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Risk is overall firm ahead of today's German Constitutional Court....

Wednesday, September 12, 2012 3:50 AM GMT

 Good Morning,


§Risk is overall firm ahead of today's German Constitutional Court ruling on the bailout fund and the Dutch elections. We had overnight strong data out of Australia (AUD high 1.0490) and Japan, while India disappointed and a MAS survey expects lower growth for Singapore. EURUSD was trading in a 1.28465-1.2883 range in Asia, Spanish PM Rajoy said in interviews with Finish newspapers that the considers some sort of help.


§Stocks: Nikkei +1.61 %, Hang Seng 0.93 %, Shanghai Composite -0.23 %, Dow Jones +0.52 %, S+P500 +0.31 %


§Spain is considering asking help from the European Central Bank's bond-buying programme but is not planning a full sovereign bailout, Prime Minister Mariano Rajoy was quoted as saying on Wednesday in Finnish newspapers. "In addition to growth, the only option I am considering is using the central bank's announced mechanism," Rajoy said, according to Helsingin Sanomat. "It is completely out ruled that we would ask for a bailout for the whole country," he told business daily Kauppalehti. Helsingin Sanomat and Kauppalehti interviewed Rajoy on Tuesday in Madrid.


§EDCB Asmussen said the ECB's statutes allow policy makers to buy and sell securities purchased under its new bond-purchase program. "We are acting on Article 18 of our statute, you can read it, and there it says we can, as part of our monetary policy, be active on financial markets by buying and selling securities," Asmussen said when asked whether the ECB would consider selling the bonds it purchased under its new program if a country doesn't comply with the agreed conditions. "The president referred to that article during his press conference very much on purpose."


§A team from the International Monetary Fund, the European Commission and the European Central Bank said the program of measures attached to Portugal's bailout is "broadly on track," even though the country's economy is expected to shrink again next year.


§Portugal Fin Min expects economy to shrink 1% in 2013 after a 3% contraction in 2012 - Bank of England policy maker David Miles said he's "open minded" on whether the central bank needs to expand its bond-purchase program as recent economic data has been "mixed." "It's been a mixed bag of data really, but I think the bigger picture is that over the last 12 months it's been pretty flattish output," Miles told reporters.


§Japan Data Recap            Period      Survey      Actual     Prior         Revised

* Machine Orders mom         Jul           2.0 %        4.6 %      5.6 %               -

* Machine Orders yoy           Jul           -3.6 %        1.7 %     -9.9 %

* Domestic CGPI yoy           Aug          -1.9 %       -1.8 %     -2.1 %          -2.2 %

* Domestic CGPI mom        Aug            0.1 %        0.3 %     -0.4 %         -0.5 %


§Australia Data Recap           Period     Survey     Actual     Prior     Revised

* Westpac Consumer Conf.      Sep            -            98.2     96.6

* Dwelling Starts                         Q2        3.0 %        4.6 %  -12.6 %      -7.8 %


§Rating agency Moody's said it sees no immediate threat to Australia's triple A rating from tumbling commodity prices that have prompted some miners to scrap planned investments and cut output.


§Singapore's trade-dependent economy is likely to expand at a slower pace this year while inflation will probably be higher than what economists were expecting three months ago, according to a central bank survey released on Wednesday. Economists now expect the Southeast Asian city-state's gross domestic product to grow 2.4 percent this year, down from a median estimate of 3.0 percent in the previous poll, the Monetary Authority of Singapore's (MAS) latest quarterly Survey of Professional Forecasters showed.



US Import Prices Aug


US Wholesale Inventories Jul


Germany CPI Aug F


Italy Industrial Production Jul


Eurozone Industrial Production Jul


Germany's Constitutional Court rules on Euro Bailout Fund


EU Barnier on EU banking plan


ECB Weidmann


ECB Nowotny


Dutch Elections - voting ending 21.00 local time


UK Claimant Count Rate Aug


UK Jobless Claims Aug


UK ILO Unemployment Rate Jul


UK Employment Change Jul


BOE Broadbent


RBNZ Rate Decision - no change exp


Have a nice day !

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