News - 2012 07

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News

2012 07

In Europe according to Sueddeutsche Zeitung, Eurozone states are considering a plan under which the ESM would be able to deposit an unlimited amount of sovereign bonds with the ECB as collateral for loans from which to purchase new debt.

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Asian stocks higher again for a fourth day in succession. Overnight Japanese manufacturing PMI and household spending data both came in lower than expected, South Korea’s industrial production fell for the first time in 3 months, and Taiwan’s GDP unexpectedly shrank.

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US data and corporate activity relatively limited today, but worth noting that US Treasury Secretary Geithner is in Frankfurt today to meet ECB counterparts

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In Europe, according to Welt am Sonntag German finance minister Schaeuble has denied media reports that the EFSF could soon start buying Spanish government bonds.

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Asian markets firmer again this morning, catching up with strong overnight moves in the US markets, and ongoing speculation that European policy makers will take action to ease the debt crisis.

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In US markets, Facebook traded around 12% lower in after hours trading after saying that revenue growth and profit margins were lower than expected.

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According to newsires, the Spanish economic minister has said the Spanish treasury can meet debt payments and has ruled out a full bailout.

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Markets this morning strong across Asia, following yesterdays’ comments from Draghi on making every effort to preserve the Euro, and also renewed speculation of fresh stimulus from Japan on weaker than expected inflation data.

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ECB’s Draghi earlier said that they would do whatever required to preserve the Euro, with the currency being irreversible.

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US futures are looking slightly better first thing, we have US durable goods orders and latest Initial Jobless claims data, with earnings from Dow Chemical (estimate EPS 64 cents), International Paper (46 cents), Exxon Mobil ($1.95), Colgate-Palmolive ($1.33) and Facebook (11 cents) amongst others.

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In Europe, Moody’s changes the outlook on 17 German banks to negative, and Egan Jones downgrades Italy to CCC-plus.

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Markets in Asia are firmer this morning on anticipation of further global easing, with the Fed, ECB and BOE all due to meet next week.

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US markets have opened firmer on better than expected corporate earnings, Caterpillar in particular the standout with a quarterly EPS of $2.54 vs a consensus of $2.28 and the company raised their FY profit guidance, the stock trades around 2.5% higher (having been up 5% earlier in the session).

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US futures are indicating markets to open around 50bps lower after Apple released earnings after the close missing on sales and profit forecasts

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In Europe, Moody’s have lowered their outlook to negative on the provisional Aaa rating of the EFSF, newswires report that Greece is seen to miss EU/IMF debt reduction targets and may face further debt restructuring.

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