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Europe will be in the spotlight today with auctions in France and Spain and the ECB meeting

Thursday, May 3, 2012 3:31 AM GMT

Good Morning ,

  - Kiwi was the main mover overnight after a disappointing job report. NZDUSD

dropped from 0.8093 to 0.8040. USDBRL is off the September highs. Europe will
be in the spotlight today with auctions in France and Spain and the ECB
meeting - after the weak economic data yesterday.

 - Stocks: Nikkei +0.31 %, Hang Seng -0.40 %, Shanghai Composite +0.02 %,

Dow Jones -0.08 %, S+P500 -0.25 %

 - European Union finance ministers failed to reach an agreement to toughen bank

capital rules in the face of British resistance and now aim for a deal at
their next meeting on May 15.

 - China, Japan and South Korea agreed to encourage investment in each others' 

bonds, according to a joint statement released by the Bank of Korea. The
nations aim to "further strengthen our cooperation" amid risks and
uncertainties for the global economy, the trio said after a meeting of
central bank governors and finance ministers in Manila today.

- Japan will start buying South Korean bonds as part of efforts to diversify
the larger economy's foreign-exchange reserves, Japanese Finance Minister Jun
Azumi told reporters in Manila. Purchases will start with a small amount, he
said.

- Japan's finance minister Noda said on Thursday he expressed concerns about
the rise of the yen in a meeting with his counterparts from China and South
Korea.

- Australia Data Recap                      Period   Survey   Actual   Prior
* AiG Performance of Service Index    Apr          -          39.6    47.0

- New Zealand Data Recap             Period   Survey   Actual   Prior
* Unemployment Rate                        Q1         6.3 %    6.7 %  6.4 % rev
* Employment Change qoq                Q1         0.3 %    0.4 %  0.2 % rev
* Employment Change yoy                Q1          0.9 %    0.9 %  1.6 %

- China Data Recap                          Period   Survey   Actual    Prior
* China Non-manufacturing PMI          Apr         -           56.1     58.0

- U.S. Treasury Secretary Timothy F. Geithner said further appreciation in the
yuan is important to aid a reshaping of China's economy as significant as the
nation's opening of its markets in the 1970s.

- Bank of England Governor Mervyn King said central bank officials are prepared
to take unpopular measures to prevent banking excesses from undermining
financial stability and economic growth. "Our role will be to take away the
punch bowl just as the next party is getting going," King said. "That won't
make us popular among bankers, politicians and even at times some of you, and
it's not supposed to. But it will, I hope, reflect the trust and confidence
that the citizens of this country can place in the Old Lady of Threadneedle
Street."

- Federal Reserve Bank of Richmond President Jeffrey Lacker said additional
monetary stimulus probably wouldn't create more jobs or spur home
construction and could cause a surge in inflation.

- Swiss Economy Minister Johann Schneider-Ammann praised the franc's cap
against the euro and predicted the central bank would defend the policy.
"I am satisfied that this limit exists," Schneider-Ammann told reporters in
Brussels after meetings with European Union officials. "I am very confident
and convinced that the national bank will in fact defend the limit as it has
said it would."

- 1430 US Nonfarm Productivity Q1 P
- 1430 US Unit Labor Coss Q1 P
- 1430 US Initial Claims
- 1600 US ISM Non-Manufacturing Apr
- 1700 Fed Williams
- 1900 Fed Lockhart
- 1930 Fed Plosser
- 0900 Spain Unemployment Apr
- 1100 Eurozone PPI Mar
- 1030 Spain to sell 2015 + 2017 bonds
- 1100 France to sell 2017/21/22/25 bonds
- 1345 ECB announces interest Rates
- 0930 ECB Dombret
- 1430 ECB Draghi Press Conf following rate decision
- 0800 UK Nationwide House Prices Apr
- 1030 UK PMI Services

  (CET)

 

Have a nice day !

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