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Global shares gain on Europe optimism; euro dips
(Reuters) - World equity markets rose for a second consecutive day on Tuesday on hopes European leaders will tackle the region's debt crisis, but the euro fell on doubts that much would come of a meeting just a day away.
European shares gained almost 2 percent on optimism European leaders may devise new measures to foster growth in the euro zone and restore a doubtful market's confidence.
An informal summit of European Union leaders late on Wednesday is expected to discuss the idea of regional bonds jointly underwritten by all euro zone member states.
However, Germany's long-standing opposition is unlikely to change; the country has dismissed the French-led call for the euro zone to issue common bonds.
"The string of summit meetings that have been called to address the euro crisis thus ...
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Shares up on Europe summit hopes, euro dips
(Reuters) - World shares gained for a second day on Tuesday amid speculation of fresh action by European leaders to tackle the region's debt crisis, even as the euro fell on doubts that much would come of this week's meeting.
A rise in existing home sales to their highest annual rate in nearly two years in April and a decline in foreclosures added to the positive tone in equity markets.
The National Association of Realtors said existing home sales increased 3.4 percent to an annual rate of 4.62 million units, the highest since May 2010. Across the U.S., the median price for a home resale jumped to $177,400 in April, up 10.1 percent from a year earlier.
"The housing market is showing some signs of life and the April number suggests that sales of single-family homes are rising again," ...
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JPY Underperforms Amid Downgrade, Ahead of BoJ
USD stronger today against most of the majors amid higher global equities and higher U.S. treasury yields. A ratings downgrade in Japan, dampened EU Summit expectations and low growth projections in Europe, and slowing inflation in the UK are benefitting the USD. The dollar index rebounded from the 81.00 figure but remains below the double top around the 81.75 level and the dollar is currently strongest against the JPY as UST yields advance. On the data front, the May Richmond Fed manufacturing index (expected to soften to 11 from 14) and April existing home sales (forecast to increase 2.9% m/m to 4.61M) are set for release at the top of the hour.
EUR is weaker against most of the G10 currencies amid growth concerns and low expectations of the upcoming EU Summit. The OECD released update ...
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Spain sells 2.53 billion euros of short bonds
Amid the lingering tension in debt markets, and especially in Europe, Spain continues to suffer from rising borrowing costs as uncertainty over the euro outlook persists.
The Spanish Treasury today sold 2.53 billion euros of 3 and 6 month short term bills, just around the maximum target of 2.5 billion euros,
The nation sold 1.51 billion euros of three-month bills with the average yield rising to 0.85% from the previous auction in April at 0.6%; the demand was strong considering a bid-to-cover ratio of 3.95 times, yet compared to the previous at 7.6 times it is a strong plunge.
As for the six-month bills, the nation sold 1.0 billion euros of bills at an average yield of 1.74% rising from 1.58% at the previous auction, while the bid-to-cover ratio strengthened to 4.3 times compared with ...
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Exclusive: U.S. lets China bypass Wall Street for Treasury orders
(Reuters) - China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters.
The relationship means the People's Bank of China buys U.S. debt using a different method than any other central bank in the world.
The other central banks, including the Bank of Japan, which has a large appetite for Treasuries, place orders for U.S. debt with major Wall Street banks designated by the government as primary dealers. Those dealers then bid on their behalf at Treasury auctions.
China, which holds $1.17 trillion in U.S. Treasuries, still buys some Treasuries through primary dealers, but since June 2011, that route hasn't been necessary.
...
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Global stocks rebound from year's lows, euro dips
(Reuters) - Global stocks rebounded from their lows for the year on Monday as world leaders emphasized their support for economic growth in the euro zone, but the euro dipped on persistent concerns that Greece could leave the bloc.
Many investors and analysts see the pause in selling of stocks and other risky assets as temporary, given the uncertainties ahead for Greece, which holds national elections on June 17.
On Saturday, leaders of the Group of Eight nations stressed that their "imperative is to promote growth and jobs" for the euro zone and expressed support for Greece to stay in the euro.
Despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems.
"More ...
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Global stocks rise from year's lows, euro dips
(Reuters) - Global stocks rose on Monday from their lows for the year as world leaders voiced support for economic growth in the euro zone and China, but the euro dipped on persistent concerns that Greece could leave the bloc.
Many investors and analysts reckon the pause in selling stocks and other risky assets as temporary, given the uncertainties ahead for Greece, which holds national elections on June 17.
On Saturday, leaders of the Group of Eight nations stressed that their "imperative is to promote growth and jobs" for the euro zone and expressed support for Greece to stay in the euro.
But despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems.
"More ...
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European Market Update : 21/05/2012
Spain's banking sector said to be calling on market regulator for renewed ban on short-selling
Economic Data
(EU) ECB: €809M borrowed in overnight loan facility €839M prior; €762.4B parked in deposit facility v €785.1B prior
(JP) Japan Apr Nationwide Dept. Sales Y/Y: 1.3% v 14.1% prior; Tokyo Dept. Store Sales Y/Y: 6.7% v 26.7% prior
(IN) India Apr CPI Y/Y: 10.4% v 9.4% prior
(DE) Germany Apr Producer Prices M/M: 0.2% v 0.3%e; Y/Y: 2.4% v 2.5%e
(HU) Hungary Mar Avg Gross Wages Y/Y: 2.7% v 6.5%e v 6.9% prior
(RU) Russia Narrow Money Supply w/e May 14th (RUB): 6.93T v 6.88T prior
(ES) Spain Central Bank (BOS): Mar Bad Loan Ratio at 8.37% v 8.16% prior; - Lending -3.1% y/ym, Deposits -4.2% y/y
(IT) Italy Mar Industrial Orders M/M: 3.5% v 1.0%e; Y/Y: -14.3% v -13.2% prior
(IT) Italy ...
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No News is good News, or?
MORNING BRIEFING: No News is good News, or?
What’s new:
Asia: Awaiting news from Greece and potential spill-over effects. JPY offered on speculation that BoJ will add stimulus to boost growth.
United States: Risk aversion moved flow from stocks to treasuries. 10yr generic fixed income futures in all-time highs at 133-27. USD weak on Friday.
G8: Another round of talk, but no action on Greece.
Europe: Slightly negative across the board in stocks. Only Spain managed to recover some of the losses, closing up 0.4%. EUR/USD re-visiting 1.28+ this morning.
Rates in Asia and Indices:
EUR/USD 1.2742 1.2813 -0.04 %
USD/CHF 0.9375 0.9422 -0.07 %
GBP/USD 1.5795 1.5839 -0.02 %
USD/JPY 79.03 79.31 -0.34 %
EUR/CHF 1.2010 ...
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