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Risk was supported in Asia, after a newspaper reported that China will target infrastructure projects to lift the economy

Tuesday, May 22, 2012 3:15 AM GMT

Good Morning ,

- Risk was supported in Asia, after a newspaper reported that China will
target infrastructure projects to lift the economy. Focus will now slowly
shift on the upcoming EU-Summit tomorrow. UK inflation above BOE's target
rate may require Gov. King to write a letter to Chancellor of the Exchequer
Osborne.

- Stocks: Nikkei +0.97 %, Hang Seng +1.03 %, Shanghai Composite
Dow Jones +1.09 %, S+P500 +1.60 %

- French President Francois Hollande on Monday said he isn't seeking
confrontation at a European Union summit next week, at a time when France and
Germany remain staunchly divided over the best way to resolve the euro zone's
sovereign-debt crisis. "I'm not preparing for this summit, together with the
French government, in a hostile way," Hollande said. "On the contrary, we're
trying to find the best way to restore growth in Europe."

- Spanish bank loan losses could hit €260bn, with the industry likely to need
some €60bn euros in outside help to stay afloat, the International Institute
of Finance said Monday.

- The Bank of Japan will probably maintain its view that the flat economy is
showing signs of recovery, the Nikkei newspaper reports, without attribution.

- China plans to speed up approval of infrastructure construction projects to
improve the economy, China Securities Journal reports today, citing an
unidentified person.

- China April Leading Index rose to 232.4, Conference Board says, after 0.8%
gain in March, 1% rise in Feb. Growth "continues to signal a moderate
expansion ahead, the pattern of offsetting strengths and weaknesses among the
underlying indicators suggests volatility and uncertainty, exacerbating
weakening current conditions in the economy," Andrew Polk, Conference Board's
resident economist in Beijing, says in statement.

- China can now bypass Wall Street when buying U.S. government debt and go
straight to the U.S. Treasury, in what is the Treasury's first-ever direct
relationship with a foreign government, according to documents viewed by
Reuters.

- Chinese demand for copper is likely to improve in the second half, the head
of Xstrata's copper unit said on Tuesday, as the miner pledged to lift output
by about 60 percent over three years after some rivals have put the brakes on
expansion.

- Business managers in New Zealand now expect inflation to be less of a problem
over the next two years than they did in the first quarter, the Reserve Bank
of New Zealand's second-quarter survey showed. The survey, conducted for the
central bank by polling group The Nielsen Co. on May 9 and May 10, showed
that the respondents' one-year mean expectations fell to 2.00% from 2.24% in
the prior quarter.

- J.P. Morgan Chase & Co.'s trading losses could rise to about $7 billion from
the initial $2 billion first revealed May 10, U.K. newspaper The Independent
reported Tuesday, without saying where it got the information.

- 1600 US Richmnd Fed Manufact Index May
- 1600 US Existing Home Sales Apr
- 1215 Fed Lockhart
- 1100 Eurozone OECD Economic Outlook
- 1600 Eurozone Consumer Confidence May
- 1800 ECB Nowotny
- 1030 UK CPI Apr
- 1030 UK Public Finances Apr
- 1030 UK PSNB ex Interventions Apr
- 1030 UK Public Sector Net Borrowing Apr
- n/a Bank of England may publish letter from BOE King

   (CET)

Have a nice day !

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