Euro zone October business climate -0.18

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• Euro zone October business climate -0.18
• EMU Private Sector Lending +2.5 Y/Y, M3 +3.1% in September
• AUD/USD gets another leg up..
• Deal on deeper Greek bondholder losses unlikely to trigger CDS while participation still voluntary – ISDA lawyer
• EUR/GBP attracting month end flows…
• BOE Fisher Sees Risk of Recession, Deflation: Bloomberg TV
• IIF’s Dallara: Pleased with outcome of summit with voluntary 50% discount on Greek debt
• Analysis:Germany: Brandenb Oct CPI +0.1% M/M, Hesse Flat M/M
• ECB buying Italian bonds in secondary market
• Japan FinMin Azumi: BOJ easing was appropriate decision
• Euro zone September M3 annual growth 3.1%
• BOJ expands stimulus as EU crisis boosts yen
• UK Osborne: UK Won’t Directly Contribute To Euro Zone Bailout
• Talk of barrier option interest in EUR/CHF…..
• China Foreign Ministry: Welcomes consensus reached at EU debt summit
• Germany: Saxony Oct CPI +0.2% M/M; Above Pan-German F-cast
• GERMANY DATA: Saxony October CPI +0.2% m/m, +2.7%….
• European stocks continue their climb
• BOE’s Fisher: Significant chance of UK double dip recession – Bloomberg
• BOE’s Fisher: Doesn’t see any reason for sterling to deviate siginificantly from where it is now

Euro zone October business climate -0.18 Posted: In line with Reuters’ median forecast of -0.2%.

EMU Private Sector Lending +2.5 Y/Y, M3 +3.1% in September Posted: September sa M3: +3.1% y/y M3 sa 3-mo avg: +2.6% y/y SA private loans: +2.5% y/y MNI survey median: September sa M3: +2.9% y/y M3 sa 3-mo avg: +2.6% y/y SA private loans: +2.6% y/y MNI survey range: September sa M3: +2.4% to +3.0% y/y M3 sa 3-mo avg: +2.3% to +2.7% y/y August sa [...]

AUD/USD gets another leg up.. Posted: Jumps to 1.0603 on some strong buying from various names, with one London name saying the  supply into the 1.6000 level was fairly substantial. Talk of  hedge fund offers now around the $1.0633 high seen on Sep 9, ahead of Sep 7/8 highs of 1.0560/61. Bids likely but not confirmed around 1.0500/10

Deal on deeper Greek bondholder losses unlikely to trigger CDS while participation still voluntary – ISDA lawyer Posted: EUR/USD waffling down around 1.4000. Reports BIS has been a seller this morning.  Not from my sources mind you.

EUR/GBP attracting month end flows… Posted: Build higher this morning looks to be on month end flows again as well as the overall “euphoria” following the EU summit. Recent month end flows however have been a bit disappointing. A break and close up through the 0.8800 level will possibly open a stronger move up to the July highs of 0.9080 Technical resistance [...]

BOE Fisher Sees Risk of Recession, Deflation: Bloomberg TV Posted: LONDON (MNI) – There is a significant risk of the UK slipping back into recession and this quarter’s growth is likely to come in near flat, Bank of England Executive Director Markets Paul Fisher has said. Fisher told Bloomberg TV that the Monetary Policy Committee’s decision to relaunch quantitative should boost confidence and reduce that [...]

IIF’s Dallara: Pleased with outcome of summit with voluntary 50% discount on Greek debt Posted: Specifics remain to be negotiated Believes take-up by private sector should be high

Analysis:Germany: Brandenb Oct CPI +0.1% M/M, Hesse Flat M/M Posted: Hesse CPI October: flat m/m, +2.4% y/y September: +0.3% m/m, +2.3% y/y — Brandenburg CPI October: +0.1% m/m, +2.4% y/y September: -0.1% m/m, +2.3% y/y — Pan-German CPI MNI median forecast: +0.1% m/m, +2.6% y/y MNI forecast range: -0.1% to +0.1% m/m September: +0.1% m/m, +2.6% y/y — BERLIN (MNI) – October consumer prices in [...]

ECB buying Italian bonds in secondary market Posted:

Japan FinMin Azumi: BOJ easing was appropriate decision Posted: Worried about speculative moves behind yen strength Think stock rises reflect market appreciation of BOJ steps (well maybe partly, could be something else going on though)

Euro zone September M3 annual growth 3.1% Posted: Stronger than Reuters’ median forecast of 2.9%. M3 moving average July-Sept 2.6%, in line with median forecasts.

BOJ expands stimulus as EU crisis boosts yen Posted: Bloomberg report

UK Osborne: UK Won’t Directly Contribute To Euro Zone Bailout Posted: LONDON (MNI) – UK Chancellor of the Exchequer George Osborne said Thursday that the UK will not directly contribute to eurozone bailout funds but acknowled that the crisis will continue to draw strength out of the UK’s already wheezing economic recovery. “We’re very clear: we will not be contributing directly to the special purpose vehicle,” [...]

Talk of barrier option interest in EUR/CHF….. Posted: Big drumm roll…………………………………………..at 1.2300. Personally I’d like to see that sucker popped bigtime. Just to make a certain someone look real silly

China Foreign Ministry: Welcomes consensus reached at EU debt summit Posted: Hopes EU summit outcome will boost market confidence Willing to help make efforts to protect international financial stability, global growth Supports active measures taken by EU to overcome crisis Confirms President Hu to talk with French President on economic crisis Enough already with all the bloody rhetoric “SHOW ME THE MONEY” “SHOW ME THE MONEY”

Germany: Saxony Oct CPI +0.2% M/M; Above Pan-German F-cast Posted: Saxony CPI October: +0.2% m/m, +2.7% y/y September: +0.3% m/m, +2.6% y/y — Pan-German CPI MNI median forecast: +0.1% m/m, +2.6% y/y MNI forecast range: -0.1% to +0.1% m/m September: +0.1% m/m, +2.6% y/y — BERLIN (MNI)- Consumer prices in the eastern German state of Saxony rose 0.2% in October, lifting the annual inflation rate [...]

GERMANY DATA: Saxony October CPI +0.2% m/m, +2.7%…. Posted: GERMANY DATA: Saxony October CPI +0.2% m/m, +2.7% y/y; September +2.6% y/y – Saxony October CPI above MNI pan-German survey median of +0.1% m/m – Saxony October CPI ex-seasonal foods +0.2% m/m, +2.9% y/y – Saxony October CPI ex-fuel/heating oil +0.2% m/m, +2.1% y/y – Saxony October CPI ex-energy/seasonal foods +0.2% m/m, +1.9% y/y – [...]

European stocks continue their climb Posted: DAX up 3.3%   Stoxx Europe 600 banks index up 2.1%. EUR/USD up at 1.4031 as stops thru 1.4020 tripped. Next barrier option interest lined up at 1.4050.

BOE’s Fisher: Significant chance of UK double dip recession – Bloomberg Posted: No shit sherlock.  My barber could have told him that at the beginning of the year. You all remember what he was saying back in the first quarter of 2011. Man’s a bloody genius, wasted cutting hair. If confidence doesn’t return may have to consider more asset purchases (if we don’t see additional QE I’ll [...]

BOE’s Fisher: Doesn’t see any reason for sterling to deviate siginificantly from where it is now Posted: Let’s be honest, it hasn’t done a great deal for the whole of the past year.