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- TEXT: MPC’s Ben Broadbent’s Appointemnt Staement To TSC (2)
- TEXT: MPC’s Ben Broadbent’s Appointemnt Staement To TSC (1)
- ZEW: Slight decline of sentiment indicator must be judged against backdrop of excellent assessment of current situation
- ZEW May German economic sentiment index 3.1 pts
- I’m starting to have technical problems
- UK DATA: Apr CPI +1% m/m; +4.5% y/y vs Mar +4% y/y;..
- UK April CPI +1.0% m/m, +4.5% y/y
- ECB’s Tumpel-Gugerell: Our monetary policy is still accomodative – Bloomberg
- Just hearing……
- Usual CPI scuttlebutt
- Germany Seeks Bids On E6 Bn Top Up Of 2.75% S160 Bobl May 18
- BBK Zeitler: Most German Banks In Better Shape Than Last Year
- U.S Treasury’s Brainard: Greek austerity measures diligent, must be supported
- European stocks marginally easier early
- Austrian Finance Minister: Greece must do “homework” to stay in euro zone
- Germany Data: MNI Survey Of Econ Data Forecasts May 16 to 20
- Cable touch firmer in early trade
- USD/JPY extends rally
- ACEA: EMU New Car Registrations Down 3.8% Y/Y In April
- EMU DATA: New car registrations in the Eurozone fell.
| TEXT: MPC’s Ben Broadbent’s Appointemnt Staement To TSC (2) Posted: LONDON (MNI) – Ben Braodbent, the most recent appointment to the Bnak of England’s Monetary Policy Committee, appeared before the Treasury Select Committee Tuesday. The full text of Broadbent’s appoitnment hearing statement continues: ====================================================================== Continued 13. What is your current estimate of the extent of the output gap? According to the latest official estimate, output [...]    |
| TEXT: MPC’s Ben Broadbent’s Appointemnt Staement To TSC (1) Posted: LONDON (MNI) – Ben Braodbent, the most recent appointment to the Bank of England’s Monetary Policy Committee, appeared before the Treasury Select Committee Tuesday The full text of Broadbent’s appointment hearing statement follows: ====================================================================== Questionnaire in advance of Treasury Committee hearing Ben Broadbent A. PERSONAL AND PROFESSIONAL BACKGROUND 1. Do you have any business or [...]  |
| Posted: Current conditions index was up at 91.5 from 87.1 in April and stronger than median forecast of 87.5. Financial market experts consider further increase of economic momentum to be unlikely Mixed signals regarding U.S. economy and weaker outlook for Chinese economy may have dampened expectations Risks such as euro zone crisis an global economic imbalances [...]  |
| ZEW May German economic sentiment index 3.1 pts Posted: Versus 7.6 pts in April and below median forecast of 5.0.  |
| I’m starting to have technical problems Posted: And I’m pissed (that’s the American version not the English version, although I’d probably be better off following the English version) Right, EUR/USD trading back up at 1.4175. Amazing what a little bit of Middle Eastern sovereign interest can do. Some options-related selling being seen in cable up around 1.6300. We’re presently at 1.6285. EUR/JPY has [...]  |
| UK DATA: Apr CPI +1% m/m; +4.5% y/y vs Mar +4% y/y;.. Posted: UK DATA: Apr CPI +1% m/m; +4.5% y/y vs Mar +4% y/y; well above median –Apr core CPI +0.9% m/m; +3.7% y/y vs Mar +3.2% y/y –Apr RPI +0.8% m/m; +5.2% y/y; Apr RPIX +0.9% m/m; +5.3% y/y –Timing of Easter pushed up travel costs adding 0.3pp to m/m CPI change ———————————————————————— April CPI rose [...]  |
| UK April CPI +1.0% m/m, +4.5% y/y Posted: Demonstrably stronger than expected. Median forecasts had been for +0.7%, +4.2% respectively. Cable up at 1.6285 from 1.6250 just prior to release. Highest y/y rate since October 2008. UPDATE: Talk of sell orders clustered 1.6310/30. We’ve been as high as 1.6302 so far. So the rumuors were right on the money. What do I [...]  |
| ECB’s Tumpel-Gugerell: Our monetary policy is still accomodative – Bloomberg Posted: We’re fairly confident about the continuation of the euro zone recovery See demand for loands picking up, very important for further economic activity EUR/USD trading little easier on day, down at 1.4143 from around 1.4170 when I arrived, but it’s slow going. Been getting reports of Middle Eastern sovereign interest being seen on the bid [...]  |
