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Market View

Risk is generally offered across the board

Tuesday, December 13, 2011 1:30 PM GMT

Good Morning,

  • EURUSD dropped to 1.3160 in Far East after some comments by a Chinese   researcher. Risk is generally offered across the board. After USDCHF took out the 10 months highs, also GBPCHF made some advances and reached 8 months highs overnight.
  • Stocks: Nikkei -1.17 %, Hang Seng -1.04 %, Shanghai Composite -1.44 % (fresh 2 year low), Dow Jones -1.34, S+P500 -1.49 %
  • Gold is currently trading on the lowest level (1653) since end of October after it broke the September uptrend yesterday. Silver is currently challenging the November lows around 31.00.
  • Benoit Coeure, France's candidate for a seat on the European Central Bank's   executive board, put the spotlight on its crisis-fighting powers by saying the ECB might have to buy more sovereign bonds.
  • Germany's Finance Ministry denied a Reuters report that it's in talks with  Commerzbank AG to offer state assistance, saying that communication between   the government and the bank doesn't go beyond "exchange of information."
  • Japanese Finance Minister Jun Azumi on Tuesday urged Europe to make further   efforts to convince markets of its resolve to overcome the region's debt crisis but said that last week's agreement was one step forward towards fiscal discipline.
  • China will withhold aid to Europe unless it meets certain conditions, including its recognition of the Asian nation as a market economy, Yao Yang, director of the China Center for Economic Research at Peking University, wrote in a commentary in the China Daily today.
Australia Data RecapPeriodSurveyActual
Dwelling Starts Q3 -1.0 % -6.8 %
NAB Business Confidence Nov 2 2
New Zealand Data RecapPeriodSurveyActual
Manpower Survey Q1 -16.0 % 23.0 %
Food Prices mom Nov -0.2 % -1.3 %

- Demand for the Bank of Japan's 84-day dollar loans surged after six central banks cut borrowing costs for the U.S. currency last month. The BOJ accepted all of the bids for the dollar loans totaling $4.76 billion and will charge borrowers a fixed rate of 0.61 percent. That's the largest amount of bids since May 2009, according to the BOJ, and compares with $100 million when it offered similar loans in November with a rate of 1.12 percent.

- An index of U.K. house prices climbed in November from a four-month low because of an increase in demand, the Royal Institution of Chartered Surveyors said. The gauge by London-based RICS rose to minus 17 percentage points from minus 24 points in October, the group said. It was forecast to decline to 25 points. A separate report by recruitment company Manpower Inc. showed the outlook for jobs is the weakest for two years.

- 1430 US Retail Sales Nov
- 1600 US Business Inventories Oct
- 2015 US FOMC Rate Decision
- 1100 Germany ZEW Dec
- 1100 Eurozone ZEW Dec
- 1300 ECB Mersch
- 1830 Bundesbank Weidmann
- 1030 Spain to sell 364/553 Day Bills
- 1100 Greece to sell 182 Day Bills
- 1130 Belgium to sell 91/364 Day Bills
- 1200 EFSF so sell 91 Day Bills
- 1030 UK Retail Sales Nov
- 1030 UK RPI/X Nov
- 1030 BOE Dale
- 0745 Switzerland SECO 2011 December Economic Forecasts

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