UK OSBORNE: UK has deep rooted economic problems
- GDP confirms UK's economic problems
- UK is dealing with its debts and Eurozone crisis
- Require relentless focus on economy
- Recent plicy moves show UK acting on this
- Underlying growth beeter than headline GDP numbers
10:30 * DJ UK GDP 4.5% Below Pre-Crisis Peak In 1Q 2008
RBNZ STANDS PAT AT 2.5% ON EUROPEAN WORRIES, TAME INFLATION
The Reserve Bank of New Zealand held its benchmark interest rate at 2.50% Thursday amid ongoing concerns over Europe's debt crisis and benign domestic inflation, reinforcing the view that the central bank will hold the current rate until at least mid-2013. (published 0217 GMT)
PBOC GUIDES YUAN HIGHER BUT DEPRECIATION EXPECTATIONS PERSIST
China's central bank guided the yuan stronger Thursday via the daily fixing, largely following the euro's overnight rebound and ending a three-day campaign to push the currency weaker amid a gloomy economic outlook. (published 0338 GMT)
CHINA STATISTICS OFFICIAL: ECONOMY LIKELY TO BOTTOM OUT IN 3Q
China's economy is likely to bottom out in the third quarter, and growth will be higher in the second half than in the first, an official with the country's statistics agency said Thursday. (published 0255 GMT)
UPDATE: AUSTRALIA GOVERNMENT CALLS OPPOSITION LEADER'S SPEECH 'DANGEROUSLY DUMB'
Mr. Abbott, who is on track to become prime minister next year, described Chinese business ownership this week as a "complicated" issue due to the prevalence of state-owned corporations in the world's second-largest economy. (published 0450 GMT)
BOJ SHIRAKAWA: TRANSPARENCY TO HELP JAPAN'S FUTURES MARKETS
Bank of Japan Gov. Masaaki Shirakawa said in a speech Thursday that reinforcing the transparency of prices would help develop Japan's futures markets. (published 0136 GMT)
JAPAN MOF RAISES ASSESSMENT ON ECONOMY IN APRIL-JUNE REPORT
The Japanese Finance Ministry's regional offices upgraded their view on the nation's economy in the second quarter, a senior ministry official indicated Thursday. (published 0103 GMT)
ITALY CTZ AUCTION PREVIEW: Italy's Dipartimento del Tesoro taps its
zero coupon 2-year May 2014 CTZ issue Thursday for between
E1.5bln-E2.5bln indicative size. The size is lower than recent auctions
and comes after Italy has already cancelled its BTPei auction for the
same day and not seen as a surprise given the recent strong
underperformance after Italian linker bonds were expelled out of
Barclays index following the last Moody's downgrade to Baa2 on July 13.
The issue trades at 5.12%, having cheapened to 5.27% Wednesday. For
comparison purposes, the last action on June 26 for E2.99bln was sold at
an average yield of 4.71% and then covered 1.65 times. Prior to this,
the inaugural auction on May 28 was for E3.5bln at an average yield of
4.04% and then covered 1.66 times. The average bid-to-cover of the last
5 auctions is 1.78 times. Auction results are due around 0910GMT.
http://translate.googleusercontent.com/ ... 3RvG13I5-gGERMANY PRESS: Rating agency Moody's has downgraded the outlook of 17
German banks, reports Deutschlandfunk. Most affected by this are the
Landesbanks but also the Industriebank and Deutsche Postbank. Many
Bundeslaender including Bavaria and Baden-Wuerttemberg were also rated
as less stable than previously.
EU MORNING CALL - 26/07/12 The ECB is studying implementing palliative measures to ease market pressure exerted on countries with more economic difficulties, specifically Italy and Spain, according to European sources. (El Pais) According to the report, the ECB is considering loosening the guarantees that banks are required to present in order to get financing as well as an assets purchase program. The piece adds that both measures, which were expected to be put in place in autumn, may be moved forward due to the heightening of market tensions. According to a German Finance Ministry report, the EFSF still has EUR 236.7bln left in the EUR 440bln fund. The bailout fund has disbursed a total of EUR 100.7bln of the EUR 188.3bln earmarked for Greece, Portugal and Ireland. (Newswires) Egan-Jones downgrades Italian sovereign rating to CCC+ from B+; on negative watch. (Newswires)
Intraday options that are due to expire today at 10am NY cut (1500BST)
EUR/USD - 1.2100, 1.2110, 1.2140, 1.2170, 1.2180, 1.2200
EUR/GBP - 0.7800, 0.7900
GBP/USD - 1.5500
AUD/USD - 1.0350
ECB: The ECB said a total E193 mn was borrowed at the marginal rate via the overnight facility Wednesday with a total E337.073 bn deposited, down from Wednesday's levels. Current account deposits are at E518 bn, up modestly from previous. Net net, total joint deposit account and current account holdings are than in recent days, with jointy holdings up around E24 bn from the day before.
EUROZONE ISSUANCE: Eurozone sovereign issuance so far this year totals E524.88bln, according to MNI calculations, which represents around 65.28% of the eurozone total.
The Netherlands remains in first place compared to its EMU neighbours and has achieved 81.7% of its capital market programme.
Austria, Belgium and France are close behind.
However, Slovenia has yet to sell a bond in 2012 and speculation that government will attempt a Spanish-style bank bailout. --
Finland has issued E8.0bln vs E15.7bln funding target or 51% --
Austria has sold E15.96bln bonds vs E20-24bln RAGB target or 72.5% --
Belgium has sold E23.14bln in bonds vs E31.5bln OLO target or 73.5% --
The Netherlands has sold E49.01bln in capital market funding or 81.7% --
France has sold E135.75bln in bonds vs E178bln target or 76.3% --
Germany has sold E112.5bln in bonds vs revised funding target or 61% --
Spain has sold E59.29bln out of its E86bln gross target or 68.9% --
Italy has issued E117bln bonds vs non-
FX: Option expiries for today's 1400GMT cut....updated,
* Euro-dollar; $1.2010, $1.2050, $1.2060, $1.2100, $1.2110, $1.2140, $1.2170, $1.2180, $1.2200
* Dollar-yen; Y77.75, Y78.00, Y79.00
* Cable; $1.5500
* Euro-sterling; stg0.7800, stg0.7900
* Dollar-Swiss; Chf0.9900
* Aussie; $1.0305, $1.0350
BERLIN (MNI) - Eurozone member states are pondering a plan for the
European Central Bank to contribute the book profits on its Greek
government bonds to an effort to prevent an insolvency of Greece,
the German daily Die Welt reported Thursday.
According to the paper, the book profits amount to some E10-E15
billion. The profits could flow back to Athens via national central
banks and governments.
But central bank sources told Die Welt that there is massive
resistance against the plan given that it is more uncertain than ever
that Greece will be able to pay back the debt the ECB bought on
secondary markets.
The Eurozone states are also pondering a haircut on Greek bonds
which weren't included in the first debt restructuring, namely bonds
issued under international law, Die Welt reported. These bonds amount to
some E5 billion.
Despite public threats, many in the EU don't want to risk an
insolvency of Greece, because they fear this would further aggravate the
situation on financial markets, the paper said.
A ma wybór?Stforex pisze:Dokładnie. Pytanie, dlaczego rynek to łyka?
