March 25th, 2010 06:54:18 GMT

BOJ’s Kamezaki: BOJ will do utmost to pull Japan out of deflation

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  • Japan’s economy somewhat overshooting BOJ’s forecasts
  • Have no idea now if more steps needed when BOJ issues April 30 report
  • Should not be too early or too late in taking policy steps
  • Effect of easing is bigger when economy performing better than forecast
  • BOJ should not yield to pressure or be foreced into action
  • BOJ’s role is to support corporate activity with monetary policy
  • Have needed aggressive fiscal, monetary steps to boost public confidence in economy

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March 25th, 2010 06:37:33 GMT

Government of Dubai to support restructuring of Dubai World, Nakheel through $9.5 bln in new funding

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  • Support comes through Dubai Financial Support Fund
  • Support ensures that Dubai World and Nakheel key contributors to economic future of Dubai, UAE
  • Funding includes $5.7 bln remaining from previous loan made by government of Abu Dhabi, internal Dubai resources
  • Govt offering to recapitalise Dubai World through the equitisation of the government’s $8.9 bln claim and a commitment to fund up to $1.5 bln in new funds
  • Trade creditors will be offered a significant cash payment shortly and a tradable security
  • Government to recapitalise Nakheel
  • Government offering to inject approxiametely $8 bln in new funds to Nakheel. Nakheel 2010, 2011 sukuk to be paid in full as they fall due. Payout depends on getting sufficient support for proposal.
  • Restructuring process is expected to take several months to implement
  • After restructuring no more money for Dubai World in the future
  • Nakheel projects will have “new direction” with phased implementation

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March 25th, 2010 06:14:02 GMT

EUR/USD lower as 1.3300 gives out

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EUR/USD sits at 1.3290, down from a North American close Wednesday up around 1.3320, with the well documented 1.3300-1.4300 DNT now history.  Two day EU summit starts today, but chances of aid package for Greece being announced at the end of it slim to non-existent if you believe recent German rhetoric.

Ominous words from PBOC Deputy Governor Zhu Min who has opined that the Greek debt crisis is just the beginning.  Oh-eh.

Euro zone data due today:

07:00 GMT: German Gfk consumer confidence for April expected 3.1 from 3.2

07;45 GMT: French consumer spending for February expected +0.4% m/m, +3.6% y/y

08;30 GMT: Italian business confidence for March expected 84.4 from 84.0

09:00 GMT: Italian retail sales for January expected +0.1% m/m, +0.8% y/y

09:00 GMT: Euro zone M3 money supply expected -0.1% m/m,  3M/Feb -0.1%

4 Comments

March 25th, 2010 06:05:30 GMT

EMU Data: MNI Survey Of Econ Data Forecasts, March 25

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Eurozone M3 – February
%yoy %yoy – 3mma %yoy – private
sector loans

Median* -0.1 -0.1 -0.6
High forecast 0.4 0.1 -0.4
Low forecast -0.6 -0.3 -0.9
Number of responses 15 9 4

-0.5 -0.2 -0.7
Barclays Cap. 0.1 0.0
Action Economics -0.2 -0.4
Commerzbank -0.5
Capital Economics -0.1 -0.1
DZ Bank
JP Morgan -0.4
Nomura -0.1
4Cast 0.0
Natixis -0.6 -0.3 -0.9
BNP Paribas -0.3 -0.2
Unicredit -0.1
UBS 0.1 0.0
West LB 0.1 0.0
GS
Citi 0.4 0.1 -0.5
Soc. Generale -0.3 -0.2
———————————————————————-

* Median is based on above forecasts and is not intended to represent
a consensus.

The survey was conducted on Friday, March 19.

[TOPICS: M$XDS$,M$X$$$]

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March 25th, 2010 06:05:29 GMT

Germany Data: MNI Survey Of Econ Data Forecasts, Mar 25

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GfK Consumer Confidence
April

Median* 3.1
High forecast 3.2
Low forecast 3.0
Number of responses 12

Barclays Cap. 3.1
Action Economics 3.1
Commerzbank 3.1
Capital Economics 3.2
DZ Bank 3.1
Nomura
4Cast 3.2
Natixis 3.1
BNP Paribas 3.2
Unicredit 3.0
UBS 3.1
West LB 3.0
GS
Citi
Soc. Generale 3.0

———————————————————————-

* Median is based on above forecasts and is not intended to represent
a consensus.

The survey was conducted on Friday, March 19.

[TOPICS: M$XDS$,M$X$$$]

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March 25th, 2010 05:26:16 GMT

Early Europe “Slap” EUR/USD First Up

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Early European players have given EUR/USD a nudge on the downside, triggering the barriers at 1.33 even and taking out stops just below. Official low so far 1.3283. GBP/USD and AUD/USD followed suit with GBP/USD running down to 1.4854 just ahead of reported bids at 1.4850 whilst AUD/USD slumped from around 0.9110 to 0.9090; last at 0.9098.

3 Comments

March 25th, 2010 05:25:51 GMT

Japan Average Regular Gasoline Price Up 3rd Week In Row

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TOKYO (MNI) – The average price of regular gasoline in Japan this
week rose to Y131.0 ($1.42) per liter, or $5.40 per gallon, from Y130.4
last week, posting the third weekly rise in a row, according to data
released by the Oil Information Center on Thursday.

It was much higher than Y111.5 marked a year ago.

In the Jan. 11, 2010 week, the price showed its first rise in 16
weeks since Sept. 14, 2009 and rose three more times until Feb. 1,
before being unchanged twice and falling as many times through March 1.

In the week of Oct. 5, 2009, the price of regular gasoline posted
its first week-to-week decline in about nine months, falling to Y128.9
from Y129.1, and then dropped for the fifth consecutive week until the
Nov. 2 week. It was unchanged at Y127.0 in the Nov. 9 week before
falling for seven weeks in a row through the Jan. 4, 2010 week.

Retail gasoline prices have been on a general uptrend since
mid-January 2009.

The national average price of Y106.0 marked on Jan. 13, 2009 was
the lowest level since the Y100.8 recorded on March 29, 2004.

The price had drifted down for a 22nd consecutive week through Jan.
13, 2009, after hitting a record high of Y185.1 on Aug. 4, 2008,
reflecting the fall in crude oil prices from their mid-July peak.

This week the average price of high-octane gasoline was at Y141.8
per liter, up from Y141.1 last week. It hit a record high of Y196.0 on
Aug. 4, 2008.

The average price for diesel oil was at Y110.3 per liter this week,
up from Y109.8 last week. It compared with the record high of Y167.4 hit
on Aug. 4, 2008.

The average over-the-counter price of kerosene for heating stood at
Y1,324 per 18 liters, up from Y1,321 last week. It posted a record high
of Y2,378 on Aug. 11, 2008.

The average home-delivery kerosene price this week was at Y1,445
per 18 liters, also up from Y1,443. It hit a record high of Y2,484 on
Aug. 11, 2008.

tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833**

[TOPICS: M$J$$$,M$A$$$,MAJDS$]

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