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- Germany Tops Up 2Y 0.75% Schatz For E4.03 Bln; Bid/Cover 1.9
- IMF Borges:EU need to speed up implementation of July 21 decisions
- EMU DATA: August real sa retail sales -0.3% m/m, wda.
- EU August sa retail sales -0.3%m/m, -1.0%y/y (exp -0.3% and -0.7%)
- UK Sep Services PMI Points To Pickup In Econ Activity In Sept
- Update: Q2 GDP Revised Lower As Household Spending Falls
- UK Treasury: Clear that UK recovery would always be difficult
- UK Analysis: Q2 GDP Revised Lower As Household Spending Falls
- UK DATA: Q2 GDP revised down to +0.1% q/q; +0.6%…..
- UK DATA: UK Markit/CIPS Services PMI 52.9 in Sep vs..
- UK Q2 final GDP +0.1% q/q , +0.6% y/y(exp +0.2% and +0.7%)
- UK Sep Services PMI 52.9 (vs exp 50.5)
- Up next -UK Sep services PMI at 0828GMT expected 50.5
- EUROPEAN DATA: European final PMI services 54.6 in…
- EU Sep Final services PMI 48.8 (49.1 flash) vs Aug 51.5
- GERMAN DATA: German final PMI services 49.7 in Sep…
- FRANCE DATA: France final PMI services 51.5 in Sep…
- ITALY DATA: (correct) Italy PMI services 45.8 in Sep.
- ITALY DATA: Italy PMI services 45.8 in Sep — lowest.
- German Sep Final Services PMI 49.7 (Flash 50.3) vs 51.1 in Aug
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FRANKFURT (MNI) – The German federal government sold E4.03 billion in a top-up of its 0.75%-coupon two-year notes (Schatzanweisungen) maturing in September 2013, the Bundesbank announced Wednesday. The bid/cover ratio of 1.9 (excluding retention) was higher than the 1.8 b/c ratio at this security’s previous top-up on September 14. The average yield on the sale [...]
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A need for more comprehensive action to restructure, front load bank recapitalization in Europe to restore confidence More focus required on growth Ending intertwining of bank and sovereign balance sheets, needs a european resolution authority Inflation expectations are well anchored,would justify more relaxed ECB monetary policy, which would be good to see Greek situation is [...]
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EMU DATA: August real sa retail sales -0.3% m/m, wda -1.0% y/y – EMU August retail sales m/m matches MNI median fcast (-0.3%) – EMU July retail sales unrev +0.2% m/m – EMU July+August avg retail sales unch vs 2q avg; 2q -0.3% q/q – See MNI MainWire for details
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July retail sales confimed at +0.2%m/m, revised down to -0.4% y/y
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–UK Sep CIPS Services PMI 52.7 Vs 50.9 In Aug – Markit –Markit Says Surveys Point To Pickup In Sept; 0.4% q/q Q3 Expansion LONDON (MNI) – UK services saw an unexpected expansion in activity in September, according to the latest CIPS/Markit survey of the sector. Following on from the robust survey of the manufacturing [...]
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–Adds Detail To Version Transmitted At 0830 GMT –Revisions put 2010 growth close to BOE estimate –Q2 GDP Revised Down to +0.1% q/q; +0.6% y/y –Q2 GDP Median Forecast +0.2% q/q; +0.7% y/y LONDON (MNI) – Quarterly economic growth came to a virtual standstill in the second quarter as household spending fell sharply, figures released [...]
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Key to restoring confidence is euro solution, UK will stick to deficit- cutting plan This week’s survey data consistent with continued economic expansion
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–Q2 GDP Revised Down to +0.1% q/q; +0.6% y/y –Q2 GDP Median Forecast +0.2% q/q; +0.7% y/y LONDON (MNI) – Quarterly economic growth came to a virtual standstill in the second quarter as household spending fell sharply, figures released by National Statistics Wednesday. Revised estimates for Gross Domestic Product showed growth was revised down to [...]
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UK DATA: Q2 GDP revised down to +0.1% q/q; +0.6% y/y; median 0.2%;0.7% ———————————————————————— Quarterly economic growth came to a virtual standstill in the second quarter as household spending fell sharply. Revised estimates for Gross Domestic Product showed growth was revised down to just 0.1% on the quarter in Q2 and 0.6% on the year, [...]
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UK DATA: UK Markit/CIPS Services PMI 52.9 in Sep vs 51.1 in Aug — Reuters
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Revisied slightly weaker GDP contains further GBP/USD rises, after a strong PMI, but overall a firmer bias on sterling for the moment Cable’s at 1.5470 with EUR/GBP 0.8600
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A strong number and highest since March 2011 Cable jumps up to 1.5480 with EUR/GBP tanking to 0.8592 on the reaction Sep PMI business expectations 63.5 vs Aug 65.1, lowest since March 2009
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Some talk of a number around 51, which could underpin cable if true, but a sub 50 number may prompt the Old Lady’s MPC to think about more QE. A much higher number could delay any short term thoughts of easing and weigh on EUR/GBP All will be revealed….. GBP/USD’s around 1.5430 (still)
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EUROPEAN DATA: European final PMI services 54.6 in Sep — lowest since Apr 2009 vs 54.3 flash; 57.6 in Aug – Final PMI composite 49.1 in Sep — lowest since July 2009 vs 49.2 flash; 50.7 in Aug — Reuters.
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Again disappointing but somewhat expected-. lowest since July 2009 EU sep final Servies PMI business expectations 54.6 (54.3 flash) vs 57.6 in Aug- lowest since Apr 2009 Sep Final composite PMI 49.1 (flash 49.2) vs 50.7 Aug- lowest since July 2009
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GERMAN DATA: German final PMI services 49.7 in Sep — lowest since jUly 2009 vs 50.3 flash; 51.1 in Aug — Reuters.
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FRANCE DATA: France final PMI services 51.5 in Sep — lowest since Aug 2009 vs 52.5 flash; 56.8 in Aug — Reuters.
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ITALY DATA: (correct) Italy PMI services 45.8 in Sep — lowest since July 2009 — vs 48.4 in Aug — Reuters.
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ITALY DATA: Italy PMI services 45.8 in Sep — lowest since July 2009 – vs 47.3 in Aug — Reuters.
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Again lower than expected and lowest since July 2009
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