Germany’s Business Morale Lower Than Expected In July

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• Update: Ifo: Germany’s Business Morale Below Expected In July
• Greek FinMin: Euro zone gave clear answer to markets yesterday
• Ifo: Germany’s Business Morale Lower Than Expected In July
• Ifo’s Abberger: German business expectations have clear downward tendency
• IIF proposals for Greek debt exchange and buybacks unlikely to trigger credit event – ISDA general counsel David Geen
• Ifo German business climate index 112.9 in July
• German EconMin Roesler: Important that EFSF purchases on secondary market only possible within “tight boundaries”
• Greek 5 year cds 1675, 380 bps tighter
• Italy/German 10 year govt bond yield spread 224 bps
• MNI Survey: Japan June Jobless Rate Seen 4.6% Vs May 4.5%
• MNI Survey: Japan June Jobless Rate Seen 4.6% Vs May 4.5%
• China NDRC official: Inflation situation will be better in H2 than H1
• FRANCE DATA: July mfg sentiment 105 vs June 110……
• FRANCE DATA: July mfg sentiment 105 vs June 110……
• French July manufacturing industry morale falls to 105
• Slowly building a picture
• France’s Fin Min:EFSF Can Prevent Speculative Attacks In EMU
• EUR/USD slips back below 1.4400, notable seller seen
• Japan June Supermarket Sales +0.1% Y/Y, 1st Rise in 3 Months
• Eurostoxx 50 futures up +0.8% early

Update: Ifo: Germany’s Business Morale Below Expected In July Posted: – Adds Details on Sectors July MNI analysts survey June May median range ———————————————————————— Business sentiment: 112.9 113.8 113.0 – 114.2 114.5 114.2 Current conditions 121.4 122.8 121.8 – 123.3 123.3 121.5 Six-month outlook: 105.0 105.0 104.3 – 106.0 106.2 107.4 – FRANKFURT (MNI) – The decline in Germany’s business climate was worse than expected [...]

Greek FinMin: Euro zone gave clear answer to markets yesterday Posted: There is breath of relief for Greek economy, but does not mean relaxation of efforts Must continue applying economic adjustment programme, privatisations There is protection umbrella for Greek banking system Capital support for Greek banks will be needed Greek bank liquidity assured by euro zone, ECB decisions Greek borrowing needs covered up to 2020 Greece [...]

Ifo: Germany’s Business Morale Lower Than Expected In July Posted: July MNI analysts survey June May median range ———————————————————————— Business sentiment: 112.9 113.8 113.0 – 114.2 114.5 114.2 Current conditions 121.4 122.8 121.8 – 123.3 123.3 121.5 Six-month outlook: 105.0 105.0 104.3 – 106.0 106.2 107.4 – FRANKFURT (MNI) – The decline in Germany’s business climate was worse than expected in July, with companies’ view [...]

Ifo’s Abberger: German business expectations have clear downward tendency Posted: German economy on good path for soft landing Conditions have worsened somewhat but still high level Euro crisis so far not big impact on German real economy It remains important that crisis solved German businesses see international developments cautiously

IIF proposals for Greek debt exchange and buybacks unlikely to trigger credit event – ISDA general counsel David Geen Posted: Terms of IIF offer on Greek debt exchange and buybacks are voluntary and therefore would not constitute a CDS trigger

Ifo German business climate index 112.9 in July Posted: Weaker than Reuters median forecast of 113.8. EUR/USD sees slight dip on news and runs slap bang into aforementioned ACB buy interest. Result we’re back above 1.4400 at 1.4410. Choppy enough for ya?

