World economic recovery remains slow and fragile, outlook uncertain


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EMU DATA: Apr construction output +0.7% m/m, -2.0%…

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EMU DATA: Apr construction output +0.7% m/m, -2.0% y/y: Eurostat – EMU Mar construction output rev up -0.1% m/m (-0.3%) – EMU 1q const. output rev +1.2% q/q (-2.3%), 4q -1.9%, 3q -5.1% – EMU Apr structural const unch m/m;civil engineering +0.8% m/m – For more information, please see MNI Mainwire

EMU DATA: Apr sa trade balance -E2.9bn vs Mar rev….

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EMU DATA: Apr sa trade balance -E2.9bn vs Mar rev -E2.2bn (-E0.9): Eurostat – EMU Apr sa trade balance matches MNI median fcast} – EMU Apr sa trade balance -E2.9bn vs 2q avg -E2.9bn – EMU Apr nsa trade balance -E4.1bn vs apr10 -E0.7bn – EMU Apr exports: sa +0.6% m/m, nsa +15.0% y/y – [...]

I’ll be handing over to Joe Brown now…..

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Be back in a couple of hours. Joe just loves answering questions so fill your boots

EUR/USD very marginally firmer on day

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EUR/USD sits at 1.4165, marginally firmer in very slow trade from the 1.4147 which greeted me some 4 hours ago. ACB buying has been seen, helping provide support for the pairing. Also talk of ACB buying in AUD/USD, albeit by a small ACB in that case. That pairing sits at 1.0530.

Germany Seeks Bids On E2 Bln Mar 2012 Bubill Tap; Sale Jun 20

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FRANKFURT (MNI) – The German federal government is seeking bids for a E2 billion top up of its March 2012 maturity bubill, the Bundesbank confirmed Friday. Bids are due by 900 GMT on Monday, June 20. The announcement of the auction results will be made shortly thereafter. The bubills will settle on Wednesday, June 22, [...]

China’s Hu: World economic recovery remains slow and fragile, outlook uncertain

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Oh-eh. Don’t go saying that on a Friday matey!!! NYM light crude oil off 2 1/2 bucks!!! Vital to press ahead with reform of international financial system Emerging markets should have greater say in international financial governance China and Russia to deepen energy cooperation (by the way he’s in St Petersburg) China to promote long-term, [...]

Italy April world trade deficit -3.761 bln

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EU trade deficit- 686 mln.

If you’ve got an interest in GBP/JPY…….

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Being told sell stops through 129.45. We sit presently at 129.65. Risk appetite ain’t that great this morning. Gold at session low $1,524.20, NYM light crude oil off over one and a quarter bucks. But there is good news. I get to disappear for two hours come 09:00 GMT. Yipeeeeeeeeeeeeeeeeeeeeeee!!!!!

Greece PM Names Evangelos Venizelos As New Finance Minister

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–George Papaconstantinou Ousted In Reshuffle –Vote of Confidence In Parliament Expected Tuesday ATHENS (MNI) – Greece’s Prime Minister George Papandreou has named his Defense Minister Evangelos Venizelos to be the country’s new finance minister, replacing George Papaconstantinou in a widely expected cabinet reshuffle, the government spokesman announced Friday morning, confirming earlier media reports. Evangelos, the [...]

Greek 10 year govt bond yield rises to record high 18.9%

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Around 40 bps higher on day. Greek/German 10 yr govt bond yield spread widens to 1,596 bps, 40 bps wider on day

USD/JPY sell stops….take your pick

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Getting varying reports re sell stops in USD/JPY. Either sell stops through 80.40 or “decent” sell stops through 80.35. As I always say, what’s 5 pips between friends

How long can IMF play the contortionist?

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Stephen Fidler in WSJ.

Greek Defense Min. Seen Becoming Next Finance Minister: Press

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–Papaconstantinou Ousted In Reshuffle Expected To Be Announced Today ATHENS (MNI) – Greece’s Defense Minister Evangelos Venizelos will be named as the new finance minister, replacing George Papaconstantinou in a government reshuffle expected to be announced later today by Prime Minister George Papandreou, according to Greek media reports. Evangelos, the top political rival to Papandreou [...]

ECB’s Wellink Repeats Call For Doubling EU Rescue Fund: FT

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FRANKFURT (MNI) – European Central Bank Governing Council member Nout Wellink repeated his call for doubling Europe’s E750-billion bailout fund in a newspaper interview published Friday. Speaking to the Financial Times, Wellink underlined the ECB’s opposition to any measure involving private investors in a new Greek bailout that could result in a “credit event” or [...]

FRANCE DATA: 1Q monthly salaries and hourly wages….

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FRANCE DATA: 1Q monthly salaries and hourly wages confirmed +1.0% q/q, which boosted the annual rise to 2.0% from 1.8% in 4Q.

Greem PM appoints Evangelos Venizelos as new finance minister

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Poor Evangelos

Seems to have been awhile since…….

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I received reports of Kampo interest. Apparently they were sighted down at 80.40/50 in USD/JPY overnight. We sit presently at 80.63. Talk now of stops through 80.40 and again through 80.00.

Eurostoxx 50 futures down -0.6% early

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DAX futures down -0.4%, CAC 40 futures down -0.4% EUR/USD presently at 1.4150. Buy orders clustered 1.4100/20 stops below there before more buy orders clustered 1.4070/80. Buy stops seen through 1.4225.

ACEA: EMU New Car Registrations Up 8.3% Y/Y In May

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FRANKFURT (MNI) – New car registrations in the Eurozone rebounded on the year in May, with a majority of states showing gains, the Association of European Automobile Builders (ACEA) reported on Friday. Partly due to base effects from May 2010′s monthly dip, the latest data, which exclude Cyprus and Malta, show that registrations were up [...]

EMU DATA: EMU15 May new car regs +8.3% y/y; Apr on…

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EMU DATA: EMU15 May new car regs +8.3% y/y; Apr -3.8%: based on ACEA – ACEA: EU-15 May new car registrations +7.3% y/y – ACEA: May car regs Germany +22.0% y/y; France +6.1%; UK -1.7% – ACEA: May car regs Italy -3.6% y/y; Spain -23.3% y/y – For more information, please see MNI Mainwire
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