventories W/W (Mar 5) -3181K vs. Prev. 909K
US API Distillate Inventory W/W (Mar 5) -2796K vs. Prev. -4074K
US API Cushing Crude OK Inventory W/W (Mar 5) 1138K

US EQUITY WRAP

Equities traded higher for the best part of Tuesday’s session despite a lack of any notable economic data. The NASDAQ 100 once again outperformed with Apple (1.8%) shares leading the gainers in the index. Elsewhere the Telecommunication’s sector was the best performing in the S&P 500, with Sprint Nextel (6.47%) finishing the day with good gains. In the closing stages, equities came under some selling pressure but still managed to finish with gains. At the close; the S&P 500 closed up 0.17% at 1140.45, the DJIA closed up 0.11% at 10564.38 and the NASDAQ 100 closed up 0.55% at 1901.38.

ConocoPhillips (COP) CEO says plans to grow the co. organically, not by acquisitions

Says:
- expects natgas prices around USD 5 per MCF over next 2-3 years

GE (GE) sees 2010 earnings unchanged from 2009 and sees 2011 and beyond solid earnings growth

US discussing sale of Citigroup (C) stake

Fox Business News reporter Charlie Gasparino reports a rumor that the U.S. government is in the process of discussing plans to sell its massive stake in Citigroup, sometime within the next three months.

New Zealand finance minister English says government's wholesale funding guarantee to end on April 30

Says:
- NZ banks successfully raising funds without guarantee

US Senate Jobs bill USD 149bln clears procedural hurdle in the US Senate

Says:
- reinstates USD 25bln in expired tax breaks