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Indonesia this morning released 2nd quarter GDP figures, rising 6.37% versus consensus estimates of around 6.1%. The country’s growth is the fastest in the region bar China, the figure was boosted by better than expected domestic consumption.

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Ben Bernanke is due to speak today at a conference in Cambridge, Massachusetts, on economic measurement. Markets were up aggressively on Friday, after better than expected employment data. US futures are pretty much flat in early trade.

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European sentiment has been somewhat bolstered by news that Greek creditors believe the country is making progress on meeting their bailout terms.

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Asian markets aggressively higher this morning following better than expected non-farm payroll data out of the US on Friday, with the Nikkei up around 2% led by Toyota up over 4% after the company released better than expected earnings.

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In the US today, the big theme will be non-farm payrolls due at 1.30pm BST, consensus is for 100k, in company earnings Proctor and Gamble release quarterly earnings with consensus for an EPS of 77 cents. Elsewhere

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Draghi’s comments clearly the key theme for Europe, with markets hard hit yesterday, equity futures are looking pretty much unchanged for the open this morning.

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Asian markets lower this morning, in sympathy with European and US markets yesterday following disappointment on Draghi’s conference call yesterday at which he stated the ECB was ready to act but failed to deliver any fresh stimulus at this moment in time.

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In the US, we have Challenger job data out which may give further clues for tomorrow’s non farm payrolls, corporate earning highlights include Parker Hannifin (Estimate EPS $1.91), General Motors (75 cents), Kellogs (84 cents) and Kraft (66 cents).

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The focus will clearly be on the ECB announcement at 12.45pm BST and the press conference that follows.

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02 Aug
2012

Asian markets mixed

Categories: Daily Comments

Asian markets mixed, if anything there was a slight bias to the downside, after the Fed refrained from adding any fresh stimulus but expectations of fresh policy announcements out of the ECB.

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After meeting with Eurozone finance ministers yesterday, US treasury secretary Geithner said that Europe will not be fixed by one decisive act, officials need to get politics right for reform.

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Asian markets mixed but off session lows, after disappointing data out of the region. China’s July manufacturing PMI came out at 50.1 (50.5 expected), whilst Australian industrial output declined to its lowest level in 3 years.

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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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