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Creditors Talks And EuropeanTitle:
Asian Market Update : 10/05/2012
China trade data misses expectations, Australia records 1-yr low for unemployment
Economic Data
(CN) CHINA APR TRADE BALANCE: $18.42B V $9.9BE
(AU) AUSTRALIA APR UNEMPLOYMENT RATE: 4.9% V 5.3%E (1-yr low); EMPLOYMENT CHANGE: 15.5K V -5.0KE (2nd consecutive increase); PARTICIPATION RATE: 65.2% V 65.4%E
(KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 3.25%; AS EXPECTED
(JP) JAPAN MAR CURRENT ACCOUNT TOTAL: ¥1.59T V ¥1.4TE; ADJUSTED CURRENT ACCOUNT TOTAL: ¥785.5B V ¥647BE; CURRENT ACCOUNT BALANCE Y/Y: -8.6% V 17.1%E; TRADE BALANCE: ¥4.2B V -¥43BE
(NZ) NEW ZEALAND APR BUSINESS NZ PMI: 48.0 V 53.8 PRIOR
(PH) PHILIPPINES MAR TOTAL EXPORTS: -1.2% V 11.0%E; TOTAL MONTHLY EXPORTS: $4.3B V $4.4B PRIOR
(NZ) NEW ZEALAND APR QV HOUSE PRICES Y/Y: 3.1% V 3.0% PRIOR
(JP) JAPAN APR ...
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Analysis: Investors run scared of Spain's battered banks
(Reuters) - Spain's banks are fast joining the ranks of the most unloved in Europe just as many need to raise capital urgently, deserted by investors who believe the country is on the brink of a recession that many lenders will not survive.
The government has ruled out more state aid for a sector that comprises a motley mix of international lenders and heavily indebted local savings banks. That leaves two options: raising private capital or turning to the EU for bailout funds.
Prospects for a private sector solution are poor. Nothing on the horizon looks likely to persuade foreign fund managers to invest, such is the fear of the banks' growing bad loans, their holdings of shaky sovereign debt and the worsening economy.
Already battered by a property market crash that began four years ...
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Greece eyes elections after debt deal
(Reuters) - Greek Finance Minister Evangelos Venizelos formally submitted his candidacy to lead the Socialist PASOK party on Saturday, as the focus in Athens shifted to elections expected once an international bailout deal is cleared.
Greece averted the immediate threat of an uncontrolled default on Thursday when it successfully concluded a bond swap deal under which private sector creditors agreed to accept deep cuts in the value of their holdings.
"There is now more than just recession, budget cuts and tax increases ... there's the hope to turn the wheel of growth," he told a party conference.
In a sharp reminder of the deep unpopularity of the austerity measures he has overseen, a pensioner on crutches hurled yoghurt at the burly Venizelos just before his speech, forcing him to delay ...
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Oil gains a second day on Greek deal, Iran
(Reuters) - Crude oil futures rose for a second day on Thursday as investors cheered progress on Greece's bond swap deal, which moved the beleaguered country nearer to unlocking funds it needs to avoid default.
Tensions between Iran and the West over Tehran's nuclear ambitions provided further support.
U.S. data showed unemployment benefit claims rose last week, but not enough to change the outlook that the labor market was growing stronger. That view helped crude hold gains.
The jobless claims data bolstered expectations that Friday's U.S. government report on how the jobs market fared in February will show a solid rise in payrolls.
Spread trading on Brent and the U.S. crude benchmark West Texas Intermediate also lifted the day's trade.
"Worries of a debt default by Greece eased and ...
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Shares recover on Greece bond swap hopes
(Reuters) - Asian shares recovered on Thursday as investors cautiously bet on brightening prospects for Greece to secure a crucial bond swap, and so avoid a messy default, and U.S. data suggesting a recovery in the labor market ahead of key jobs figures.
Other assets, from copper and gold to oil, along with commodity-linked currencies such as the Australian dollar, eked out gains, while the dollar took the back seat as risk sentiment warmed.
The Greek debt swap deal and U.S. nonfarm payrolls, due on Friday, are seen as a test of whether markets can build on the optimism of recent months and overcome patchy growth figures that have dented sentiment.
The European Central Bank is expected to hold interest rates steady at a policy meeting later in the day and some analysts expect an ...
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Stocks advance on U.S. jobs data; euro rebounds
(Reuters) - U.S. and European stocks rebounded on Wednesday after encouraging U.S. jobs data, and the euro resumed its climb after hitting a three-week low as optimism returned that the Greek debt-restructuring deal will get done.
Major banks and pension funds threw their weight behind Greece's bond-swap offer to private creditors on Wednesday, raising the likelihood that the deal will go through and a 130- billion-euro international bailout package will be secured.
Some traders are still hoping for Greece to clinch a debt restructuring before Thursday's deadline. This outlook helped revive appetite for stocks, oil and gold, and kept a lid on safe-haven demand for U.S. and German government debt.
Investor sentiment brightened after a report from payroll processor ADP showed slightly ...
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Euro, European shares stabilize as Greek outcome awaited
(Reuters) - European shares steadied after two days of losses and the euro recovered from a 3-week low on Wednesday as markets await the outcome of the Greek debt restructuring deal, while worrying over the weaker outlook for the global economy.
U.S. stock futures pointed to a recovery on Wall St after steep declines in the previous session.
With stimulus measures from the world's major central banks mostly on hold, growth is key to supporting the recent rally in riskier assets but recent data has disappointed.
Germany announced factory orders in January posted a surprise fall as demand slumped from outside the euro zone, adding to concerns about a slowdown in Brazil, Australia and China, though these regions are still experiencing growth.
"The reality of slower growth in the BRIC ...
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Euro, shares stabilize, risk aversion high
(Reuters) - European shares steadied after two days of losses and the euro recovered from a 3-week low on Wednesday as markets braced for the outcome of the Greek debt restructuring deal, and evidence mounted of a weaker outlook for the global economy.
With stimulus measures from the world's major central banks now mostly on hold, investors are searching for signs of growth and were disappointed when resource-rich Australia reported a weaker-than-expected performance in the final quarter of last year.
This added to concerns about a slowdown in China and Brazil, and has thrown the focus on to the strength of the U.S. economic recovery with the release of key U.S. jobs data due at the end of the week.
"Given the fact that we are all waiting for the Greek (debt) deal, risk appetite is ...
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Euro plunges on worry over Greek bailout
(Reuters) - The euro dropped
on Tuesday to its lowest level against the U.S. dollar in two-and-a-half weeks as global economic growth concerns and fears about Greece's bailout led investors to shun risk.
Worries about slowing growth also weighed on commodity currencies, with the Australian and New Zealand dollars dropping to their lowest levels in over a month after China, the world's second-largest economy, announced its lowest annual growth target in eight years.
Uncertainty about Greece's ability to complete a major debt restructuring deal with private sector creditors also knocked the euro down.
Greek private creditors have until 0200 GMT on Thursday to say whether they will participate in a bond swap that is part of a bailout and restructuring deal to help it manage its finances ...
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