Dec 9, 2011

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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ECB’s Nowotny Welcomes Outcome Of European Summit

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VIENNA (MNI) – European Central Bank Governing Council member Ewald Nowotny said he “welcomed the overall outcome of the European Summit,” because “steps have been taken in the right direction both for long-term stability as well as short-term measures.” He pointed in particular to an agreement to bolster Europe’s bailout fund, the European Financial Stability [...]

More Nowotny: Won’t rule out potential danger of credit crunch in euro zone

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Market for sovereign debt being affected by banks’ reduction of assets under EBA rules Inflation falling more slowly than expected Austerity drives having one-time effect on inflation Don’t see deflation Reuters reporting.

UK Analysis: Oct Construction Output Fall Could Hit Q4 GDP

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LONDON (MNI) — Construction growth in October fell sharply in October on a non-seasonally adjusted basis, a bad start to the quarter and may imply a negative impact on GDP figures released by National Statistics showed Friday. While there was a small upward revisions to Q3 construction output to +0.3% on the quarter on a [...]

UK Analysis: Output Price Inflation Eases Further In November

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–Nov Producer Output Prices +0.2% m/m; +5.4% y/y –Nov Core Output Prices unch. m/m; 3.2% y/y –Nov Producer Input Prices +0.1% m/m; +13.4% y/y LONDON (MNI) – Output price inflation eased further in November, helped by falls in the price of transport equipment and paper and printing products during the month, figures released by National [...]

Ireland’s minister for european affairs: 50/50 chance of Ireland requiring a referendum on european fiscal integration

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Good luck with that one

ECB’s Nowotny: Dangerous to automatically talk down results of EU summit

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Not a matter of inventing new measures, but implementing exisiting ones Asked what ECB can do after EU summit, says ECB can support EFSF as announced yesterday Is it me? or is he not really helping. Big differences between approaches of BOE and ECB

ECB’s Orphanides: Markets face “considerable confusion” about euro zone economic policy framework

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Oh good, glad it’s not just me. Clarifying future fiscal rules for euro zone vital

UK Data: Oct Trade Deficit Narrows; Could Boost Q4 GDP

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–Oct Global Goods Trade Deficit Stg7.557bn vs Stg10.175bn Sep –Oct Non-EU Goods Trade Deficit Stg4.554bn vs Stg5.712bn Sep –Oct Total Trade Deficit Stg1.552bn vs Stg4.298bn Aug LONDON (MNI) – The UK’s goods trade deficit narrowed at its fastest pace on record in October as exports surged, figures released by National Statistics revealed Friday. While the [...]

Germany’s Econ Min: Pace Of German Upswing To Slow In 4Q 2011

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BERLIN (MNI) – Germany’s economic upswing will likely slow in the fourth quarter, the Economics Ministry said in its latest monthly report, released Friday. “After the strong growth of the German economy in the course of the year, a slower pace emerges for the final quarter,” the ministry said. “The reason for the cautious outlook [...]

UK DATA: Nov Producer Output Prices +0.2% m/m; +5.4%.

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UK DATA: Nov Producer Output Prices +0.2% m/m; +5.4% y/y –Nov Core Output Prices unch. m/m; 3.2% y/y –Nov Producer Input Prices +0.1% m/m; +13.4% y/y ———————————————————————— Producer prices were broadly in line with the median forecast in November. Output price inflation eased to 5.4% from 5.7% while core inflation eased to 3.2% from 3.3%.

UK DATA: Oct NSA construction output -2.5% m/m…….

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UK DATA: Oct NSA construction output -2.5% m/m ———————————————————————— Construction growth in October fell sharply in October on a non-seasonally adjusted basis, a bad start to the quarter and may imply a negative impact on GDP figures released by National Statistics showed Friday. The data for October, though, which show a 2.5% fall on the [...]

German FinMin: Sees weaker economic growth in Q4

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Industrial production, construction weaker than Q3 Economy still distinctly robust Positive German employment, incomes support consumption German growth slowing on worsening international environment  

Germany’s Merkel: Didn’t Make Any False Compromises On Euro

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BERLIN (MNI) – German Chancellor Angela Merkel said Friday that the Eurozone has learned from its mistakes and the deal struck in Brussels does not include any false compromises. The 17 members of the Eurozone and six non-euro area members early Friday reached an agreement for an intergovernmental treaty that will strengthen fiscals rule and [...]

ECB’s Nowotny: ECB doing utmost to avoid having Europe enter recession

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Emerging markets to support global growth in 2012 Q1 2012 will be challenging in terms of refinancing in Europe in public, private sector Results of EU summit positive Cites strengthening of EFSF, advancing timetable for ESM Important progress was made on decision-making process for ESM  

Bank of Italy’s Visco: Need further govt measures soon to up growth

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Italys’ tax pressure heading to 45% Italy needs to lower tax pressure Govt austerity to hit 2012/13 GDP by 0.5% Sees 2012 negative GDP; limited 2013 growth Govt austerity measures are necessary Govt austerity measures aim to reassure markets

ECB’s Ophanides: Bond markets are about trust

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Activities in euro area in last 2 years has shaken trust Need at least “minimum” fiscal rules for currency union Policy response to euro crisis has raised questions Question is whether EMU states will support each other Need to believe states like Greece will respect fiscal rules Significant progress being made on sanctions in euro [...]

Merkel: Very satisfied with summit decisions, world will see EU has learned from mistakes

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Very satisfied at agreement at euro summit, says not a lousy compromise (not a lousy compromise?, well that’s encouraging)

ECB seen buying peripheral bonds

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Peripheral/German bond yields have been widening out in early European trade. Presently seeing Italian/German 10 year bond spread at 457 bps from 444 bps first thing.  Spanish/German 10 year bond spread at 390 from the 380 I saw first thing. European stocks have rebounded into positive territory, FTSE up +0.1%,  DAX +0.1% and CAC 40 +0.3%.

ECB: Banks borrowed 8.04 bln from lending Thursday

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Lower than Wednesday, but still high.

FRANCE DATA: Oct central govt deficit E99.4 bln vs…

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FRANCE DATA: Oct central govt deficit E99.4 bln vs Oct 2010 E133.1 bln - Deficit in line with budget projections, says Budget Ministry - January-Oct govt outlays -12.3% y/y; January-Oct revenues +2.5% y/y
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