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ECB Draghi said Italy and Spain have done "remarkable work" in reforming their economies

Monday, April 23, 2012 6:17 AM GMT

Good Morning ,

-Currencies traded in narrow ranges by begin of the week in Asia, the USD is overall a bit firmer versus majors and the EMG/commodity block.

- Stocks: Nikkei-0.08 %, Hang Seng -0.58 %, Shanghai Composite -0.06 %, Dow Jones +0.50 %, S+P500 +0.12 %

- IMF secures$430bn in new funding pledges for "global firewall" vs $400 bln expected

- G20 Statement:Recent signs point to modest recovery but downside risks remain

- Socialist Francois Hollande and President Sarkozy progressed to the final round of France's election, with the incumbent's hopes of victory resting on winning supporters from Marine Le Pen's anti-euro National Front. Hollande won 28.5 percent of the vote against 27.1 percent for Sarkozy. The anti- immigrant Le Pen got 18.1 percent, a record for the party that surpassed the predictions of all pollsters. The second round takes place on May 6.

- Budget I: Dutch Prime Minister Mark Rutte today will meet with his cabinet to discuss how to pass a budget that meets European Union targets before calling early elections after one of the parties in his minority coalition withdrew.

- Budget II: CzechPrime Minister Petr Necas is seeking supporters to avoid snap elections and push through deficit cuts after the break up of his coalition. The three ruling parties agreed yesterday to dissolve the coalition as of April 27.

- ECB Draghi said Italy and Spain have done "remarkable work" in reforming their economies. Speaking to reporters in Washington, Draghi said the ECB's priority is to ensure price stability and that inflation expectations are "solidly anchored."

- European Central Bank Vice President Vitor Constancio said the likelihood of deflation in the euro area is "negligible." Constancio added that as the situation in Europe's debt crisis has not normalized, it "would be premature" to exit from the central bank's non-standard policy measures.

- The current conditions for further improving China's foreign exchange rate mechanism reform are more "matured," Caijing online reports yesterday, citing Zhou Xiaochuan, Chinese central bank governor, in a "recent"interview.

* China should continue "gradual" reform for foreign exchange rate

* China can further push for interest rate liberalization and first reform its lending rate * China needs competitive market and consider macro-economic conditions for interest rate liberalization

* China can first allow some "qualified" financial institutions to expand independent interest rate pricing

* As the yuan trading band widens, China's central bank will intervene when market exchange rate has excessive volatility

* China's intervention will be less frequent and more flexible

- Swiss National Bank President Thomas Jordan said today the central bank will defend the cap on the franc, saying that the "policy is very clear."

- M&A: Nestle SA agreed to buy Pfizer Inc.'s Nutrition unit for $11.9 billion.

- IMM Positions:-118k vs -101k, JPY -58k vs -66k, GBP -13k vs -19k,CHF-14k vs -10k, CAD 38k vs 28k, AUD 48k vs 39k, NZD 12k vs 7k

- 08.45 France Own-Company Production Outlook Apr
- 08.45 France Production Outlook Indicator Apr
- 08.45 France Business Confidence Indicator Apr
- 09.00 France PMI Manufacturing Apr
- 09.00 France PMI Service Ap
- 09.30 Germany PMI Manufacturing Apr
- 09.30 Germany PMI Service Apr
- 10.00 Eurozone PMI Manufacturing Apr
- 10.00 Eurozone PMI Service Apr
- 10.00 Eurozone PMI Composite Apr
- 10.00 Italy Consumer Confidence Apr
- 17.45 ECB Weidmann - 0900 Switzerland M3 Mar
- 09.00 Switzerland Real Estate Index Family Homes Q1
- 09.00 SNB Monthly Statistical Bulletin
- 14.30 Canada Wholesale Sales Feb

     (CET)

Have a nice day !  

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