Germany’s Merkel: Global Econ Upswing Becoming More Sustained

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• Germany’s Merkel: Global Econ Upswing Becoming More Sustained
• Iraq’s FinMin: Current oil prices “good”
• Germany’s Schaeuble: EU Could Do More To Help Greece – Press
• ITALY DATA: May manufacturing confidence fell to…..
• Italy May business confidence falls to 101.3
• Roubini: Greek debt restructuring is “necessary and unavoidable”
• Caaaaaaaaaaaaaaaaaaaaaaaaaack!!!
• Japan To Hurt If Factory Exodus Weighs On Growth Potential
• Spanish/German 10 year govt bond yield spread tightens 13 bps
• This is all pretty dire
• USD/JPY recovers from early dip
• FRANCE DATA: May consumer morale 84; April 83……..
• French May consumer confidence rises to 84
• Someone just said to me……
• Some USD/JPY flows
• Germany’s Import Prices Slowed In April On Energy
• GERMANY DATA: April import prices +0.3% m/m, +9.4%…
• EUR/USD ticks higher as Europe parks it’s bum
• EUR/USD firms during Asian trade
• German FinMin: Greek debt restructure bears high risks

Germany’s Merkel: Global Econ Upswing Becoming More Sustained Posted: BERLIN (MNI) – The global economic upswing is stabilizing and Germany has contributed markedly, Chancellor Angela Merkel said Thursday. The global upswing “is becoming more sustained,” the chancellor said in a declaration to the Bundestag, the lower house of parliament. “Germany has a significant share in that.” The German economy will grow this year “by [...]

Iraq’s FinMin: Current oil prices “good” Posted: High oil prices will cover all budget deficit in 2011. Funny how you can take an instant dislike to some people, even without ever having met them

Germany’s Schaeuble: EU Could Do More To Help Greece – Press Posted: FRANKFURT (MNI) – Greece has little alternative to selling off assets, repaying its debts and shoring up its economy, since debt restructuring or an exit from monetary union could jeopardize the entire Eurozone, according to German Finance Minister Wolfgang Schaeuble. “Monetary union obliges all members to become competitive,” the minister said in an interview with [...]

ITALY DATA: May manufacturing confidence fell to….. Posted: ITALY DATA: May manufacturing confidence fell to 101.3 from 102.6 in April (103.0) on worsening output and order expectations, while inventory levels remained the same, ISTAT said. –See details on Main Wire.

Italy May business confidence falls to 101.3 Posted: Down from revised 102.6 in April (prev 103.0) and weaker than median forecast of 102.5. What’s happened to those confident Italians? Hey Luigi, it’s gnocchi tonite And I’ve bought a big block of parmesan and some lovely organic olive oil

Roubini: Greek debt restructuring is “necessary and unavoidable” Posted: Orderly Greek debt restructuring is “not default” Risks of contagion from Greek debt restructuring are contained ECB’s comments on Greek restructuring are “reckless” So Doctor Doom thinks Greek debt restructuring is done deal, but that it’s not going to cause too much contagion effect.

Caaaaaaaaaaaaaaaaaaaaaaaaaack!!! Posted: I just can’t take it anymore!!! EUR/USD back down at 1.4180. Asian sovereign mentioned earlier has helped cap the rally. We”ll now have a little recap on where I’m hearing the stops placed: Light sell stops reported through 1.4150 and more through 1.4130. Buy stops through 1.4200 and 1.4205 (take your pick) Personally I just don’t care anymore.

Japan To Hurt If Factory Exodus Weighs On Growth Potential Posted: By Yasuhiko Seki TOKYO (MNI) – The Japanese economy may face long-lasting challenges as an emerging exodus by Japanese firms in the aftermath of the March 11 earthquake disaster may dampen already-low annual growth potential estimated at around 0.5%, economists warn. While the government and the private sector are trying to fix the quake-ravaged social [...]

Spanish/German 10 year govt bond yield spread tightens 13 bps Posted: Since I jotted down opening levels. Gone from 233 bps to 220 bps at writing. Will be helping support EUR/USD. Italian/German 10 year govt bond yield spread tightens 7 bps on day to 162 bps. EUR/USD at 1.4188 having been as high as 1.4198. UPDATE: Asian central bank selling in 1.4190′s, helping slow ascent.

This is all pretty dire Posted: Not a lot of clear direction so far this morning in Europe. As aforementioned, earlier heard sell orders clustered 1.4195/05. But apparently mixed in amongst that lot are some buy stops through 1.4200. Personally I’d have put mine somewhere above the 1.4205 fibbo level, but then that’s just me. Ho hum (The Sequel) UPDATE: Middle Eastern sovereign [...]

USD/JPY recovers from early dip Posted: Back up at 81.85 having been as low as 81.64. Eastern European buying has been notable off the lows. Ho hum.

FRANCE DATA: May consumer morale 84; April 83…….. Posted: FRANCE DATA: May consumer morale 84; April 83 – Above expected; MNI analysts survey median 83.5 – Future inflation worries down 15 points – Buying-propensity down four points – Jobless fears down eight points – For more information, please see MNI MainWire

French May consumer confidence rises to 84 Posted: From 83 in April. As expected.

Someone just said to me…… Posted: Calling a referendum on more austerity measures in Greece was like asking turkeys to vote for Christmas. Tickled me

Some USD/JPY flows Posted: Light sell stops through 81.60. Buy stops through 82.25. Maybe we can stay between the two levels through Summer…….

Germany’s Import Prices Slowed In April On Energy Posted: April: +0.3% m/m, +9.4% y/y March: +1.1% m/m, +11.3% y/y February: +1.1% m/m, +11.9% y/y – FRANKFURT (MNI) – German import price inflation slowed notably in April, as the boost from energy diminished by over two thirds, the Federal Statistical Office reported on Thursday. After a 1.1% monthly spurt in both February and March, import [...]

GERMANY DATA: April import prices +0.3% m/m, +9.4%… Posted: GERMANY DATA: April import prices +0.3% m/m, +9.4% y/y; March +11.3% y/y, Federal Statistical Office reported on Thursday. – Germany April export prices +0.3% m/m, +4.2% y/y; March +4.9% y/y – Germany April ex-oil/oil products unch m/m, +6.2% y/y – For more information, please see MNI MainWire

EUR/USD ticks higher as Europe parks it’s bum Posted: Presently at 1.4185. Talk of sell orders clustered 1.4195/05. As I mentioned earlier think buy stops will be parked just above there, but have no direct confirmation of that as yet. European stocks look set to open marginally firmer. DAX futures up +0.4%, CAC 40 futures up +0.3%.

EUR/USD firms during Asian trade Posted: Up at 1.4160 from a North American close Wednesday down around 1.4085. The move comes against a general risk on backdrop. There have also been reports of China stepping up its’ buying of European bail-out bonds and its’ direct investment in Europe. Euro zone data due today: 06:00 GMT: German import price index for April expected [...]

German FinMin: Greek debt restructure bears high risks Posted: Looks like Greeks need more time Reuters reporting on an article in a German newspaper