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On tap for Thursday: Weekly.........>

US DATA PREVIEW
US DATA PREVIEW: On tap for Thursday: Weekly jobless claims (218k); Jan
Philadelphia Fed Manufacturing Index (9.0); Fed Brd of Govs' VC Quarles
participates in insurance industry forum.
- Nomura economists expect "topline Philly Fed manufacturing index to rebound
somewhat to a level of 14.0 in January, up 4.6pp, after back-to-back monthly
declines in November and December. With more modest declines in many regional
Federal Reserve Bank more forward looking manufacturing indicators, we think
some reversal of the weakness in December is warranted, similar to our forecast
for January's Empire State survey."

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