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Overall markets remained solid and risk is/was still well supported...

Monday, September 3, 2012 4:45 AM GMT

 Good Morning ,

 

§We had weak data in China, Japan and Australia over the weekend which let the AUDUSD drop to 1.0239 briefly, but overall markets remained solid and risk is/was still well supported. EURUSD traded in 35 pips range 1.2550-85.

 

§Stocks: Nikkei +0.38 %, Hang Seng +0.46 %, Shanghai Composite +0.52 %, Dow Jones +0.69 %, S+P500 +0.51 %

 

§The euro area's 17 national central bank governors will have about 24 hours to digest European Central Bank President Mario Draghi's bond-buying proposal before they start debating it, three officials said. The ECB's Executive Board will send a list of options for the bond-buying program to the governors on Sept. 4, a day before the Governing Council convenes in Frankfurt, the central bank officials said on condition of anonymity because the plans aren't public. The meeting concludes on Sept. 6, after which Draghi holds his regular press conference. No single policy option has emerged as preeminent, the officials said. An ECB spokesman declined to comment.

 

§Catalonia's credit rating was cut to junk by Standard & Poor's after Spain's most indebted region said it will need to tap a national rescue fund, even as the government said its budget deficit swelled to 48.5 billion euros in the year through July.

 

§Only a quarter of Germans think Greece should stay in the eurozone or get more help from other countries in the currency union, a Financial Times/Harris poll has found.

 

§Two regional Federal Reserve Bank presidents expressed skepticism Saturday that the job market is being held back by factors that more monetary easing from the Fed could easily address. Federal Reserve Bank of Richmond President Jeffrey Lacker said that in the labor market, he observed mismatches between the skills of workers in his region and what employers wanted. St. Louis Fed President James Bullard, also a hawk at times, commented on the same paper, saying he found evidence that the economy was on a new path of slower growth after the financial crisis. That implies there might not be much more the Fed can do to get growth going back to its full capacity.

 

§Japan Data Recap Period Survey Actual Prior * Capital Spending Q2 8.9 % 7.7 % 3.3 % * Vehicle Sales Aug - 7.3 % 36.1 %

 

§Australian retail sales unexpectedly declined in July by the most in almost two years and company profits dropped for a third straight quarter.

 

§Australia Data Recap Period Survey Actual Prior * AiG Perf. of Manufacturing Index Aug - 45.3 40.3 * TD Securities Inflation mom Aug - 0.6 % 0.2 % * TD Securities Inflation yoy Aug - 2.2 % 1.5 % * Retail Sales mom July 0.2 % -0.8 % 1.2 % rev * Inventories Q2 0.2 % 0.6 % 1.3 % * ANZ Job Advertisements mom Aug - -2.3 % -0.8 %

 

§China PMI slipped into contraction - Headline PMI dropped 0.9 percentage points to 49.2 in August, down below the 50-mark again after November 2011. The fall surprised us on the downside. Despite the government's effort to jump-start the economy, this report suggests that the economy has remained in a weak state.

 

§China Data Recap Period Survey Actual Prior * Manufacturing PMI Aug 50.0 49.2 50.1 * Non-manufacturing PMI Aug - 56.3 55.6 * HSBC Manufacturing PMI Aug - 47.6 49.3

 

§NZ Data Recap Period Survey Actual Prior * Terms of Trade Index qoq Q2 -2.0 % -2.6 % -2.3 %

 

§UK Data Recap Period Survey Actual Prior * Lloyds Business Barometer Aug - 10 8

 

§Currency speculators turned negative on the U.S. dollar in the latest week for the first time in nearly a year, according to data from the Commodity Futures Trading Commission released on Friday.

 

§IMM Positions: EUR -102k (smallest short since mid April) vs -124k, JPY 21k vs 11k, GBP 2k vs 8k, CHF -11k vs -16k, CAD 61k vs 51k, AUD 78k vs 87k, NZD 14k vs 16k

 

09:15

Spain PMI Manufacturing Aug

09:45

Italy PMI Manufacturing Aug

09:50

France PMI Manufacturing Aug

09:55

Germany PMI Manufacturing Aug

10:00

Eurozone PMI Manufacturing Aug

12:45

ECB Fratzscher

15:30

EU Parliament Panel Hearing on Banking Union

19:00

ECB Nowotny

10:30

UK PMI Manufacturing Aug

09:15

Switzerland Retail Sales July

09:30

Switzerland PMI Manufacturing Aug

09:20

SNB Jordan

10:30

Credit Indicator Growth July

08:30

Swedbank PMI Aug

 

 (CET)


Have  a nice day !

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