- EU’s Almunia: Spain banking bailout will have conditions
- EU’s Altafaj: Rate on Spain loan depends on market conditions
- Spain’s Banco Popular: Won’t request EU aid funds. Already boosting capital, no more steps needed
- Spain’s 10 year bond yield having fallen below 6% this morning, back up at 6.20%
- Portugal sees no reason to request new aid conditions, SIC says
- Germany’s Siebert: German govt still aims to pass ESM, pact by summer recess
- Finnish PM: Euro zone collapse less likely as Spanish bank rescue removed biggest unknown. Spanish bank rescue should not be seen as precedent
- Cypriot FinMin Shiarly: Spanish bailout terms are ‘very favourable.’ Cyprus can secure favourable terms if bailout needed
- OPEC president see $100-120/bbl as reasonable oil price
- French April industrial production +1.5%m/m, much stronger than median forecast of flat
- Italian final Q1 GDP confirmed at -0.8% q/q. Revised to -1.4% y/y from preliminary -1.3%
- Japan s.a May consumer confidence index 40.7, up from 40.0 in April
- Debt crisis: 100 bln bailout could backfire on Spain - The Telegraph
Early optimism surrounding the Spanish bailout has faded somewhat and the single currency has given up ground across the board.
EUR/USD down at 1.2575 from early 1.2630, having been as low as 1.2560 after sell stops tripped through 1.2580. The BIS was seen buying in the 1.2590/00 area and this slowed the sell-off for a time. Large ACB subsequently seen buying around the session lows.
Cable effectively unchanged at 1.5545, well 5 pips lower from when I arrived. EUR/GBP down a .8087 from early .8123, reflecting the general euro slippage.
USD/JPY down at 79.45 from early 79.60, EUR/JPY down at 99.90 from around 100.55.