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Australian dollar dropped to a three-week low after the central bank cut interest rates...

Tuesday, October 2, 2012 3:25 AM GMT

        Good Morning

 

§  Asian stocks and regional currencies rose after U.S. manufacturing beat estimates, bolstering investor appetite for higher-yielding assets. The Australian dollar dropped to a three-week low after the central bank cut interest rates to the lowest level since 2009.The euro edged higher and held above a three-week low against the dollar on Tuesday, but its outlook was clouded by concerns over Spain's fiscal woes and uncertainty over the timing of a possible aid request by Madrid

 

§  RBA cut it's cash rate buy 25 bps to 3.25%

 

§  ECB Asmussen repeats go slow on EU banking union

 

§  World Bank Basu - Europe crisis effects could linger - Wall Street Journal

 

§  Prime Minister Pedro Passos Coelho’s tax increases during Portugal’s two-year recession may be about to backfire. Coelho said last week that income taxes probably will climb after he scrapped a proposal to raise the social-security tax rate. The CGTP labor group said Sept. 29 at a demonstration against austerity policies in central Lisbon that it may call a general strike. Portugal already has Western Europe’s poorest population in terms of output per capita.

 

§  Spain’s banks face a capital shortfall that could climb to 105 billion EUR, almost double the estimate the government provided last week, according to Moody’s Investors Service.

 

§  Fitch: Spain's latest policy are net neutral for its debt rating

 

§  Spain ready for bailout, Germany signals to wait.

 

§  Troika/Greek talks to continue on govt's proposed Eur13.5B budget cuts

 

§  UK manufacturing and service sector weakened considerably in Q3- BBC

 

§  Federal Reserve Chairman Ben Bernanke delivered a broad defense of the U.S. central bank’s controversial bond-buying stimulus plan, saying it is necessary to support a flagging economic recovery. Bernanke pushed back against accusations that the Fed’s policy is laying the groundwork for inflation, enabling the government to run large budget deficits, undercutting the dollar and hurting savers. He also said ECB has taken steps to buy time for solving the crisis and watching Europe closely as it poses downside risk for US

 

§  Japan Sep monetary base +9.0% y/y to Y124.326 trln.

 

§  Japan Aug overtime pay +2.7%y/y, total cash earnings +0.2%

 

§  S&P - Japan growth to slow as reconstruction boost fades

 

§  Speculators may test new finance minister on JPY intervention – Nikkei

 

§  Newly appointed Japanese Finance Minister Koriki Jojima sounded a cautious note on the idea of the Bank of Japan's buying foreign bonds as a method of future monetary easing. "From the standpoint of the current BOJ Law, careful consideration would be needed," he told a news conference after a cabinet meeting

 

§  South Korea central bank switches tack to encourage growth

 

08.00

UK Nationwide house price mm and yy

10.30

UK markit/CIPS consumer PMI

11.00

EZ producer prices mm and yy

15.45

US ISM New York index

(CET)

Have a nice day !

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