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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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Given the general lack of direction in equity markets over the past week or so, I have spent a great deal of time looking at some longer term charts.

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A quiet day ahead in Europe with most of the countries having either markets closed or public holidays.

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Asian markets are lower this morning, with the Hang Seng the biggest loser down 1.1%, on continued concern that China’s slowing economy will dampen corporate profits. China Life Insurance Co. fell over 3% after the insurer posted a decline in premium income.

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US retail sales have just been released with a headline number of a rise of 0.8%, however it should be noted that last month’s figure was revised lower to a fall of 0.8% from 0.4%. US equity futures have extended their gains for the session to now up 40bps

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