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Moody's Investors Service cut Britain's forecast for growth

Wednesday, August 1, 2012 3:39 AM GMT

Good Morning ,

 

- Currencies remained in a holding pattern ahead of  FOMC and  ECB  policy meetings

 

- Japan’s Nikkei (-0.53%), South Korea’s Kospi (-0.21%) and Australia’s S&P/ASX 200 (-0.23%) edged lower on Wednesday, Hong Kong’s Hang Seng (+0.32%) and Shanghai Composite (+0.89%).

 

- German finance ministry says no need to give ESM banking license, not holding talks, nor secret talks, on banking license.

 

- Several leading euro zone states including France and Italy want to give the permanent euro bailout fund, the European Stability Mechanism (ESM), unlimited firepower by permitting it to obtain unlimited credit from the European Central Bank (ECB), ( German media )

 

 

- The Federal Reserve is likely to show on Wednesday that it is ready to act against a weakening U.S. economy but stop short of aggressive measures for now. Fed officials will hint at their intent to deliver further stimulus in part through what most analysts envision as a substantially weaker outlook on the U.S. economy than that delivered in June.

 

-  Moody's Investors Service cut Britain's forecast for growth saying, "Moody's sees rising challenges in achieving debt reduction within the timeframe that has been laid out by the government." It also "believes that the UK government's response to negative developments late last year indicates its commitment to restoring a sustainable debt position." Moody's cut its economic forecast to 0.4% this year and 1.8% in 2013.

 

- A top economist at the Bank of England has admitted that his profession should share the blame for the financial crisis and recession.

 

- Japan Fin Min Azumi reiterated Japan will take decisive action against one-sided currency movements. He also said that the BoJ shouldn't buy foreign bonds could be seen as currency intervention. 

 

- Japan SESC Asks FSA To Take Action Against Nomura

 

- China, official manufacturing PMI falling to an 8-month low of 50.1 

 

10:00  EUR Euro-Zone PMI Manufacturing

10:00  GBP PMI Manufacturing

12:30  EUR Italian Monti Meets Rehn, Katainen in Helsinki

 13:00 USD MBA Mortgage Applications

14:15  USD ADP Employment Change

 16:00  USD Construction Spending (MoM)

 16:00 USD ISM Manufacturing

 20:15  USD Federal Open Market Committee Rate Decision

 (CET)

 

Have a nice day ! 

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