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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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Asian markets firmer this morning, on renewed stimulus out of China and the US. Preliminary data out of China which suggested a further fall in China’s manufacturing index, and a consecutive 10th month that the reading will be below 50.

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EU’s finance chief Juncker is due to visit Greece today to discuss the nation’s fiscal adjustment program. European equity futures are pointing to a loss of around 60 bps. Worth noting that there is a German debt auction this morning for 5bn Euros.

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Asian markets lower in sync with US markets which reversed gains in the latter part of yesterday’s session.

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According to investment banking sources, Spain is considering turning its so-called bad bank into an investment fund, as part of its banking sector required under the terms of the EU aid package.

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Asian markets mixed this morning, and no real themes to focus on, on corporate news Hon Hai Precision manufacturing and Fosconn rose 2% and 3% respectively

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European leaders are set for some crucial meetings for the week ahead, whilst Spain has urged unlimited support from the ECB.

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Asian markets, with the exception of Japan, are all lower this morning, with Chinese stocks falling to their lowest level since 2009 on concern the country will hold off from further monetary easing after property prices rebounded.

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17 Aug
2012

In the US today

Categories: Daily Comments

In the US today, for economic data we are expecting Uni of Michigan Confidence and leading Indicators.

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In Europe, expect a little more volume today as we have option expiries across the region.

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Asian stocks rose again overnight, and now look set to record a third consecutive weekly gain,

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Asian markets better this morning with the exception of China, Japan the standout performer up 1.8%, boosted by renewed speculation of Chinese stimulus.

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