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In Europe, Spain will not seek a bailout if there are new conditions, according to EU sources. S&P lowered its outlook on Greece to negative from stable, affirming their ‘CCC’ rating.

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Asian markets better this morning with the exception of Hong Kong. The Bank of Japan begin their 2 day policy meeting today, whilst the Bank of Korea are due to announce their repo rates tomorrow.

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European Equity futures are slightly lower this morning, ahead of reports on factory orders in Germany and Italian economic growth.

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Asian stocks are again higher this morning, rising to a three month high after Germany backed a ECB bond buying plan. Elsewhere in the region Australia kept interest rates unchanged, and the AUD traded at 4 month highs as a consequence.

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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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