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Bank Avoids MarketTitle:
Brent crude up as China, Iran outweigh U.S. stockbuild
Brent crude rose on Wednesday as upbeat Chinese manufacturing data and concerns about the standoff between Iran and the West outweighed data showing a large build in U.S. oil inventories.
U.S. crude turned negative after data from the U.S. Energy Information Administration showed inventories shot up 4 million barrels last week, including a steep 1.5-million-barrel increase at the Cushing, Oklahoma, delivery point for the New York Mercantile Exchanges' s oil futures contract.
Brent also pared ...
Title:
Dollar rises after U.S. debt talks fail
(Reuters) - The dollar hit a six-week high versus a currency basket on Monday after U.S. leaders failed to agree deficit-cutting measures, darkening the fiscal outlook and prompting a shift from riskier currencies into the safety of the U.S. currency.
The dollar index .DXY rose to 78.477, its highest since October 10 as debt problems deteriorated on both sides of the Atlantic due to ongoing worries that wrangling between European leaders will protract the bloc's debt crisis.
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'Do or Die' for Eurozone Debt Crisis
The Week Ahead
Highlights
'Do or die' for Eurozone debt crisis
Risk rebound continues
'Do or die' for Eurozone debt crisis
G-20 finance ministers are meeting this weekend to lay the groundwork for the Nov. 3 summit in Cannes, while European leaders continue negotiations ahead of their pivotal summit on Oct 23. We don't expect too much to come from this weekend's G-20 in terms of initiatives, but we think the group is likely to reinforce the global pressure on the Europeans to deliver ...
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Weekly Focus: Policymakers Still Struggling to Find a Way ahead
Weekly Focus: Policymakers Still Struggling to Find a Way ahead
Market movers ahead
We expect no rate cut from the ECB next week, but 12-month refinancing operations are expected to be resumed.
A decision on the next aid tranche for Greece is possible next week.
In the US we expect another subdued labour market report for September.
The Bank of Japan is not expected to announce additional easing next week.
China’s NBS manufacturing PMI is expected to improve in August.
...
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The Weekly Bottom Line : 27/08/2011
The Weekly Bottom Line
HIGHLIGHTS OF THE WEEK
United States
Fed Chairman Bernanke delivered a much-anticipated speech at the economic symposium in Jackson Hole.
The three main messages were that: first, addressing the structural issues that are impeding a stronger economic recovery in the U.S. - the housing market and long-term unemployment - are outside the realm of the Fed,
Second, the U.S. does need to address its long term fiscal difficulties, and;
Third, doing so should ...
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Euro Sell-Off continues
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
The euro continued to sell off during the Asia session as Monday’s meeting of Eurozone finance ministers failed to produce any concrete proposals to address the latest bout of market nervousness. EURUSD traded 1.3932-1.4062 and USDJPY 80.06-80.38. Italy’s debt auctions on Thursday are likely to be the next major risk event for the euro, and are already fast becoming the focus of market attention. Yesterday, Spanish 10y yields climbed above 6% ...
Title:
RBA Governor Stevens hawkish
USD
Although the dollar recovered some of yesterday’s losses against the euro, risk appetite was modestly supported after a solid performance by US equities. EURUSD traded 1.4404-1.4497, USDJPY 80.38-80.64. The AUD in particular held onto Tuesday’s gains, eventually helped higher by a hawkish RBA Governor Stevens. US industrial production and CPI are due later. These are always key numbers but assume an even greater significance on this occasion given the FOMC decision and subsequent press ...
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EU must make tough decisions on Greek rescue: IMF
(Reuters) - The IMF's release of its next block of aid for Greece still requires tough decisions to be taken by Europe, it warned on Tuesday, as ratings agencies and German banks cast doubt on one part of a planned second bailout.
A senior Greek official also said the government expected parliament to vote by the end of June on its medium-term austerity plan, a condition for the new international package as Athens struggles to avoid defaulting on its debt.
A team from the IMF, EU and European ...
Title:
Portugal closer to EU bailout; PM resigns
Morning Briefing: Portugal closer to EU bailout; PM resigns
News:
Forex: Euro slips as Portuguese austerity measures are rejected
Global Markets: Asian markets fall over radiation concern; oil eased on Portugal debt worries
Portugal: Prime Minister resigns after parliament rejected austerity plan
New Zealand: Avoids recession, GDP Q/Q at 0.2 percent
Japan: More nations curb imports from Japan
Euro zone: EU set to push decision on bailout fund to June
United Kingdom: MPC voted 6-3 to keep ...
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