ECB Weidmann

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• ECB Weidmann: Growth Pessimism Exaggerated, Confirms Outlook
• Statement Of G7 Finance Ministers, Central Bank Heads – Text
• US official: European debt was dominant focus at G7
• BdF’s Noyer: No serious risks to any bank outside of Greece from Greek debt
• G7 host Baroin: Ministers discussed world economy, need to coordinate fiscal, monetary policies
• Deutsche Bank: ECB to cut from 1.5% to 1.0% in December
• ForexLive US Wrap: Greek fears, Stark resignation send euro sprawling
• 6.7 Earthquake in the Vancouver Island, Canada region
• Offers eyed around 1.3670/75 now
• Aussie trade minister: Will not intervene to weaken AUD
• Stark’s parting comments
• S&P down 3.2%; EUR/USD easing as well
• Berlusconi: ECB gave me four days to make cuts
• US CBO Chief To Warn Deficit Panel About Health Entitlements
• UK’s Osborne: Good progress made by G7 toward concerted agenda to deal with debt crisis
• US DATA: BOEMRE shut-in data says personnel remain a.
• Japan to propose third extra budget for Quake reconstruction
• Merkel: Thanks, Juergen…
• ECB Stark Urges Radical Reforms To Cope W/ Debt Crisis: Press
• EMU Data: MNI Survey Of Econ Data Forecasts September 12 to 16

ECB Weidmann: Growth Pessimism Exaggerated, Confirms Outlook Posted: – Will Fight For Stability Oriented Policy After Stark Departure MARSEILLE (MNI) – There are no reasons to revise German growth projections downward or launch fresh stimulus packages, European Central Bank Governing Council member Jens Weidmann said Friday. “The recent pessimism on economic growth is exaggerated. At the current juncture, there are no reasons to [...]

Statement Of G7 Finance Ministers, Central Bank Heads – Text Posted: MARSEILLE, France (MNI) – The Group of Seven finance ministers and central bank governors issued the following statement late Friday night after meeting here: “We met at a time of new challenges to global economic recovery, with significant challenges to growth, fiscal deficits and sovereign debt, stemming from past accumulated imbalances. This is reflected in [...]

US official: European debt was dominant focus at G7 Posted: All agreed Europe has capacity to cope with problems Important to show Europe has financial firepower to show they can cope with debt problems Broad support for US jobs plan Headlines from Reuters…

BdF’s Noyer: No serious risks to any bank outside of Greece from Greek debt Posted: Extreme tensions in the markets toward European banks Strong measures taken by Italy, France

G7 host Baroin: Ministers discussed world economy, need to coordinate fiscal, monetary policies Posted: G7 decided on coordinated response to slowdown in global growth Reaffirmed commitment to honoring sovereign debt Must put into place fiscal adjustments anchored in fostering growth Fiscal adjustments must be made taking into account different national circumstances Central banks are ready to supply liquidity to banks We will communicate amongst ourselves on any possible interventions [...]

Deutsche Bank: ECB to cut from 1.5% to 1.0% in December Posted: EUR/USD falls to 1.3650. Will be a lot easier to chop rates without that crusty old German around…

ForexLive US Wrap: Greek fears, Stark resignation send euro sprawling Posted: German ECB managing board member and chief economist Juergen Stark resigns in protest over the central bank’s buying of bonds of highly indebted euro states German/France push financial transactions tax in letter to EU Bloomberg: ECB waters down plan to wean addicted banks off of ECB liquidity Rumors of weekend default by Greece hit EUR/USD [...]

6.7 Earthquake in the Vancouver Island, Canada region Posted: According to the US Geological Survey.

Offers eyed around 1.3670/75 now Posted: Real money still selling on every quasi fixing on the hour and half-hour, traders say…

Aussie trade minister: Will not intervene to weaken AUD Posted: AUD a bit firmer on the comment, now at 1.0455, off midday lows of 1.0419.

Stark’s parting comments Posted: From the Handelsblatt.

S&P down 3.2%; EUR/USD easing as well Posted: Back down to 1.3655.

Berlusconi: ECB gave me four days to make cuts Posted: The Italian PM tells a TV interviewer the ECB gave him four days to make deep budget cuts. In return, they would buy Italy’s bonds. Berlusconi also tells the interviewer he is undecided about seeking office again when his term expires in 2013. Berlusconi will be 75 at the end of the month… EUR/USD’s early [...]

US CBO Chief To Warn Deficit Panel About Health Entitlements Posted: –Congressional Budget Office Chief To Testify Tuesday To Key Panel –CBO’s Elmendorf Told NY Fed In June That Fundamental Reforms Needed –CBO’s Elmendorf Warned Simpson-Bowles Panel About Health Entitlements By John Shaw WASHINGTON (MNI) – Congressional Budget Office Director Doug Elmendorf will be the lead-off witness this coming Tuesday before Congress’s Select Committee on Deficit [...]

UK’s Osborne: Good progress made by G7 toward concerted agenda to deal with debt crisis Posted: G7 has voiced its support for credible fiscal budget consolidation plans from high-debt countries. Broad support for Obama jobs plan

US DATA: BOEMRE shut-in data says personnel remain a. Posted: US DATA: BOEMRE shut-in data says personnel remain evacuated from a total of 4 production platforms, equivalent to 0.7 percent of the 617 manned platforms in the Gulf of Mexico. No rigs are evacuated.

Japan to propose third extra budget for Quake reconstruction Posted: Nikkei reports govt to ask for JPY 7-8 trillion To be submitted by end of October

Merkel: Thanks, Juergen… Posted: …but don’t let the door hit you in the arse on your way out. Thanks Stark for work to secure a stable euro Stark epitomizes a culture of stability Stark served all euro area citizens His putative replacement, Joerg Asmussen is a Merkel confidante and should be more compliant regarding bond-buying…

ECB Stark Urges Radical Reforms To Cope W/ Debt Crisis: Press Posted: FRANKFURT (MNI) – ECB chief economist Juergen Stark, who tendered his resignation earlier today, warned that massive public fiscal risks were undermining financial stability. “At a European level there is a need to strengthen the rules to achieve economic and monetary union,” Stark wrote in a column for the German daily Handelsblatt to be published [...]

EMU Data: MNI Survey Of Econ Data Forecasts September 12 to 16 Posted: Industrial Output HICP (final) – July – – August - %mom %yoy %mom %yoy Median forecast* 1.5 4.6 0.2 2.5 High forecast 2.5 5.2 0.2 2.5 Low forecast -0.5 2.6 -0.6 2.5 Previous period -0.7 2.9 -0.6 2.5 – No of responses 13 10 9 15 – 4Cast 1.5 4.7 na na Barclays Cap. 2.5 [...]