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Euro zone March industrial production -0.2% m/m, +5.3% y/y

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Weaker than median forecasts of +0.3%, +6.2% respectively.

Germany Schaeuble: Portugal Reform Plan Ambitious But Do-Able

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BERLIN (MNI) – Portugal’s austerity and structural reform package to overcome its public debt crisis is “ambitious but do-able,” German Finance Minister Wolfgang Schaeuble said Thursday. Thus, “it is justifiable and correct” that the EU and the IMF should provide Lisbon E78 billion in financial aid, Schaeuble said in a speech in parliament. The center-left [...]

UK Analysis: Mar Ind. Output Rebound Disappoints Due Oil, Gas

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–Mar Manufacturing Output +0.2% m/m; +2.7% y/y –Mar Industrial Production +0.3% m/m; +0.7% y/y LONDON (MNI) – Industrial production posted a small rise in March, but below the median forecast as oil and gas output failed to bounceback as sharply as expected, figures released by National Statistics showed Thursday. Industrial production rose 0.3% on the [...]

UK DATA: Mar Industrial Production 0.3% M/M; 0.7%….

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UK DATA: Mar Industrial Production 0.3% M/M; 0.7% Y/Y ———————————————————————— –UK MAR INDUSTRIAL PRODUCTION 0.3% M/M; 0.7% Y/Y –UK MAR MANUFACTURING OUTPUT 0.2% M/M; 2.7% Y/Y –UK MAR INDUSTRIAL PRODUCTION BELOW MEDIAN FORECAST –UK MAR MANUFACTURING OUTPUT BELOW MEDIAN FORECAST

Risk aversion ratchets up again

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NYM light crude off close to a buck and a half, Gold down at session low 1,487,  general risk aversion on the increase again. EUR/USD has slipped back below 1.4200, presently at 1.4193.  Still getting reports that the BIS is in buying the pairing which will be helping slow, if not stop,  the declne. Last [...]

UK March industrial production +0.3%

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Much weaker than median forecast of +0.8%. Cable slumps. Manufacturing output +0.2%,  weaker than median forecast of +0.3% Stops tripped through 1.6300 and 1.6280 and we’ve been as low as 1.6272. The earlier market rumour of stronger than expected numbers has been proven very wide of the mark.

Bank of Finland: Households Should Prepare For Higher Rates

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HELSINKI (MNI) – Households should prepare for interest rates to rise and be sure not to take on debt that exceeds their ability to pay, the Bank of Finland warned in its financial stability report, published Thursday. “The growth in the number of heavily indebted households must be moderated. Households need to determine the size [...]

EMU Data: ECB Survey Of Professional Forecasters Projections

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Release For: 2011-2012 Release Date: May 12, 2011 SURVEY HORIZON ———————————————————— HICP inflation 2011 2012 Longer term ———————————————————— 2Q11 SPF 2.5 1.9 2.0 Prev. SPF 1Q11 1.9 1.8 2.0 Consensus Econ. Apr 2011 2.4 1.8 2.1 EMU Barometer Apr 2011 2.4 1.8 2.1 ———————————————————— Real GDP growth 2011 2012 Longer term ———————————————————— 2Q11 SPF 1.7 [...]

IMF’s European Director Borges: Expects deal over euro area bailout fund will be confirmed very soon

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As long as IMF debt reduction programme is in place, that means that IMF believes Greek debt is sustainable He is part of those who believe there is not a miraculous Greek restructuring solution We can always revise our programme depending on progress Greece needs to take one step at a time based on quarterly [...]

Rumour of stronger than expected UK industrial production number

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Take it for what you will, but the talk is out there. 08:30 GMT: UK industrial production for March expected +0.8% m/m, +1.1% y/y; manufacturing output expected +0.3% m/m, +2.8% y/y

IMF Urges Gradual Mon Tightening In Europe,Action On Deficits

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FRANKFURT (MNI) – Monetary policy in Europe can afford to remain accommodative as the economic recovery gains traction, while decisive measures are needed to turn the page on the debt crisis, the International Monetary Fund said Thursday. “Europe’s recovery is expected to solidify, but comprehensive and bold policy action will be needed to restore fiscal [...]

IMF says contagion from euro zone periphery remains a tangible downside risk for core countries, rest of Europe

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Countries under pressure have appropriately front-loaded fiscal adjustments, reform efforts must be unrelenting Does not see second round inflation effects, euro zone monetary policy can afford to stay relatively accomodative ECB may need to extend further into future its policy of unlimited liquidity for some refi operations Making euro zone bailout fund-commitments operational, by filling [...]

JAPAN DATA: Orders for Japanese machine tools Y106.9.

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JAPAN DATA: Orders for Japanese machine tools totaled Y106.9 billion in April, up 32.3% on year, with the pace of growth decelerating from a revised +49.6% in March and posting the smallest gain since -8.4% marked in November 2009, data released by Japan Machine Tool Builders’ Association show. The April orders showed a relatively small [...]

German FinMin Schaeuble says Portugal measures are ambitious

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Nothing like a bit of ambition. Personally I’ve never had any myself. It’s the right thing to do to grant Portugal 78 billion euros in aid Germany should agree to Portuguese aid once conditions are set Portugal shows risk of contagion within euro zone must be taken seriously Germany acting in best interests of all [...]

Japan Apr Watchers’ Index Rebounds Slightly From 2-Year Low

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– Japan April Watchers’ Current Index 28.3 Vs March 27.7 – Japan Watchers’ Current Index Posts 1st Rise in 2 Months – Japan Apr Watchers Forward-Looking Index 38.4 Vs Mar 26.6 – Japan Govt Says Economy Stays in Severe State Due to Quake – Japan Tohoku Area Apr Watchers Current Index 23.5 Vs Mar 16.8 [...]

BIS buys EUR/USD

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Having been as low as 1.4181 we’re presently at 1.4200. Market seems highly charged, like a cat on a hot tin roof.  Everyone watching commodity, stock prices to see whether the current risk aversion is going to explode into a rout.

Japan will “closely watch” U.S. debt ceiling debate, no change in reserve management plans

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Makes sense for Japan to try to diversify reserves to reduce exposure to U.S. debt

ECB Stark: Need Higher Rates To Control Infl Expectations: FT

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FRANKFURT (MNI) – Average inflation is “very likely” to remain well above the European Central Bank’s target level and come down only “slowly” next year, ECB Executive Board member Juergen Stark told the Financial Times. In an interview published on Wednesday, Stark underlined the need to continue to “withdraw monetary accommodation…to retain inflation expectations well [...]

JAPAN DATA: The Economy Watchers’ Survey index data..

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JAPAN DATA: The Economy Watchers’ Survey index data from the Cabinet Office: – Japan April Watchers’ Current Index 28.3 Vs March 27.7 – Japan Watchers’ Current Index Posts 1st Rise in 2 Months – Japan Apr Watchers Forward-Looking Index 38.4 Vs Mar 26.6 – Japan Govt Says Economy Stays in Severe State Due to Quake [...]

Japan cabinet office: Japan economy remains in severe situation due to quake

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USD/JPY steady in early trade, presently at 81.05.  Buy orders seen clustered down at 80.50/60.  Buy stops seen through 81.35 and more through 81.70.
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