- Spain’s Rajoy: 2012 will be worst year for economy. 2013 will be better. Will see growth in 2014
- Spain’s Rajoy: If financing costs rise sharply we would ask for rescue
- Spain’s Rajoy: We will take new steps on mortgage evictions
- S&P places Slovenia foreign long-term rating on watch negative
- Greek FinMin: Austerity bill will be fast-tracked
- EU’s Juncker: Europe still in crisis, facing viability of euro
- More Juncker: He is optimistic on Greece
- EU commissioner Barnier: Europe has passed ‘peak’ of debt crisis
- Portugal FinMin: It is an illusion to expect quick solution to crisis
- German October final services PMI 48.4, down markedly from flash read of 49.3
- Euro zone October final services PMI 46.0, down from flash 46.2, lowest read since July 2009
- Euro zone September producer prices +0.2% m/m, +2.7% y/y, pretty much in line with median forecasts +0.2%, +2.6% respectively
- German September manufacturing orders -3.3% m/m, demonstrably weaker than Reuter’s median forecast of -0.5% Slight consolation, August data revised upwards to -0.8% from -1.3% previously
- UK Halifax October house prices -0.7% m/m, -1.7% y/y
- UK September manufacturing output +0.1% m/m, -1.0% y/y, weaker than median forecasts +0.3%, -0.9% y/y respectively
- Greek unions vow to stage ‘the mother of all strikes’ - The Guardian,
- IMF warns over-taxed France risks slipping behind Italy and Spain - AEP at The Telegraph
- Barack Obama will win say Peruvian shamans - Sky News
- The best China tourism video ever?
Well I don’t know about you boys and girls, but I thought that hummed along rather nicely.
Bit of risk appetite evident, darned if I know why. Eurostoxx up +0.7%, oil up about half a buck, gold up about 6 bucks and US treasuries up marginally as well. The benchmark 10 year yields 1.7086% presently compared to the 1.6963% which greeted me.
EUR/USD up marginally at 1.2805 from early 1.2790. Inbetween though we’ve been as low as 1.2763 and as high as 1.2814. Despite all that though, we’re really only effectively consolidating recent losses in the pairing (don’t tell anyone though)
Buy orders seen clustered 1.2750/60 (is it any wonder we stopped at 1.2763), stops below . Sell orders seen clustered 1.2930/50, stops above.
USD/JPY touch firmer at 80.17 from the 80.02 which greeted me, EUR/JPY up at 102.65 from early 102.30, having been as high as 102.80 at one stage. Reports had a ‘respected Asian player’ buying the cross aggressively this morning.
Cable effectively unchanged at 1.5985, EUR/GBP up a smidgeon at .8010 from around .8000. Those expecting a decent UK economic recovery would do well to make note of the weak housing and output data released this morning. Mark my words, hard times lie ahead in Old Blighty……
