Finnish Parliament votes in favour of particiaption in Portugal bailout

---

• Finnish Parliament votes in favour of particiaption in Portugal bailout
• OECD: See Greek Deficit In Line With IMF Target, But Risks
• Greek PM says seeking national consensus on crisis
• German DIHK survey says raising 2011 GDP growth forecast to 3.5%
• OECD:Mon Policy Must Take Account Of Two-Speed Global Upswing
• OECD: EMU Needs No Immediate ECB Rate Hikes But Gradual Exit
• OECD: Japan’s Deflationary Pressure To Linger Through 2012
• Middle Eastern sovereign still buying AUD/USD
• OECD Sees Germany’s GDP Growth At 3.4% In 2011, 2.3% In 2012
• UK BBA: Mortgage Approvals Weaken Slightly Further In April
• UK Analysis: Q1 GDP Sees Net Trade Offset Domestic Slowdown
• UK DATA: Q1 GDP Unrevised at +0.5% q/q; +1.8% y/y;…
• UK Q1 GDP (second read) +0.5%, +1.8% y/y
• Rumour: This one’s for George Kaloudis and only George….
• ITALY DATA: Retail sales fell 0.2% m/m in March in…
• ECB Stark:Ready To Hike Rates Again If Needed;Depends on Data
• Battle joined in AUD/USD
• France’s Govt To Back Lagarde For IMF If Candidate: Advisor
• Middle East sovereign buying seen in AUD/USD
• ECB’s Stark: Euro zone growth more broad-based and more sustainable

Finnish Parliament votes in favour of particiaption in Portugal bailout Posted:

OECD: See Greek Deficit In Line With IMF Target, But Risks Posted: FRANKFURT (MNI) – Greece should post a deficit of 7.5% of GDP in 2011 and 6.5% of GDP by 2012, not far from the official targets under the EU/IMF economic program the country is in, the OECD said in its Economic Outlook, published Wednesday. However, the OECD warned that this outlook is fraught with downside [...]

Greek PM says seeking national consensus on crisis Posted: Good luck with that one me old mucker. Determined to stay in euro zone Does not answer to questions on whether considering referendum Open to all good, realistic ideas, proposals

German DIHK survey says raising 2011 GDP growth forecast to 3.5% Posted: From previous 3.0%. Companies see energy, raw materials as biggesr risk to growth See current conditions as improved in May vs in January 34% of firms see improvement in business expectations, 57% see same, 9% see worse See unemployment falling to average 2.8 mln in 2011 from 3.2 mln in 2010

OECD:Mon Policy Must Take Account Of Two-Speed Global Upswing Posted: PARIS (MNI) – As the global recovery regains momentum after a “soft patch” last year, monetary policy in emerging economies will have to counter mounting price pressures, while policy normalization can proceed more slowly in advanced economies, the Organization for Economic Cooperation and Development said Wednesday. In its spring Economic Outlook, the organization forecast global [...]

OECD: EMU Needs No Immediate ECB Rate Hikes But Gradual Exit Posted: FRANKFURT (MNI) – Monetary policy stimulus in the Eurozone should be withdrawn only gradually, and further increases in policy rates are not required immediately, the OECD said in its World Economic Outlook on Wednesday. The policy recommendation is based on the OECD’s baseline scenario, which forecasts the recovery to continue and inflationary pressures to remain [...]

OECD: Japan’s Deflationary Pressure To Linger Through 2012 Posted: TOKYO (MNI) – Japan’s deflationary pressure is likely to continue through 2012, although the plunge in output caused by the March 11 disaster is likely to be reversed by a strong recovery in the second half of 2011 buoyed by demand for reconstruction of quake-hit areas, the Organization for Economic Cooperation and Development said Wednesday. [...]

Middle Eastern sovereign still buying AUD/USD Posted: Reports Middle Eastern sovereign has still been actively buying AUD/USD in recent trade. We’re presently up at 1.0490. I bet they’re buying EUR/USD as well, although I have no confirmation of that as yet. UPDATE: Real money selling into latest uptick in AUD/USD.

