Portugal govt has anticipated some economic measures

IMF’s Thomsen: Good news Portugal govt has anticipated some economic measures

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Most difficult challenges are still ahead Remains to be seen how deterioration of European situation affects Portugal Portugal has fundamentally eliminated programme risks in medium-term Europe will do whatever it takes as long as Portugal perseveres with reforms

Euro zone June industrial output down -0.7% m/m, +2.9% y/y

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Much weaker than median forecasts of flat, +4.4% respectively.

EU/IMF mission to Portugal: Bailout plan on good path

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Prospects of success helped by European summit GDP to contract 2.2% in 2011, recovery seen starting 2013 Expects 2011 deficit to not surpass 5.9%/GDP Budget goal has not been questioned Progress was made to strengthen financial sector Short-term is very positive Necessary to accelerate and maintain reform momentum Developments in line with expectations on bank [...]

Stoxx Europe 600 banking index up 2.3%

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EUR/USD up at 1.4235. I can’t take it any more!!!!!!!! I want it to end!!!!!!!

EUR/USD extends rally back

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Presently back up at 1.4215. Garnering support from strong buying of the EUR/CHF cross. That is up at session high 1.0955, US investment bank having been aggressive buyer of the cross this morning. UPDATE: 4candles reports rumours SNB covertly getting involved selling swissy. EUR/CHF up at 1.1030.

China CBank: Will use rates, fx to steer policy

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Will keep yuan fx rate basically stable US default risks have been basically ruled out for the sohrt-term US faces risks of supporting debt over long-term

Portugal FinMin: Troika review of economy gone well

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There was a shortfall in budget of 1.1%/GDP To raise value-added taxes on gas and electricity in 2011

Italian govt to hold cabinet meeting at 17:00 GMT

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To discuss urgent financial measures. Don’t panic Mr Mannering!!

Audience participation: Where is EUR/CHF headed?

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Sits at 1.0850 presently. Which will we see first, 1.0550 or 1.1150? I’ll go with 1.1150. UPDATE: As we’re at 1.0900 make that 1.0600 or 1.1200. ANOTHER UPDATE: US invesmtent house notable buyer of the cross in this latest spurt higher.

ACB buying still being seen on dips

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Still getting reports of ACB buying on the dips. From 1.4150 session low we’re back up at 1.4180, in what is quite frankly insane market conditions. I hate to think how thin the markets are right about now. UPDATE: And European stocks now bouncing. DAX UP 0.4% What a complete load of bollox!!!

European stocks do sharp about turn

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DAX down 0.6%

Germany’s rapid adoption of EFSF reforms may stall – Report

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Here’s the story to earlier headline we put up

Talk of ACB buy interest lingering in background

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In EUR/USD. Lined up down at 1.4175/80 apparently. We can take that to go against the Egan Jones talk then. It’s a wash

French Q2 non-farm payrolls +0.4% q/q, +1.3% y/y – INSEE flash estimate

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Merkel may not make changes to the EFSF by end Sept as originally planned – German press

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Dow Jones headline.

Market talk Egan Jones has downgraded France’s AAA rating

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How true this is I don’t know. But the talk is out there apparently. EUR/USD very steady so far, sits at 1.4185, unchanged from when I sat down.

Eurostoxx 50 futures +1.0%

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DAX futures +0.4%, CAC 40 futures +0.4%.

French FinMin: Q2 GDP figure not a surprise after strong Q1

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We will meet GDP targets We will meet deficit goals We will, we will, rock you!! Overly drastic budget measures could hurt growth Asked if will lower 2012 GDP forecast, replies “No” Welcomes short-selling ban, says banks among world’s safest We can trim spending without undermining French welfare model Investors should be in no doubt [...]