German EconMin Roesler: Important that EFSF purchases on secondary market only possible within “tight boundaries” Posted: Market has had a little wobble on that comment, EUR/USD back down at 1.4390. Other comments from the official: Result of the euro zone summit is good Planned flexibilisation of EFSF rescue mechanism is a “justifiable path”

Greek 5 year cds 1675, 380 bps tighter Posted: Spanish 5 year cds 372, 36 bps tighter Portuguese 5 year cds 850, 123 bps tighter Italian 5 year cds 214 bps, 39 bps tighter Irish 5 year cds 800 bps, 134 bps tighter The Big German has been hitting EUR/SEK hard in recent trade I’m being told. . This will be weighing on EUR/USD. [...]

Italy/German 10 year govt bond yield spread 224 bps Posted: Lowest since July 7. EUR/USD up at 1.4432. Barrier interest looms 1.4450.

MNI Survey: Japan June Jobless Rate Seen 4.6% Vs May 4.5% Posted: – See Separate Table For Details of Individual Forecasts TOKYO (MNI) – Japan’s seasonally adjusted unemployment rate is expected to have risen slightly to 4.6% in June from 4.5% in May while the ratio of job offers to job seekers is seen unchanged at 0.61 in June, according to the median forecasts of analysts surveyed [...]

MNI Survey: Japan June Jobless Rate Seen 4.6% Vs May 4.5% Posted: – See Separate Table For Details of Individual Forecasts TOKYO (MNI) – Japan’s seasonally adjusted unemployment rate is expected to have risen slightly to 4.6% in June from 4.5% in May while the ratio of job offers to job seekers is seen unchanged at 0.61 in June, according to the median forecasts of analysts surveyed [...]

China NDRC official: Inflation situation will be better in H2 than H1 Posted: Current inflation cycle near turning-point Interesting. Maybe we’re close to end of Chinese monetary tightening cycle. The comments are risk positive.

FRANCE DATA: July mfg sentiment 105 vs June 110…… Posted: FRANCE DATA: July mfg sentiment 105 vs June 110 (109) – Below expected; MNI analysts survey median forecast 107 – Execs’ own-company outlook 8 vs June 16 (14) – Sector production outlook 3 vs June 13 – For more information, please see MNI Mainwire

FRANCE DATA: July mfg sentiment 105 vs June 110…… Posted: FRANCE DATA: July mfg sentiment 105 vs June 110 (109) – Below expected; MNI analysts survey median forecast 107 – Execs’ own-company outlook 8 vs June 16 (14) – Sector production outlook 3 vs June 13 – For more information, please see MNI Mainwire

French July manufacturing industry morale falls to 105 Posted: From upwardly revised 110 (previous 109) in June. Weaker than median forecast of 107.

Slowly building a picture Posted: Latest piece of the puzzle. Talk of Asian sovereign demand down around 1.4380. Reports had Korea intervening overnight to slow strengthening of the won by buying USD/KRW, so above talk not overly surprising. Bit of USD diversification.

France’s Fin Min:EFSF Can Prevent Speculative Attacks In EMU Posted: PARIS (MNI) – The measures adopted by Eurozone leaders Thursday will assure that Greece can repay its debts and prevent speculative attacks on other countries, French Finance Minister Francois Baroin said Friday. “‘Selective default’ is a legal qualification of the rating agencies,” Baroin said in a radio interview. “It’s their business.” “Even if the rating [...]

EUR/USD slips back below 1.4400, notable seller seen Posted: We’re back at 1.4397. Large hedge fund out of London seen decent seller above 1.4400. Chop, chop choppy start.

Japan June Supermarket Sales +0.1% Y/Y, 1st Rise in 3 Months Posted: TOKYO (MNI) – Sales at supermarkets in Japan open for at least a year rose 0.1% in June from a year earlier to Y1.059 trillion, the first year-on-year rise in three months, on strong demand for energy-saving goods, an industry group said Friday. The slight increase followed decreases of 1.4% in May and 1.3% in [...]

Eurostoxx 50 futures up +0.8% early Posted: DAX futures up 0.6%, CAC 40 futures up 0.9%. EUR/USD back above 1.4400, presently at 1.4410. Talk barrier interest up at 1.4450.