Equity markets fall and the USD and JPY trade higher supported by the return of risk aversion World Bank forecasts global growth to contract by 1.2% in 2009,China’s industrial production slowed at a record pace, these reports revive fear about the global economy and pressured equity markets Japan's Q4 GDP falls 3.2%, CAPEX spending falls 5.4%, JPY higher supported by fiscal year end repatriation flows and fresh safe haven flows sparked by fear of deepening global recession Australian February unemployment rises to 5.2%, jobs created rises 1800, AUD lower RNBZ cut interest rates 0.50 bps to 3% and downgraded growth and inflation forecast, future rate moves to be less aggressive GDP to contract to 2.2% in 2009 and rise to 3.2% in 2010, and inflation is expected to drop to 1.2% by end of 2009,NDZ higher EU January producer price index falls 0.5% y/y, German factory output falls 7.5% to a new record low, Pan European Union group expects 4.5 million EU jobs to be lost in 2009, EUR steady CHF mixed awaiting SNB rate decision, 0.25 rate cut expected GBP trades lower and weakened in cross trade to the EUR and JPY pressured by Bank of England quantitative ease and weaker global equity markets Wall Street Journal reports that economists see US economy bottoming in October US home foreclosure rate rises to 74 K in February US equity market set to open lower, European equities close down 2%, Nikkei closed down 177 points

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