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China gets real with growth: China cut its 2012 growth target to 7.5 percent, its lowest in eight years. Gross domestic product growth in the fourth-quarter of 2011 was 8.9 percent. This seems to be merely a response to slower global growth, but it will also force the Chinese to look at stimulating their internal demand.
Chinese premier Wen Jiabao flatly stated that the Chinese government “will improve policies that encourage consumption.”
You can expect to hear less about inflation and quashing the real-estate bubble from Chinese leaders.
Regardless: Material stocks such as Rio Tinto, , and CF Industries are down about 2 percent pre-open on concerns about slower growth in China.
Elsewhere:
1) Crunch time on the Greek private-sector deal. Private holders of Greek debt have until Thursday evening to decide if they want to voluntarily participate in the bond swap deal .
The Greek government has said they are looking for 90 percent participation; any less than that will not be deemed "voluntary" and they have said they will enforce the decision through a Collective Action Clause (CAC) that forces the minority to go along with the majority decision.
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