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Market View

Japan was closed today and markets traded in narrow range

Monday, September 17, 2012 3:55 AM GMT

        Good morning,

 

§  Japan was closed today and markets traded in narrow range (1.3105-1.3142), USDJPY is somewhat firmer again and traded up to 78.50 in Asia.

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§  Stocks: Nikkei closed, Hang Seng +0.14 %, Shanghai Composite -1.27 %, Dow Jones +0.40 %, S+P500 +0.40 %

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§  Finnish Prime Minister Jyrki Katainen said the European Central Bank's forthcoming bond purchases will swell its balance sheet and that may cause problems as euro members are liable for funding the central bank. The ECB is independent of political decision making, Katainen said in an interview on YLE Radio Suomi in Helsinki. There are more members in the euro area who would like to use the ECB for their national goals than countries that would refrain from it, Katainen said.

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§  Greece's international creditors no longer believe Athens can achieve its financial objectives, especially a reduction in its debt burden, the German business newspaper Handelsblatt reports. "Until now, creditors worked on the principle that Greece would achieve a sustainable level of indebtedness by 2020. This goal is no longer achievable," the newspaper said, citing sources close to the so-called troika of creditors - the International Monetary Fund, the European Union and the European Central Bank.

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§  European Central Bank Governing Council member Ewald Nowotny said Spain won't get help from the ECB's bond-purchase program if it doesn't request a bailout first, according to an interview with Austria's Profil magazine.

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§  Spain's Prime Minister, Mariano Rajoy, is looking to delay as much as possible or even avoid requesting a full sovereign bailout from the European Union, while the country's Finance Minister, Luis De Guindos, is said to be more prone to asking for assistance as soon as possible, reports El Pais in its Monday Internet edition, citing unidentified government sources. While Rajoy has asked De Guindos to negotiate the conditions of a potential bailout for Spain in case the government decides to request the aid package, he has also told his minister to find an alternative strategy by all means, the paper adds.

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§  German Finance Minister Schaeuble criticized Bundesbank President Weidmann over the weekend, saying he's not sure that his opposition contributes to confidence in the central bank when this debate is being carried out semi-publicly.

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§  Australia Data Recap Period Survey Actual Prior * New Motor Vehicle Sales yoy Aug - 6.4 % 5.1 %

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§  The Reserve Bank of Australia said the country's currency is held by as many as 23 central banks from Brasilia to Moscow, documents showed. The central banks of Brazil, Russia, Germany, Hong Kong, South Korea, Poland, Sweden, and Switzerland are among 15 economies that hold the Australian currency, according to a spreadsheet created in July and other papers released today under a Freedom of Information Act request by Bloomberg News. Among the eight possible holders are Iceland, Indonesia, Jordan, Malaysia and Singapore, they showed.

 

§  New Zealand Data Recap             Period      Survey     Actual      Prior

§  * Westpac Consumer Confidence   Q3               -         102.5        99.9

§  * Performance Services Index        Aug             -            50.0       52.4

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§  UK Data Recap                            Period      Survey      Actual       Prior

§  * Rightmove House Prices mom      Sep             -         -0.6 %     -2.4 %

§  * Rightmove House Prices yoy        Sep             -           0.7 %       2.0 %

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§  IMM Positions: EUR -94k vs -102k, JPY 33k vs 24k, GBP -4k vs -7k, CHF -9k vs -13k, CAD 102k (by far new record) vs 67k, AUD 68k vs 63k, NZD 10k vs 11k

 

14:30

US Empire Manufacturing Sep

10:00

Eurozone Current Account

11:00

Eurozone Labour Costs Q2

11:00

Eurozone Trade Balance Aug

18:00

ECB Coene

n/a

ECB Nowotny

10:00

Norway Trade Balance Aug

14:30

Canada Intl. Securities Transactions Jul

15:00

Canada Existing Home Sales Aug

(CET)

Have a nice week !

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