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Market View

Currencies traded in narrow ranges overnight in absence of any major news

Thursday, July 26, 2012 3:35 AM GMT

Good Morning ,

- Currencies traded in narrow ranges overnight in absence of any major news.

- Stocks: Nikkei +0.81 %, Hang Seng +0.25 %, Shanghai Composite +0.28 %,
Dow Jones +0.47 %, S+P500 -0.03 %

- The European Financial Stability Facility (EFSF) still has 236.7 billion
euros left in its 440-billion euro rescue fund, according to a German Finance
Ministry document obtained by Reuters on Wednesday. The report said the euro
zone's temporary bailout fund has disbursed a total of 100.7 billion euros in
loans of the 188.3-billion euros earmarked for Greece, Portugal and Ireland.
The report prepared for a parliamentary budget committee said 87.6 billion
euros of that 188.3-billion are still to be disbursed to these countries by
the EFSF. Greece has received the most so far, 73.9 billion euros, with
Portugal having already received 14.8 billion euros and Ireland 12 billion
euros. Greece is set to receive another 70.7 billion euros by 2014 from the
EFSF while Portugal is due to receive another 11.2 billion euros by 2014 and
Ireland will receive a further 5.7 billion euros by 2013. The EFSF is backed
by guarantee commitments for a total of 780 billion euros and has a lending
capacity of 440 billion euros.

- Moody's Investors Service has changed to negative the outlooks of 17 German
banking groups and several subsidiaries long-term debt

- Japan Data Recap              Period     Survey     Actual     Prior
* Corp Service Price Index   June        0.0 %       -0.3 %     0.1 %

- A panel charged with outlining the Japanese government's growth strategy has
updated a final draft plan with a pledge to work with the Bank of Japan to
combat deflation and the strong yen. The strategy, which will be reflected in
next year's national budget, calls for spending to focus on clean energy,
health and agriculture, according to a copy of the draft obtained by
Bloomberg News. "As well as working closely with the BOJ to do all in our
power to combat deflation, we will use all possible policies to prevent a
vicious cycle of a rising yen and deflation," the government said in the

- New Zealand's central bank held its benchmark interest rate at a record-low
2.5 percent for an 11th straight meeting. was a cut in March 2011. "New
Zealand's trading partner outlook remains poor, with several euro-area
economies in recession,'' Bollard said in the statement. ''There remains a
limited risk that conditions in the euro area deteriorate very significantly.
The Bank continues to monitor the situation carefully given the potential for
rapid change.''

- China's economy is likely to bottom out in the third quarter, and growth will
be higher in the second half than in the first, an official with the
country's statistics agency said Thursday. Speaking at a forum, Pan
Jiancheng, deputy director of the China Economic Monitoring & Analysis
Center under the National Bureau of Statistics, said that consumption growth
in China "has in fact been underestimated."

- South Korea 's economy grew at the slowest pace in almost three years as
Europe's debt crisis curbs export growth in Asia.

-South Korea Data Recap        Period      Survey     Actual      Prior
* GDP qoq                                     Q2 P       0.5 %       0.4 %       0.9 %
* GDP yoy                                     Q2 P        2.5 %       2.4 %       2.8 %

- Singapore Data Recap              Period       Survey      Actual      Prior
* Industrial Production mom      June         -0.8 %        3.9 %       2.8 % rev
* Industrial Production yoy         June           2.8 %        7.6 %       6.8 % rev

- 1430 US Durable Goods Orders June
- 1430 US Initial Claims
- 1600 US Pending Home Sales June
- 1700 US Kansas City Fed Manf. Activity July
- n/a US Tsy Sec Geithner testifies to Senate Panel
- 0800 Germany GfK Consumer Confidence Aug
- 0800 Germany Import Price Index June
- 1000 Eurozone M3 June
- 1000 Italy Retail Sales May
- 1115 ECB Draghi
- 0915 Sweden Consumer Confidence July
- 0915 Sweden Manufacturing Confidence July
- 0915 Sweden Economic Tendency Survey July
- 0930 Sweden Household Lending June
- 0930 Sweden PPI June
- 0930 Sweden Trade Balance June
- 0930 Sweden Unemployment Rate June


Have a nice day !

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