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Moody’s changes outlook to negative for Germany, Netherland.....

Tuesday, July 24, 2012 3:39 AM GMT

      Good Morning ,

§The euro steadied against the yen and the U.S. dollar in Asia, as investors' risk appetite perked up after data showed signs of improvement in China's manufacturing output

§China's manufacturing output in July grew at its fastest pace in nine months The HSBC Flash China manufacturing purchasing managers index (PMI) rose to 49.5 in July from 48.2 in June, rising close to the 50 level that divides expansion from contraction. The increase was driven by a jump in the output sub-index to 51.2 - the best showing since October 2011

§Moody’s changes outlook to negative for Germany, Netherland, Luxembourg and affirms Finland at AAA citing rising uncertainty in euro area debt crisis. Sees increased risk of Greek exit. Says chances are growing that more support will be needed for sovereigns including and Spain and Italy.

§Troika will visit Greece today to launch a mission to assess Greece’s progress towards meeting bailout targets

§LCH raises margins on Spanish and Italian debt

§U.S. Treasury Secretary Geithner warned against trying to force trouble countries to overhaul their economies when Europe remains on the edge of the abyss. Adds euro-zone leaders have got to provide more immediate short-term support for growth. Urges quick action to resolve the debt crisis

§Fed’s Raskin said that QE3 will be debated in the upcoming FOMC meeting. Adds QE3 will be debated against the backdrop of Fed’s dual mandate of stabile prices and maximum employment

§BOJ Governor Shirakawa told a parliamentary committee that Europe’s debt problem remains biggest risk to Japan’s economic outlook. Further worsening of Europe’s debt crisis could affect Japan economy via trade, business sentiment and forex

§Japan’s PM Noda said that govt. and BOJ should share a common understanding on the problems facing Japan’s economy.

§Japan Fin Min Azumi: Will take decisive action on Yen if needed, No steps will be ruled out

§Japan's Govt officially appoints economists Kiuchi & Sato as BOJ board members

§NZ’s farmers expect a decline in profits according to a survey of the Federated Farmers of New Zealand

§RBA Stevens: Econ performance has been remarkably good, Policy settings about right

§RBA Stevens: Recent Chinese data suggests a normal cyclical slowdown, not a sudden slump

TODAY'S FIGURES

 

09.58

 

EZ Markit Mfg Area PMI

14.30

 

CA Retail sales

14.58

 

US Markit Mfg PMI

16.00

 

US Monthly home prices

16.00

 

US Rich Fed Mfg

(CET)

Have a good day !

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