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- EU’s Juncker says selective default for Greece is a possibility
- Swiss ZEW investor sentiment -58.9 in July
- AUD/USD holding 1.0700.. just about
- Debt buyback is only option of private sector involvement in Greek bailout that offers chance to avoid rating downgrade – Source
- UK Data: Jun PSNB-X Up Versus Yr Ago, Hit By Tax Rebates
- UK DATA: UK car production rose 1.8% in June: SMMT…
- Dutch FinMin: Merkel-Sarkozy talks focused on how to avoid contamination if there is private sector involvement for Greece
- UK Analysis: June Retail Sales Bounce Back But Q2 Lacklustre
- UK DATA: June PSNB-X Stg13.984bn vs Stg13.635n in….
- UK DATA: Jun Ret Sales +0.7% m/m; +0.4% y/y; median..
- UK June retail sales +0.7% m/m, +0.4% y/y
- UK data up soon…
- Eurozone July flash manufacturing PMI 50.4
- Update-2:Merkel,Sarkozy Agree On Joint Plan For Greek Bailout
- Greek/German 10 year govt bond yield spread 57 bps tighter at 1,414 bps
- German flash July manufacturing PMI 52.1
- French flash July manufacturing PMI falls to 50.1
- Merkel and Sarkozy reject bank tax proposal
- Update: Merkel, Sarkozy Agree On Joint Plan For Greek Bailout
- Slow, wary start to European trade
| EU’s Juncker says selective default for Greece is a possibility Posted:    |
| Swiss ZEW investor sentiment -58.9 in July Posted: Down sharply from previous -24.3. Oh-eh.  |
| AUD/USD holding 1.0700.. just about Posted: Been a lot of steady buying this morning from model traders who are soaking up the move lower on the back of the weaker euro. Ozzie’s just off the lows seen in Asia and Europe of 1.0704 Option expiries today are at 1.0700 and 1.0750  |
| Posted: Greek bond buyback could offer a small premium to market value of paper French banks’ idea of debt rollover has lost some appeal as would trigger downgrade and is quite generous to banks Quite substantial chance of agreement on Thursday on enhanced EFSF flexibility Should be possible to find agreement on precautionary credit lines from [...]  |
| UK Data: Jun PSNB-X Up Versus Yr Ago, Hit By Tax Rebates Posted: –June PSNB-X Stg13.984bn vs Stg13.635n in June 2010 –June PSNCR Stg20.969bn vs Stg8.955bn in June 2010 –June Current Budget-X -Stg11.801bn vs -Stg11.415bn in June 10 LONDON (MNI) – UK Public Sector Net Borrowing rose in June compared with a year earlier, although the timing of income tax rebates may have have reduced receipts this month, [...]  |
| UK DATA: UK car production rose 1.8% in June: SMMT… Posted: UK DATA: UK car production rose 1.8% in June: SMMT  |
| Posted: And there’s the rub. EUR/USD touch easier on comment, presently at 1.4235.  |
| UK Analysis: June Retail Sales Bounce Back But Q2 Lacklustre Posted: –Jun Retail Sales +0.7% m/m; +0.4% y/y; median +0.6% m/m; +0.3% y/y –Jun Retail Sales ex fuel +0.8% m/m; +0.2% y/y;median +0.7% m/m;unch yy LONDON (MNI) – Retail sales bounced back partially in June, following a sharp decline in May, but second quarter was lacklustre and will barely add to GDP growth, according to figures [...]  |
| UK DATA: June PSNB-X Stg13.984bn vs Stg13.635n in…. Posted: UK DATA: June PSNB-X Stg13.984bn vs Stg13.635n in June 2010 –June PSNCR Stg20.969bn vs Stg8.955bn in June 2010 –June Current Budget-X -Stg11.801bn vs -Stg11.415bn in June 10 ———————————————————————— UK Public Sector Net Borrowing rose in June compared with a year earlier, although the timing of income tax rebates may have have reduced receipts this month, [...]  |
| UK DATA: Jun Ret Sales +0.7% m/m; +0.4% y/y; median.. Posted: UK DATA: Jun Ret Sales +0.7% m/m; +0.4% y/y; median +0.6% m/m; +0.3% y/y –Jun Retail Sales ex fuel +0.8% m/m; +0.2% y/y;median +0.7% m/m;unch yy ———————————————————————— Retail sales bounced back partially in June, following a sharp decline in May, but second quarter was lacklustre and will barely add to GDP growth, according to figures [...]  |
| UK June retail sales +0.7% m/m, +0.4% y/y Posted: Little stronger than Reuters median forecasts of +0.5%, +0.3% respectively. PSNB +11.977 bln, pretty much in line with Reuters median forecast of 12.0 bln.  |
| Posted: In just under 10 minutes at 08:30 GMT. UK retail sales for June expected +0.5% m/m, flat y/y Public finances. PSNB expected 10.4 bln, PSNCR expected 17.0 bln. Cable little changed on the day at 1.6165. Sell orders around 1.6200 earlier held the topside. Talk of trailing sell stops through 1.6140.  |
| Eurozone July flash manufacturing PMI 50.4 Posted: Down from 52.0 in June and below median forecast of 51.5. Lowest since Sept 2009. Services 51.4, down from 53.7 in June and below median forecast of 53.0. Also lowest since September 2009. EUR/USD sits at 1.4245 having been hit by the weak european PMI data this morning. Reports of sell stops gathering down in [...]  |
| Update-2:Merkel,Sarkozy Agree On Joint Plan For Greek Bailout Posted: –Adds Media Reports On Details Of Plan To Story Sent At 04:46 GMT BERLIN (MNI) – German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed on a joint position for a second fiscal aid package for Greece, the German government confirmed Thursday. The joint position has been communicated to European Council president Herman Van [...]  |
| Greek/German 10 year govt bond yield spread 57 bps tighter at 1,414 bps Posted: Greek 2 year govt bond yield off more than 2% to 37.052%. Now we’re cooking Greek 5 year credit default swaps fall 59 bps on day to 2,300 bps.  |
| German flash July manufacturing PMI 52.1 Posted: Down from 54.6 in June and below median forcast of 54.0. Lowest since October 2009. Services 52.9, down from 56.7 in June and below median forecast of 56.7.  |
| French flash July manufacturing PMI falls to 50.1 Posted: Down from 52.5 in June and below median forecast of 52.0. Lowest read in 2 years. Services 54.2, down from 56.1 in June and below median forecast of 55.5. 16-month low.  |
| Merkel and Sarkozy reject bank tax proposal Posted: Apparently. Out on a wire somewhere. Which one, haven’t the foggiest.  |
| Update: Merkel, Sarkozy Agree On Joint Plan For Greek Bailout Posted: –Adds Media Report On Details Of Plan To Story Sent At 04:46 GMT BERLIN (MNI) – German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed on a joint position for a second fiscal aid package for Greece, the German government confirmed Thursday. The joint position has been communicated to European Council president Herman Van [...]  |
| Slow, wary start to European trade Posted: EUR/USD up about 7 pips since I sat down, presently at 1.4270. UK clearer seen early buyer. Talk sell orders clustered 1.4280/00. Slightly differing reports as to where buy stops lined up from here. Heard both through 1.4310 and 1.4320. Take your pick. Nice to have choices  |
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