- Spain official: Surprised by S&P downgrade
- Spain official: Spain will decide on bailout at appropriate time
- ECB monthly bulletin: There are “severe distortions” in govt bond markets
- World Bank’s Kim: Believes China will be very aggressive in trying to restore growth after political transition
- Japan FinMin: Told IMF’s Lagarde that current yen rise not reflecting Japan’s economic fundamentals
- BOJ’s Shirakawa: Global economy is very unstable
- Fed’s Yellen: Most advanced economies are growing very slowly
- IMF’s Shinohara: BOJ has room for further monetary stimulus to achieve its 1% inflation target
- IMF’s Lagarde seeks more time for Greece austerity
- ECB’s Nowotny: Sees North-South divergence in the euro zone (who wud have thunk it?)
- German economic institutes see 2012 growth of +0.8%, 2013 growth of +1.0%, down from April forecasts
- German economic institutes: Do not expect Greece to be saved without a further haircut
- French September EU harmonized CPI falls -0.3%, +2.2% y/y, weaker than forecasts of flat, +2.2% respectively
- IMF fears ‘credit shock’ in Spain if Rajoy blocks rescue - AEP at The Telegraph
- Martin Weale casts doubt on QE as he sounds alarm over inflation – Daily Mail
- Spain’s economic situation could get much uglier – Business Insider
Another humbinger of a European session
Where there’s been movement the euro has seen some very marginal improvement, the single currency regaining its’ poise after suffering fairly sharp losses in the wake of the S&P Spain downgrade.
EUR/USD up at 1.2885 from early 1.2865, EUR/JPY up at 100.70 from early 100.35.
USD/JPY effectively unchanged at 78.10.
Cable effectively unchanged at 1.6015.
