Breakfast Bites: Equities have come off their lows this morning after better than expected domestic economic reports tempered the news that China slashed its 2012 growth target to an 8-year low of 7.5 percent.
- Chinese Premier Wen Jiabao cut his nation's 2012 growth target to an eight-year low of 7.5% and made boosting consumer demand the year's first priority as Beijing looks to wean the economy off its reliance on external demand and foreign capital. GDP growth had been pegged at the 8% level for the past 8 years.
- Greece is on course to default, as it looks set to fall short of the 95% agreement it needs from private creditors to secure its bond swap.
- The Institute for Supply Management’s Index of non-manufacturing industries, which account for almost 90% of the US economy rose to 57.3 in February from 56.8 a month earlier.
- Factory Orders decreased in January for the first time in 3 months, a sign that manufacturing is cooling at the beginning of the year.
- Boston College wins the Hockey East title….not exactly market moving, but newsworthy none the less.