Q1 Housing Equity Injection Falls From Q4 High – BOE

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• Unicredit CEO: S&P warning on Greece selective default too much of a “technical interpretation”
• UK Data: Q1 Housing Equity Injection Falls From Q4 High – BOE
• Update: Germany Opposition To Block Tax Cut Plan In Upper Hse
• Euro zone sentix index rises to 5.3 in July from 3.5 in June
• UK construction PMI for June 53.7
• Now isn’t this better……..
• Down on the Fourth of July: the United States of Gloom
• JAPAN DATA: Japan is expected to have posted a…….
• MNI Survey: Japan May Current Account Surplus Seen -75% Y/Y
• Stoxx Europe 600 banking index falls 1%
• Data from Italy point to trouble ahead – WSJ
• Update: BOJ: 7 Out of 9 Japan Regions Up Econ Views
• Germany: Opposition To Block Govt’s Tax Cut Plan In Upper Hse
• Swiss retail sales -4.1% in May
• Greek govt intiatives in next days and weeks aim to resurrect economy, halt recession – FinMin
• Spain June jobless falls 1.62% by 67,858 people to 4.1 mln – Labour Ministry
• Odds and sods
• BOJ: 7 Out of 9 Japan Regions Up Views; Signs of Econ Pickup
• Now just hold on a minute there!!
• Will the ECB hike rates amid gloomy European manufacturing figures?

Unicredit CEO: S&P warning on Greece selective default too much of a “technical interpretation” Posted: Oh dear. I think this is all going to get really anal European agreement on Greek debt rollover is indespensable

UK Data: Q1 Housing Equity Injection Falls From Q4 High – BOE Posted: LONDON (MNI) – UK households continued to inject equity into their houses in the first quarter, but the amounts involved fell back markedly from the record high hit in the fourth quarter, according to the latest Bank of England data. The Q1 housing equity withdrawal (HEW) data showed householders injected a net stg5.832 billion, the [...]

Update: Germany Opposition To Block Tax Cut Plan In Upper Hse Posted: –Adds Comments By German Govt Advisor To Story Sent At 04:24 GMT BERLIN (MNI) – Germany’s main opposition parties said Monday that they will block the government’s planned tax cuts in the upper house of parliament, the Bundesrat representing the 16 states, where it controls a majority. Chancellor Angela Merkel’s center-right CDU/CSU-FDP government coalition had [...]

Euro zone sentix index rises to 5.3 in July from 3.5 in June Posted: Much better than median forecast of 1.1. Another surprise…….

UK construction PMI for June 53.7 Posted: Very slightly better than median forecast of 53.5. And it didn’t come out at 08:28 GMT as I’d expected. Life can be full of surprises.

Now isn’t this better…….. Posted: Calm has returned. All is balance and harmony once more in the forex markets. Lets hope Euro Zone and UK data up in 10 minutes or so doesn’t go bugger it all up. UK 08:30 GMT: Construction PMI for June expected 53.5 from 54.0 and BOE housing equity withdrawal Q1 expected -6.4 bln from previous -7.0 [...]

Down on the Fourth of July: the United States of Gloom Posted: See, you should have stayed under British rule……. Yer right

JAPAN DATA: Japan is expected to have posted a……. Posted: JAPAN DATA: Japan is expected to have posted a current account surplus of Y306.0 billion in May, down 75.0% on year, the third straight y/y decline, following a preliminary -69.5% in April, according to the median forecast of economists surveyed by Market News International. The Ministry of Finance will release the data at 0850 JST [...]

MNI Survey: Japan May Current Account Surplus Seen -75% Y/Y Posted: – See Separate Table For Details Of Individual Forecasts TOKYO (MNI) – Japan is expected to have posted a current account surplus of Y306.0 billion in May, down 75.0% on year, the third straight y/y decline, following a preliminary -69.5% in April, according to the median forecast of economists surveyed by Market News International. The [...]

Stoxx Europe 600 banking index falls 1% Posted: After posting biggest weekly rise in a year last week. Didn’t my little buddy in the US say to watch European bank stocks. I think he did, or maybe I just imagined it

Data from Italy point to trouble ahead – WSJ Posted: As Italy launches an ambitious plan to balance the budget by 2014, fundamental economic indicators signal trouble ahead.

Update: BOJ: 7 Out of 9 Japan Regions Up Econ Views Posted: – Adds Osaka Branch Manager Remarks, Background In Paragraphs 13-22. TOKYO (MNI) – The Bank of Japan said on Monday that seven out of the nine regions in Japan have upgraded their views from three months ago, a sign that the economy as a whole is moving out of the temporary downturn caused by the [...]

Germany: Opposition To Block Govt’s Tax Cut Plan In Upper Hse Posted: BERLIN (MNI) – Germany’s main opposition parties said Monday that they will block the government’s planned tax cuts in the upper house of parliament, the Bundesrat representing the 16 states, where it controls a majority. Chancellor Angela Merkel’s center-right CDU/CSU-FDP government coalition had agreed to lower income tax rates on small and medium-sized income from [...]

Swiss retail sales -4.1% in May Posted: Demonstrably weaker than median forecast of +4.6%. April’s data revised marginally firmer to +7.8% from original +7.5%. Seems like rather a volatile series.

Greek govt intiatives in next days and weeks aim to resurrect economy, halt recession – FinMin Posted:

Spain June jobless falls 1.62% by 67,858 people to 4.1 mln – Labour Ministry Posted: Third straight month of falls. Let’s hope it’s just the start of a durable trend.

Odds and sods Posted: Some assorted flow stuff: Buy stops seen thru 1.2350 in EUR/CHF Large buy stops seen thru 118.00 in EUR/JPY Sell stops seen thru 80.50 and 80.25 in USD/JPY, buy stops thru 81.00 and 81.30 Buy stops seen thru 1.0800 in AUD/USD Barrier option interest seen up at .9100 in EUR/GBP

BOJ: 7 Out of 9 Japan Regions Up Views; Signs of Econ Pickup Posted: TOKYO (MNI) – The Bank of Japan said on Monday that seven out of the nine regions in Japan have upgraded their views from three months ago, a sign that the economy as a whole is moving out of the temporary downturn caused by the March 11 earthquake disaster. “Compared with the last assessment in [...]

Now just hold on a minute there!! Posted: It’s the 4th of July. The good ol US of A is out enjoying a well deserved holiday and I’ve come to work this morning expecting a nice leisurely session. So stop all this nonsense; we don’t need no stinking volatility!! Euro zone data due today: 08:30 GMT: Euro zone sentix investor confidence for July [...]

Will the ECB hike rates amid gloomy European manufacturing figures? Posted: Hurry the word over to the European Central Bank: the European recovery could be heading into a stall by the autumn. Terence Roth at WSJ’s The Source.