OECD Sees Germany’s GDP Growth At 3.4% In 2011, 2.3% In 2012 Posted: BERLIN (MNI) – The Organization for Economic Cooperation and Development in its latest Economic Outlook released Wednesday forecast German GDP to increase by 3.4% this year and by 2.3% next year. Germany’s export-led recovery is continuing, with domestic demand, notably business investment and private consumption, increasingly contributing to growth, the organization remarked. “Employment continues to [...]

UK BBA: Mortgage Approvals Weaken Slightly Further In April Posted: –UK BBA: Apr S.Adj Mortgage Approvals 29,355 vs 31,205 in Mar –UK BBA: Apr Approvals for Remortgaging 20,844 vs 23,562 in Mar –UK BBA: Apr Mortgage Lending Net Change Stg1.262bn v 848mn Mar LONDON (MNI) – Mortgage lending remained subdued through April, the British Bankers’ Association reported today. “Individuals and businesses continue to save more, [...]

UK Analysis: Q1 GDP Sees Net Trade Offset Domestic Slowdown Posted: –Q1 GDP Unrevised at +0.5% q/q; +1.8% y/y; in line with median –Q1 Household Spending -0.6% q/q; -0.3% y/y; largest q/q fall Q2 09 –Net trade adds 1.7pp to q/q growth largest since 1955 LONDON (MNI) – Economic growth went unrevised in the first quarter as a record boost from net trade more than offset [...]

UK DATA: Q1 GDP Unrevised at +0.5% q/q; +1.8% y/y;… Posted: UK DATA: Q1 GDP Unrevised at +0.5% q/q; +1.8% y/y; in line with median –Q1 Household Spending -0.6% q/q; -0.3% y/y; largest q/q fall Q2 09 –Net trade adds 1.7pp to q/q growth largest since 1955 ———————————————————————— UK GDP was unrevised in Q1 with output up 0.5% q/q and 1.8% y/y in line with the [...]

UK Q1 GDP (second read) +0.5%, +1.8% y/y Posted: Unchanged, as expected. UK mortgage approvals for home purchase 29,355 in April vs 31,205 in March, down 18% y/y.

Rumour: This one’s for George Kaloudis and only George…. Posted: As he just asked. Talk on the street UK GDP second read is going to come in little weaker than expected. Levels mentioned +0.4% q/q, +1.7% y/y. As usual, take it for what you will. Anyone coming to me whining, if it’s wrong, will be taken out and flogged. Rupert has voluteered to do the [...]

ITALY DATA: Retail sales fell 0.2% m/m in March in… Posted: ITALY DATA: Retail sales fell 0.2% m/m in March in SA nominal terms, and fell an unadjusted 2.0% y/y, down from 0.0% y/y in February, and the worst decline in the index since January 2010 (-2.4% y/y). –Food sales fell 0.3 m/m; non-food sales fell 0.2% m/m. –Italy’s March NIC consumer price index rose 0.4% [...]

ECB Stark:Ready To Hike Rates Again If Needed;Depends on Data Posted: FRANKFURT (MNI) – The European Central Bank is ready to tighten monetary policy further if economic and monetary developments indicate that such a move is warranted, Executive Board member Juergen Stark said in an interview released Wednesday. Stark told Greek newspaper Kathimerini that monetary authorities must see whether the current inflation uptick is a transitory [...]

Battle joined in AUD/USD Posted: Now getting reports a West Coast-based US bank is selling AUD/USD, apparently on behalf of China. Those with a good memory will remember I told you yesterday China was selling the pairing up at 1.0560+. We’re presently at 1.0470. Seemingly battle of two sovereigns going on in this pairing.

France’s Govt To Back Lagarde For IMF If Candidate: Advisor Posted: PARIS (MNI) – French Finance Minister Christine Lagarde will have the backing of her government to take the helm of the International Monetary Fund, “if she is a candidate,” a top advisor to President Nicolas Sarkozy said Wednesday. The “if” could well become a “once” when Lagarde holds a press conference today a 9:45 GMT [...]

Middle East sovereign buying seen in AUD/USD Posted:

ECB’s Stark: Euro zone growth more broad-based and more sustainable Posted: Tell that to PIIGS. READY TO RAISE RATES AGAIN IF NEEDED We have to monitor upsurge in inflation, prevent second round effects There is less need for fiscal and monetary accomodation We assume that the underlying momentum of the economic growth will continue