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Calm overnight FX session in absence of any major news...

Tuesday, October 9, 2012 3:44 AM GMT

Good Morning ,


-   Calm overnight FX session in absence of any major news ,   IMF's Lagarde, Eu's Juncker, ESM's Regling and EC's Rehn came on stage to say nothing new

-   The black hole in Spain’s budget has grown faster than Prime Minister Mariano Rajoy’s attempt to cut it, portending the same dynamic that has squeezed Greece. The harshest austerity since the return to democracy in 1978 has failed to contain the deficit as the economy sinks deeper into recession.

-    Fitch Ratings has assigned the European Stability Mechanism (ESM) a Long-term Issuer Default Rating (IDR) of 'AAA' and a Short-Term IDR of 'F1+' with a Stable Outlook.

-   Greek FinMin Stournaras Says Greece Got Board Support At Euro-Area       Meeting

 Needs deal on more aid within weeks. must pursue economic overhaul.  Says questions remain over Greek debt sustainability,  2-year budget program extension ‘on the table’  ,  2-year budget extension creates EU12 Bln gap  ,  could be funded without additional money from euro-zone  ,  Target for Greece is still to reach 120%/GDP debt ratio by 2020.

-   Luxembourg finmin: Should allow Greece more time if it doesn't mean more money

-   IMF say they are not working on any plans for Spain and Spain is not currently asking for financial help from the IMF

-     Fitch Ratings has revised the State of South Australia's (South Australia) Outlook to Negative from Stable. Its Long- and Short-term Local and Foreign Currency ratings have been affirmed at 'AA+' and 'F1+' respectively.

-  EcoFin Meeting :  IMF's Lagarde, Eu's Juncker, ESM's Regling and EC's Rehn came on stage to say nothing new .

-   BoJ :   Japan's economic activity is leveling off more or less.  Exports and industrial production have been relatively weak as overseas

economies have moved somewhat deeper into a deceleration phase.  On the other

hand, domestic demand has been resilient, mainly supported by reconstruction-related

demand

-   IMF World Economic Outlook: Coping with High Debt and Sluggish Growth, the recovery continues, but it has weakened. In advanced economies, growth is now too low to make a substantial dent in unemployment. And in major emerging market economies, growth that had been strong earlier has decreased. Relative to our April 2012 forecasts, our forecasts for 2013 growth have been revised  from 2.0 percent down to 1.5 percent for advanced economies, and from 6.0 percent down to 5.6 percent for emerging market and developing economies.

-   Moody's Investors Service has today downgraded Cyprus's government bond ratings to B3 from Ba3, and has assigned a negative outlook to the ratings.


Have a nice day !

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