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Merkel in Greece: Smart Diplomacy or Wishful Thinking?....

Wednesday, October 10, 2012 4:08 AM GMT

Good Morning ,

  

- “I have come here today in full knowledge that the period Greece is going through right now is an extremely difficult one for the Greeks and many people are suffering,” and ‘Greece will need time to reform its economy and public sector’…but convincing indecisive euro-zone leaders and her own people ahead of federal elections next year that they should show their solidarity for Greece in a much more tangible way than just through words of understanding, will be the true test for Merkel.

- Wall Street fell on Tuesday, led by losses in technology after brokerage downgrades of Intel (INTC.O) and other major companies amid worries about third-quarter U.S. earnings.

- Oil jumped on escalating tensions in the Middle East. 

-  USD climbed against all majors except AUD and JPY. USD beating EUR the most, up 6.74%. EUR/USD: Poised to test 1.28 support level again.

-SNB’s Jordan: Franc cap is the right policy for the foreseeable future and that SNB has no plan to buy or sell gold at the moment. Also said ECB had changed investor sentiment. Weidmann says ECB must have the courage to stick to stability mandate.

-Yellen: Fed policy probably not main factor driving flows, and emerging markets have tools to manage capital flows.

-German Wholesale prices in September 2012: +4.2% on September 2011

-Australia Sells A$3.25 Billion of Longest Debt in 3 Decades.

-AU ECON: Westpac Consumer Confidence +1.0% in October vs +1.6% in September.

 

-JAPAN ECON: Machine Tool Orders (Sep P) in at -3.0%Y/Y versus -2.7%Y/Y prior.

-BoJ's Shirakawa says the Yen and Swiss Franc are at high levels, says Japan government is in charge of intervention.

-Nikkei -1.69%, Hang Seng -0.46%, ASX 200 -0.31%.

-New Zealand Finance Minister English reports budget. The 2011-12 budget deficit was greater than expected at NZ$8.44 Bln.

-$AUDUSD climbs further away from 1.0200. Possible resistance by a 2-year upward trend line, near 1.0245.

-SP500 VIX predicts aussie could stay lower.

-News later on the day…

 

 

Have a nice day!

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