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Asian stocks and the euro declined amid concern Europe’s debt crisis is dragging on global growth

Friday, July 20, 2012 3:52 AM GMT

      Good Morning ,

§Asian stocks and the euro declined amid concern Europe’s debt crisis is dragging on global growth and as China pledged to keep curbs on its property market. Oil dropped from the highest level in nine weeks. The euro eased against the dollar and hovered near a record low versus the Australian dollar, undermined by worries about Spain's fiscal woes and recent falls in euro zone money-market rates.

§Weak demand at a bond auction pushed Spain's 10-year bond yield above 7 percent on Thursday for the first time in more than a week, intensifying doubts over whether Madrid can avoid a full-blown bailout

§German lower house Bundestag approves Spanish bank bailout

§Spain expects to complete bank recaps by mid 2013: Econ Min

§French Finance Minister Moscovici said that he wants the banking supervision to happen fast in order to help recapitalize the banks directly

§Fitch affirms Italy at A-, negative outlook

§British policymakers may have to do more to get lending flowing around the economy, combining bank regulation and monetary policy creatively to ward off deflation dangers, Britain's top bank regulator, Adair Turner said.

§BOJ Shirakawa: Europe's sovereign debt crisis poses risks to Japan's economy because it could lead to a further appreciation of the yen as investors seek relatively safe assets, CPI could reach 1% soon after FY 2014, Bank of Japan Governor Masaaki Shirakawa said

§Japan Weekly Capital Flow: Overseas investors sold a net JPY133.8bn of Japanese stocks and a net JPY10.1bn of Japanese bonds in the week ended July 14. During the same period, Japanese investors sold a net JPY56.1bn of overseas stocks while bought a net JPY1.17tn of overseas bonds

§Reuters Tankan Survey showed that 31% of Japanese firms expect domestic sales to fall short of previous projection during the second half of this fiscal year, while 40% of Japanese firms see sales in China falling below their earlier estimates during the same period

§Australia Q2 export prices +1% q/q, import prices +2.4% q/q

§New Zealand June credit card billings +0.8% m/m, strongest since January, +4.6% y/y.

§New Zealand Jun net migration gain +490, most in 16mths; Short term arrivals up 15.1% y/y

§Foreign CB US debt holdings +$6.37 bln to $3.515 trln July 18 week, Treasury holdings +$11.887 bln to $2.823 trln, agencies -$5.516 bln to $692.5 bln

§NY Fed - FX swaps with foreign CBs total $5.143 bln in July 18 week, all ECB

  

TODAY'S FIGURES

 

08.00

 

GE Producer prices mmand yy

10.30

 

UK PSNB ex intervention and PSNCR (Public finance)

14.30

 

CA CPI inflation mm and yy

14.30

 

CA CPI BoC core mm and yy

(CET)

Have a nice  day !

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