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Asian markets slightly higher for choice, as all eyes await commentary out of the ECB. Worth noting that Goldman have lowered their forecast for China’s GDP for this year to 7.6% from 7.9%, aswell as lowering their 2013 forecast. In corporate news Sharp Corp continue their slide falling 6.2% after having their short-term ratings cut by Moody’s, Brilliance China Automotive fell 9% after announcing a controlling shareholder announced cutting their holding.

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Asian stocks lower again this morning, with the Hang Seng being the major underperformer 1.5% lower.

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Asian markets lower this morning, notably Australia’s bourse dropped towards 3 weeks lows after the central bank kept its benchmark interest rate unchanged. Also worth noting that Goldman cut their earnings growth estimates for Chinese listed companies. In corporate news, Fortescue Metals, Australia’s third largest iron ore producer fell around 2.5% after cutting their full year capital spending forecast by 26%.

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Asian markets for choice higher, with the exception being the Nikkei lower by around 0.5%. China released manufacturing data over the weekend which showed a weaker than expected August PMI of 49.2, whilst Australian retail sales declined in July by the most in almost 2 years.

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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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