UK household finances suffer steepest decline since recession as more borrow to pay bills

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• UK Data: May Mortgage Lending Rises 12% On Month – CML
• I’d hazard a guess here……
• UK DATA: CML says UK May gross mortgage lending stg..
• IMF/EU inspectors to visit Greece this week, meet Finance Ministry officials – Greek govt sources
• Finland’s FinMin monthly report: Sees risk banks, including ECB, will need to write down securities due to crisis in some countries
• Greek 5 year credit default swaps rise to 2,025 bps
• U.S. companies push for tax break on foreign cash
• France’s CAC 40 opens after technical problems
• BIS been active in EUR/USD
• ITALY DATA: April industrial orders dropped -6.4% in.
• About those EUR/JPY stops……
• Schaeuble: Need to discuss with private creditors what substantial involvement in Greek bailout will mean
• ECB’s Bini Smaghi: No Greek loans if spending cuts rejected
• EU’s Rehn: Certain that Greece will be able to take decisions needed, because alternative is so much worse
• UK household finances suffer steepest decline since recession as more borrow to pay bills
• EUR/JPY sell stops noted
• Eurogroup Urges Greek Measures,Backs Voluntary Rollover–Text
• EUR/USD extends sell-off in early European trading
• If all else fails, lower your standards
• Eurostoxx 50 futures down 1% early

UK Data: May Mortgage Lending Rises 12% On Month – CML Posted: LONDON (MNI) – Gross mortgage lending rebounded in May, after April business was hit by two Easter Bank Holidays and an extra Royal Wedding Bank Holiday. Gross mortgage lending rose to stg11.3 billion in May, 12% up from April’s stg10.1 billion but just 1% up on the same month a year ago. The CML believe [...]

I’d hazard a guess here…… Posted: That Asian sovereign and BIS buying has just been seen below 1.4200 again.

UK DATA: CML says UK May gross mortgage lending stg.. Posted: UK DATA: CML says UK May gross mortgage lending stg 11.3 bn vs April stg 10.1 bn, recovering from April holiday effects

IMF/EU inspectors to visit Greece this week, meet Finance Ministry officials – Greek govt sources Posted:

Finland’s FinMin monthly report: Sees risk banks, including ECB, will need to write down securities due to crisis in some countries Posted: Crisis in euro periphery may last longer, have greater impact than currently expected I guess it’s the climate what makes the Finns so upbeat.

Greek 5 year credit default swaps rise to 2,025 bps Posted: Up 128 bps on day.

U.S. companies push for tax break on foreign cash Posted: Interesting article in the New York Times.

France’s CAC 40 opens after technical problems Posted: Falls -1.7%. Ughhh.

BIS been active in EUR/USD Posted: The BIS apparently also bought the dip below 1.4200 earlier. We sit at 1.4215. I think I’m wide of the mark on my speculation of buy stops above 1.4240. Hearing sell orders 1.4240/50 instead, so that makes 1.4230 thru 1.4250. On downside, talk of light sell stops through 1.4170.

ITALY DATA: April industrial orders dropped -6.4% in. Posted: ITALY DATA: April industrial orders dropped -6.4% m/m in seasonally- adjusted terms on decreased domestic and foreign orders, posting the biggest monthly drop since August 2009 (-11.5%). Orders gained +5.8% in unadjusted y/y terms, slowing from a +21.2% y/y gain in March. –Apr seas. adjusted m/m domestic orders -2.6%; foreign orders -12.2% –Apr seasonally-adjusted turnover [...]

About those EUR/JPY stops…… Posted: Gathered in 113.30/40 area. Apparently they’re fairly lumpy (large) EUR/USD sits at 1.4210 after ACB buying seen below 1.4200. Sell orders noted now at 1.4230/40. I’ve got a feeling there might be some trailing buy stops not far above there.

Schaeuble: Need to discuss with private creditors what substantial involvement in Greek bailout will mean Posted: Yes, might be a good idea.

ECB’s Bini Smaghi: No Greek loans if spending cuts rejected Posted: Greek writedown not an altenative Writedown would lead to bank collapse Greek loans won’t be renegotiated

EU’s Rehn: Certain that Greece will be able to take decisions needed, because alternative is so much worse Posted: Confident that we will have an agreement on the ESM, and boost to EFSF capacity Elsewhere, Greek/German 10 year govt bond yield spread widens to 1,474 bps, 17 bps up on the day.

UK household finances suffer steepest decline since recession as more borrow to pay bills Posted: It’s not good.

EUR/JPY sell stops noted Posted: EUR/JPY sits at 113.77. Talk of sell stops gathering just below 113.40.

Eurogroup Urges Greek Measures,Backs Voluntary Rollover–Text Posted: LUXEMBOURG (MNI) – Eurozone finance ministers, following a dinner meeting that ended in the early hours of Monday morning, issued a statement urging Greece to implement new austerity measures and a E50 billion privatization plan in exchange for the next tranche of the country’s bailout loan. As expected, the EMU finance ministers, known as the [...]

EUR/USD extends sell-off in early European trading Posted: Presently down at 1.4210. Talk of stops below 1.4200. I’d hazard a guess they’re relatively light. I certainly wouldn’t place my sell stop there if I were long. UPDATE: 1.4192 change 1.4205. Guess aforementioned stops weren’t overly large. ANOTHER UPDATE: Just hearing Asian sovereign seen buying below 1.4200. YET ANOTHER UPDATE: Talk buy orders clustered [...]

If all else fails, lower your standards Posted: Latest from Irwin Stelzer in the WSJ.

Eurostoxx 50 futures down 1% early Posted: DAX and CAC 40 futures both down 0.9%