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Fed Bernanke's speech at this year's Jackson Hole Fed Meeting.....

Friday, August 31, 2012 3:50 AM GMT

  Good Morning ,

- The waiting is coming to an end this afternoon:

 Hopefully some  action comes back to the markets, after the
Fed Bernanke's speech at this year's Jackson Hole Fed Meeting. EUR-crosses
are still grinding higher at the moment.

- Stocks: Nikkei -1.46 %, Hang Seng -0.53 %, Shanghai Composite -0.13 %,
Dow Jones -0.81 %, S+P500 -0.78 %

- German central bank chief Jens Weidmann has repeatedly considered resigning
in recent weeks over the euro-zone crisis, but the German government has
urged him to stay on, the mass-circulation Bild newspaper reports.

- ECB Asmussen said the International Monetary Fund should be involved in
setting conditions for countries applying for bond-buying aid from Europe's
bailout fund. "In my opinion, the IMF will be also involved in the design of
the economic adjustment process," Asmussen said during a speech yesterday in
Potsdam, Germany. "As an external policeman, the IMF has a lot of leverage."

- Economic uncertainty in Europe is rising "massively" as growth prospects
worsen, especially for debt-strapped southern euro zone members, European
Central Bank Governing Council member Ewald Nowotny said.

- Review of Baa3 rating likely to continue through end of Sept., Moody's says.
* Review started on June 13, needs information on: scope of bank
recapitalisation, ESM support, changes to crisis- management framework
* Moody's doesn't exclude more immediate action if Spain's ability to
refinance maturing debt deteriorates sharply

- Spain is considering pumping its own money into Bankia group to re-capitalize
the country's biggest nationalized lender rather than use the emergency
portion of a 100 billion-euro bailout from the European Union, two people
with direct knowledge of the matter said.

- Japan's industrial output unexpectedly fell as factories cut output to key
Chinese and European markets while a leading indicator for manufacturing
hovered at its lowest in 16 months, in a troubling sign that Japan's broad
economy is weakening.

- Japan Data Recap             Period    Survey     Actual     Prior
* Manufacturing PMI          Aug            -              47.7       47.9
* Jobless Rate                       July        4.3 %         4.3 %      4.3 %
* National CPI yoy                July       -0.3 %       -0.4 %     -0.2 %
* Tokyo CPI yoy                   Aug        -0.7 %        -0.7 %    -0.8 %
* Housing Starts                   July     -10.3 %         -9.6 %    -0.2 %

- Australia Data Recap                Period      Survey     Actual       Prior
* Private Sector Credit mom        July         0.4 %        0.2 %       0.3 %
* Private Sector Credit yoy           July         4.4 %         4.2 %      4.4 %

- It's premature to judge the funding of the Bank of England's lending program,
BOE policy maker Adam Posen tells reporters in Jackson Hole.
* BOE is right to be "open to" more asset purchases if needed by the economy,
should look to buy corporate bonds or securitized business loans to "more
directly address the shortfalls in the British credit system"
* Quantitative easing can substitute rate cuts; doesn't see "any particular
advantage" in cutting interest rates because more QE can achieve same result
* Criticism of QE is exaggerated
* Bond yields in Spain, Italy out of line with economic fundamentals, it's
within ECB's mandate to act to reduce them, perhaps by setting caps


- 1545 US Chicago PMI August
- 1555 US Univ. of Michigan Confidence July
- 1600 US Factory Orders July
- 1600 Fed Bernanke
- 0800 UK Nationwide House Prices Aug
- 1755 BOE Haldane
- 1910 BOE Posen
- 0800 Germany Retail Sales July
- 1100 Eurozone CPI Aug
- 1100 ECB Coeure
- 1200 ECB Nowotny
- 1430 Canada GDP June
- 1000 Norway Retail Sales July
- 1000 Norway Unemployment Rate August

  (CET)

Have a nice weekend !

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