News - 2012 08

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News

2012 08

Moody’s have said that Spain’s BAA3 rating remains on review for a possible downgrade, elsewhere ECB’s Nowotny has said that new staff forecasts won’t be better and will likely be worse. Later this morning, Eurozone CPI and unemployment data will be released.

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Asian markets lower taking a lead from US and European markets yesterday, ahead of the much anticipated Jackson Hole presentation later today.

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Volumes remain exceptionally low, even for this time of year, with all eyes on some major central bank meetings over the next week, starting with the Jackson Hole presentation tomorrow.

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30 Aug
2012

Europe and US today

Categories: Daily Comments

In Europe today, look out for Eurozone consumer confidence and German unemployment data, earlier today Chinese Premier Wen said that China is willing to invest in the European bond market,

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Asian markets lower this morning after Japan released economic data showing that retail sales fell 0.8% yoy (versus an expected fall of 0.1%).

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All eyes will be on economic data due for release out of the US, with GDP the highlight, consensus is for a QoQ rise of 1.7%.

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Italy plans to sell debt later today amid speculation the ECB is preparing a bond-buying program in an effort to cap the borrowing costs for the region.

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Very little movement in Asian markets this morning ahead of key economic data out of the US later today.

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In the US today we have Case Shiller housing data and consumer confidence data, although tomorrow’s GDP numbers will carry more significance along with the Jackson Hole meeting on Friday.

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The ECB’s Asmussen said the ECB will only buy bonds with short maturities, acting within the ECB mandate, but the bailout funds should intervene on the primary market before any ECB action. European equity futures are pointing to losses of around 50 bps after posting reasonable gains yesterday.

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Asian markets mixed this morning, with the Nikkei 0.5% lower but other bourses marginally higher.

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Merkel and Hollande are both due to meet with the Greek PM today. According to ministry sources, a working group led by Germany’s deputy finance minister Steffen is studying the economic impact of a Greek exit from the Eurozone. Spanish producer prices, UK GDP and German import prices all due this morning.

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Asian markets have fallen again this morning, and look set to record their first weekly loss in a month.

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23 Aug
2012

Out of the US last night

Categories: Daily Comments

Out of the US last night, FOMC minutes revealed that many FOMC members favoured further easing soon should growth not pick up, by far the most explicit rhetoric we have seen for sometime ahead of next month’s Jackson Hole meeting, gold and silver rose to highs not seen since early May on the news.

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Merkel and Hollande are due to meet today, so expect ongoing commentary on efforts to solve the EU debt crisis, meanwhile EU’s Juncker has said that Greece faces its last chance and does not support a third aid package for the country.

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