| Posted: System funds have entry levels for EUR/JPY just above 115.60. This kinda gels with earlier reports I got of buy stops through 115.60. Worth keeping an eye on it I guess, possibly, maybe. We’re presently at 115.50 having so far been as high as 115.58. UPDATE: 115.65 high, not much of a pop so far  |
| Posted: Cable up at 1.6250. Just asked around sources and there is talk of a higher than expected CPI number. Figures being bandied about 4.4/4.5% Not sure what that’s all worth, especially given last UK data rumour which was woefully off the mark. But the talk’s out there, take it for what you will. Personally I’d [...]  |
| Germany Seeks Bids On E6 Bn Top Up Of 2.75% S160 Bobl May 18 Posted: FRANKFURT (MNI) – The German federal government on Tuesday formally sought bids for the E6 billion top-up of its 2.75% coupon Series 160 five-year Bundesobligationen (Bobls) to be sold May 18. Bids are due by 0900 GMT on Wednesday, May 18. The results of the auction will be announced shortly thereafter. The top-up will bring [...]  |
| BBK Zeitler: Most German Banks In Better Shape Than Last Year Posted: BERLIN (MNI) – The German banking system is for its most part in a better shape than last year, Bundesbank Vice President Franz-Christoph Zeitler said in a draft of a speech to be delivered on Tuesday. Zeitler argued that the new capital rules already had an important impact on the German banking system, “which is [...]  |
| U.S Treasury’s Brainard: Greek austerity measures diligent, must be supported Posted: Greek govt is on the right path, has great faith problems can be overcome  |
| European stocks marginally easier early Posted: DAX down -0.5%, FTSE down -0.3%, CAC 40 down -0.4%.  |
| Austrian Finance Minister: Greece must do “homework” to stay in euro zone Posted: Very confident Portugal will not need further aid First few comments eminating from Brussels. Sure they’ll be coming thick and fast throughout the day. Whoopie!!  |
| Germany Data: MNI Survey Of Econ Data Forecasts May 16 to 20 Posted: ZEW – May Economic Current Sentiment Conditions Median forecast* 5.0 88.0 High forecast 12.0 88.0 Low forecast 1.3 87.1 Previous period 7.6 87.1 – No of responses 9 3 – 4Cast 12.0 88.0 Action Economics na na Barclays Cap. 1.3 na BNP Paribas na na Capital Economics na na Citi 5.0 na Commerzbank 5.0 na [...]  |
| Cable touch firmer in early trade Posted: Tacked on quick 25 pips or so since I sat down, presently at 1.6225. Important inflation data due today: 08:30 GMT: CPI for April expected +0.7% m/m, +4.1% y/y, core +3.2% y/y 08:30 GMT: DGLG house prices for March expected +0.9% y/y Obviously stronger than expected data will be supportive of sterling and vice versa.  |
| Posted: Been as high as 81.46, presently at 81.32. Reports have at least some of the yen selling being M&A related. Focus on Japan’s Takeda Pharmaceuticals’ acquisition of Swiss rival Nycomed. Toshiba Corp also said to be in final talks to buy Switzerlands’ Landis+Gyr. Small stops were tripped through 81.40. More stops reported now through 81.70 [...]  |
| ACEA: EMU New Car Registrations Down 3.8% Y/Y In April Posted: FRANKFURT (MNI) – Eurozone new car registrations fell for the second consecutive month on the year in April, with three of the four biggest economies seeing declines, the Association of European Automobile Builders (ACEA) said on Tuesday. Excluding Cyprus and Malta, the data for which were not available, the number of new registrations dipped 3.8%. [...]  |
| EMU DATA: New car registrations in the Eurozone fell. Posted: EMU DATA: New car registrations in the Eurozone fell for the second month in a row in April, dipping 3.8% y/y, the ACEA reported on Tuesday. – EMU15 April new car regs -3.8% y/y; March -4.8%: based on ACEA – ACEA: EU-15 April new car registrations -4.1% Y/Y – ACEA: EU-15 +EFTA APR NEW CAR [...]  |
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