Swissy and yen gain as European stocks renew slide

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• Swissy and yen gain as European stocks renew slide
• South Korean regulator to ban stock short selling for 3 months
• UK June industrial production unchanged on month
• Dutch, Luxembourg central banks opposed further ECB bond buys – Handelsblatt
• Just incase we need it: ECB buying Italian, Spanish bonds
• Correction: Trichet says ECB in secondary market
• ECB’s latest bond buys “not advisable” – German official
• Eurostoxx 50 futures sharply pare losses
• Talk Bank of Korea may have sold total of around $1-$2 bln to support won Tuesday – DJ
• Trichet: ECB is in the secondary debt market and plans to stay there
• German June trade surplus s.a 11.5 bln
• Eurostoxx 50 futures fall 2.6%
• S.Korea’s state pension fund mulls revising monthly management plan to boost domestic stock buying – Spokesman
• S&P futures cut losses, down 0.9% after earlier losses of 3%
• Swiss consumer sentiment -17 in Q3
• Shanghai share index reverses into positive territory
• European central bank must go nuclear to save Europe
• European stocks seen opening sharply lower
• Japan seasonally adjusted July consumer confidence index 37.0
• Australian shares reverse all earlier losses

Swissy and yen gain as European stocks renew slide Posted: With European stocks having done a quick about face and renewed their slide, the swissy and to a lesser extent the yen are seeing accelerated gains. EUR/CHF presently down at 1.0540.

South Korean regulator to ban stock short selling for 3 months Posted:

UK June industrial production unchanged on month Posted: Weaker than median forecast of +0.4%. Cable gives ground, presently at 1.6320 from around 1.6360/65 prior to the release. Manufacturing production down -0.4% m/m, weaker than median forecast of +0.2% m/m. ONS says weak June industrial output data has minimal downward impact on Q2 GDP. UK June global goods trade balance -8.873 bln, weaker than [...]

Dutch, Luxembourg central banks opposed further ECB bond buys – Handelsblatt Posted: German newspaper Handelsblatt reports that Dutch central bank chief Knot and a representative from the Luxembourg central bank opposed plans to reactivate the ECB’s bond buying programme last week. The Luxemburg central bank chief Mersch wasn’t present at the meeting. They are said to have joined ECB executive board member Juergen Stark and Bundesbank chief [...]

Just incase we need it: ECB buying Italian, Spanish bonds Posted: Shock horror. Who would have thunk it?

Correction: Trichet says ECB in secondary market Posted: Leading wire service removes reference to pledge to stay in secondary market. Oh dear. That and comments from FDP’s Lindner have pressured EUR/USD lower, presently at 1.4215 from session high 1.4283.

ECB’s latest bond buys “not advisable” – German official Posted: Well, guess you can’t please everyone. Senior official in Germany’s ruling coalition government, Christian Lindner, has opined “The ECB is reverting to a policy that I don’t consider adviseable” warning “the central bank shouldn’t become partisan.” Lindner is General Secretary of the FDP which rules Germany in coalition with Merkel’s CDU. Lindner says his party [...]

Eurostoxx 50 futures sharply pare losses Posted: Down only -0.2% now. Trichet’s commitment to ongoing periphery bond purchases and the bounce in global stocks have put a bid under EUR/USD, presently up at 1.4265.

Talk Bank of Korea may have sold total of around $1-$2 bln to support won Tuesday – DJ Posted:

Trichet: ECB is in the secondary debt market and plans to stay there Posted: Not planning to intervene on primary bond market There’s a problem of confidence in global economy Sound budget policies key to confidence ECB considers itself anchor of confidence Italian, Spanish bond purchases not a shift in ECB strategy Bond purchases help monetary policy transmission Has asked Spain, Italy to speed up budget consolidation Fast implementation [...]

German June trade surplus s.a 11.5 bln Posted: Weaker than Reuters median forecast of 13.0 bln. Exports down -1.2% m/m, imports up +0.3% m/m

Eurostoxx 50 futures fall 2.6% Posted: DAX futures down 3.1%, CAC 40 futures down 2.3%. Well not as bad as the bookies had feared.

S.Korea’s state pension fund mulls revising monthly management plan to boost domestic stock buying – Spokesman Posted:

S&P futures cut losses, down 0.9% after earlier losses of 3% Posted:

Swiss consumer sentiment -17 in Q3 Posted: Sharply lower from -1 in Q2, and some way lower than median forecast of -5. Hard for anyone to be overly confident given all that’s going on, I guess.

Shanghai share index reverses into positive territory Posted: Having been down 3.5% earlier in session. Bargain hunters in China anyways.

European central bank must go nuclear to save Europe Posted: Latest from AEP at The Telegraph.

European stocks seen opening sharply lower Posted: Financial bookies have FTSE opening down as much as 5.3%; DAX down as much as 5.6%, CAC 40 down as much as 5.3%. I wonder when the bargain hunters are going to turn up? Although guess not much of a bargain if we’re headed into a recession.

Japan seasonally adjusted July consumer confidence index 37.0 Posted: Up from 35.3 in June. Meanwhile USD/JPY trading lower against the backdrop of heightened risk aversion, the market waiting for the BOJ to make a reappearance. USD/JPY down at 77.25 from a North American close up around 77.75, the BOJ having started its recent intervention down around 77.00.

Australian shares reverse all earlier losses Posted: After being -5% at one stage earlier today, Australian shares are now in positive territory. The AUD has also bounced, now over 200 pips above earlier lows.