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- Germany 2011 Fed Net Borrowing Goal Still Under E40 Bn:FinMin
- ECB – Risk that commitments made by countries to cut deficits in May 2010 may be weakening
- ECB: EU Govts Need Higher Primary Surpluses Than In Past
- ECB: Energy, Taxes To Add To Eurozone Price Pressures in 2011
- UK Analysis: Jan Manufacturing Output Bounces Back Strongly
- UK DATA: Jan manufacturing output +1% m/m; +6.8%…..
- UK January industrial output +0.5% m/m
- Spanish 5 year cds rise to 260 bps, up 10 bps on day
- Italy January industry output -1.5% m/m
- ITALY DATA: January SA industrial output fell 1.5%…
- Talk of ECB buying Portuguese bonds
- USD/JPY steady as a rock
- In the end it didn’t really matter….
- Spain January calendar adjusted retail sales -4.7% y/y
- EUR/USD hovers around lows; buy order, stops noted
- Cable steady as market awaits BOE rate decision
- FRANCE DATA: Jan industry output +1.0% m/m after Dec.
- French January industry output +1.0% m/m
- Middle East buys EUR/USD
- Moody’s: Cost of Spanish bank restructuring to exceed govt’s current assumptions
| Germany 2011 Fed Net Borrowing Goal Still Under E40 Bn:FinMin Posted: BERLIN (MNI) - The German Finance Ministry still intends bring down federal net new borrowing below E40 billion this year, despite lower transfers from the Bundesbank, Deputy Finance Minister Werner Gatzer said Thursday. "We still believe that we can meet ...    |
| ECB – Risk that commitments made by countries to cut deficits in May 2010 may be weakening Posted: Oh-eh. Overall, current consolidation policies and plans give rise to concern Governments have yet to demonstrate convincingly the seriousness of their consolidation Harsh words indeed. EUR/USD sits at 1.3835. Reports of light trailing stops through 1.3850.  |
| ECB: EU Govts Need Higher Primary Surpluses Than In Past Posted: FRANKFURT (MNI) - Higher government debt and weaker potential growth mean that EU countries need to achieve larger primary surpluses than was the case in the past to stabilize and reduce debt ratios, the European Central Bank argued Thursday. Past ...  |
| ECB: Energy, Taxes To Add To Eurozone Price Pressures in 2011 Posted: FRANKFURT (MNI) - Energy prices and indirect taxes are expected to continue applying upward price pressures in the Eurozone in short term, the European Central Bank said in its Monthly Bulletin published on Thursday. Noting the strong jump in oil ...  |
| UK Analysis: Jan Manufacturing Output Bounces Back Strongly Posted: --Jan manufacturing output +1% m/m; +6.8% y/y; median +0.8;+6.4 --Jan industrial production +0.5% m/m; +4.4% y/y; median +0.4; +4.2 LONDON (MNI) - Manufacturing output bounced back strongly in January, following a weather related fall in the previous month, pushing annual growth to the highest for 16 years, ...  |
| UK DATA: Jan manufacturing output +1% m/m; +6.8%….. Posted: UK DATA: Jan manufacturing output +1% m/m; +6.8% y/y; median +0.8;+6.4 --Jan industrial production +0.5% m/m; +4.4% y/y; median +0.4; +4.2 ------------------------------------------------------------------------ Manufacturing output rose 1% m/m in Jan, above the median forecast of 0.8%, and the largest m/m rise since Mar 10. Some of the strength was due to a bounceback from ...  |
| UK January industrial output +0.5% m/m Posted: Versus median forecast +0.4% Manufacturing output +1.0% versus median forecast +0.8% Biggest rise since March 2010.  |
| Spanish 5 year cds rise to 260 bps, up 10 bps on day Posted: Portuguese 5 year cds rise to 508 bps, up 10 bps on day Greek 5 year cds rise to 1045 bps, up 13 bps on day  |
| Italy January industry output -1.5% m/m Posted: Demonstrably weaker than median forecast of +0.5%. December revised touch lower, to +0.2% from previous +0.3%.  |
| ITALY DATA: January SA industrial output fell 1.5%… Posted: ITALY DATA: January SA industrial output fell 1.5% m/m and rose 0.6% y/y in workday adjusted terms, down from +5.6% y/y in December. The m/m result was the worst fall since Sept 2010 (-2.2% m/m) and follows gains of 0.2% in December and 1.1% in November. --December ...  |
| Talk of ECB buying Portuguese bonds Posted: And as usual euro perks up, EUR/USD up marginally at 1.3835.  |
| Posted: USD/JPY sits at 82.83, to the pip where it was when I arrived. Nothing's really changed since yesterday. As mentioned then, buy orders 82.50/60, light stops below. Sell orders around 83.00. Infact earlier got report of at least half a yard of dollars lined up to be sold at 83.00.  |
| In the end it didn’t really matter…. Posted: Whether the cable stops were through 1.6140 or 1.6130. Both levels were taken out on the way to session low 1.6121. Talk of UK corporate buying around the lows and we're very slightly higher at 1.6130.  |
| Spain January calendar adjusted retail sales -4.7% y/y Posted: Weaker than median forecast of -3.3% Not a good day for Spain. Spain's treasury: Surprised by Moody's downgrade before Bank of Spain bank recapitalisation data Says Moody's overlooked pension reform social pact that guarantees public finance stability Moody's overlooked 2010 deficit reduction performance  |
| EUR/USD hovers around lows; buy order, stops noted Posted: Presently at 1.3813, just slightly above session low 1.3802. There is talk of decent-sized bid lined up at 1.3800. Stops below there through 1.3790.  |
| Cable steady as market awaits BOE rate decision Posted: Sits at 1.6152 from around 1.6165 when I arrived. Talk of stops through 1.6140. 09:30 GMT: UK industrial production for January expected +0.4% m/m, +4.2% y/y; manufacturing production +0.6% m/m, +6.3% y/y 12:00 GMT: Bank of England rate decsion, widely expected to hold steady at 0.5%, QE at £200 bln. UPDATE: Slightly conflicting ...  |
| FRANCE DATA: Jan industry output +1.0% m/m after Dec. Posted: FRANCE DATA: Jan industry output +1.0% m/m after Dec +0.2% m/m (+0.3%) -- Above expected; MNI analysts survey median forecast +0.9% m/m -- Jan industry output +1.9% vs 4Q average; 4Q +0.9% q/q -- Jan mfg output +1.8% m/m after Dec -0.2% m/m (-0.1%) -- For more information, please see MNI Newswires  |
| French January industry output +1.0% m/m Posted: Stronger than median forecast of +0.5%. Manufacturing industry output +1.8% m/m, much stronger than median forecast +0.4%  |
| Posted: They're back!! EUR/USD slightly off 1.3802 low, presently at 1.3820. Will be interesting to see if Middle East interest can arrest the euro's slide post Moody's Spain downgrade.  |
| Moody’s: Cost of Spanish bank restructuring to exceed govt’s current assumptions Posted: Cites concerns over sustainability of Spanish govt finances Sees background of only moderate Spanish growth short-medium term Spain still has high vulnerability to market disruption Total cost of bank restructuring likely around 40-50 bln  |
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