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Market View

Asian stocks fell for a fourth day

Tuesday, July 10, 2012 3:07 AM GMT

Good Morning

- Asian stocks fell for a fourth day and the Australian dollar weakened as
Chinese trade data added to signs of slowing economic growth. Oil slumped as
Norway ended an energy strike.

- China June trade surplus $31.73 bln, exports +11.3% y/y, imports +6.3%, $21.0
bln, +9.9% and +12.7% eyed, import data pointing to flagging domestic demand

- European governments will jump-start as much as 100 billion euros ($123
billion) in loans to shore up Spain's banks and may move the costs off the
Spanish government's balance sheet in an effort to shield the euro
region's fourth-largest economy from the debt crisis. Thirty billion euros
will be lent by the end of July with the goal of eventually using the
euro-area bailout fund to recapitalize banks directly instead of saddling the
Spanish government with the debts, Luxembourg Prime Minister Jean-Claude
Juncker said.

- EU's Rehn said that he expects Spain to have to take additional measures soon
to tackle deficit.

- EFSF's Regling said that EFSF/ECB agreement means ECB can intervene in bond
markets on behalf of EFSF. Adds EFSF will provide resources for any secondary
market bond-buying, and ECB would simply act as fiscal agent. Says did not
discuss primary bond market interventions but tool will be available if needed

- Juncker to take further term as President of the Eurogroup while EFSF Chief
Regling to head ESM

- IMF Chief Lagarde said that global economic situation is worrisome. Urges
countries to be cautious about protectionism

- European bank stress tests identify capital shortfall of E114.7 bln

- Japan June money supply M2 +2.2% y/y, M3 +2.0%, broadest liquidity +0.2%

- BoE Posen: Not considering buying assets other than Gilts, Main econ trouble
is a lack of demand, Banking system not working that well, no reason to doubt
additional QE would be effective

- UK BRC total retail sales values increased 3.5% y/y in June, compared with
+3.4 y/y in May. June like-for-like retail sales values rose 1.4% (below
expectations), compared with +1.3% in May.

- Australia June business conditions -1 vs -4 in May, confidence -3 vs -2 in May

- RBA released figures on foreign ownership of Australian bonds. Foreigners own
76% of Australian debt; won 79% of Australian notes as of 31st March

- New Zealand June electronic card retail sales 0.4% mm , 5.3% yy

- New Zealands business opinion survey published by the NZIER worsened to -4 in
Q2 from 13 in Q1. The survey indicates that 2% of firms expect a decline in
profit in Q3

- NZ's housing price index eased to 0.3% m/m in June from 1.7% m/m in May.
House sales also eased to 17.3% y/y in June from 24.4% y/y in May

- Norway government intervenes to stop oil industry strike-lockout

Today's Figures
09.30 SEK May industrial production and orders
10.30 UK Industrial output mm and yy
10.30 UK Manufacturing output mm and yy
10.30 UK Trade balance
13.30 US NFIB business optimism
14.15 CA House starts
16.00 US IBD economic optimism

(CET)


Have a good day

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