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Daily UK and Europe Highlights - 22 July 2009

Submitted by Raymond Shaw on 07/22/2009 06:10 -0400

Spew of news highlights from the UK and Europe. Lots of things to catch-up on today. GDP forecasts coming out of Eastern Europe, minutes from the Bank of England. I will be covering currencies, German and UK debt market news in the future.

Must read: BoE - Trends in Lending - July 2009 [RS: very interesting read] (Bank of England, RAN Squawk)
Must read: Spain Housing Collapse cuts rents in worst glut since 1950s - rents decline 8% (Bloomberg)
Must read: UK government debt interest to balloon [RS: understatement] (Telegraph)
Must read: Edmund Conway: Day of economic reality still to dawn on UK households (Telegraph)
MP's expenses: Parliamentary Standards Bill passed into law (Telegraph)
Minister admits needs for helicopters (Guardian, Telegraph, Reuters)
Human swine flu vaccine trial begins - UK death toll reaches 30 (Guardian)
England teachers among EU's worst (Guardian)
Evil Knievil on spread bets (Telegraph)
National Savings and Investments of UK says savers end "flight to safety" (Bloomberg)
Lord Mandelson's empire: 35 Cabinet Committee posts [RS: absolute disgust] (Telegraph, Guardian)
Must read: CIT Hit With Interest Rate More Than 25 Times Libor in Pimco-led Rescue (Bloomberg, Reuters)
Bank voted 9-0 for status quo on Quantitative Easing (Reuters, Bloomberg)
Must read: Deputy Governor Bean says must stabilise public finances (Reuters)
UK economy to return to growth in late '09 - National Inst. of Economic and Social Research (Reuters)
WTO says '08 world exports hit £9.7 trillion (Reuters)
Must read: Pub closures top 50 a week, industry figures show (Reuters)
Pound falls, Gilts rise on forecast house-price slump will last until 2012 (Bloomberg)
Must read: UK businesses despondent about recovery (FT)
Lagarde hits out at bankers' bonuses (FT)
Latvia rejects IMF demand to cut Pensions, Prime Minister says (Bloomberg)
Czech Finance Ministry sees economy slumping 4.3% in 2009 (Bloomberg)
Polish Government to hold talks with all bidders for Warsaw Stock Exchange [RS: usual vultures circling here] (Bloomberg)
Hungarian Cabinet to submit 2010 budget in September (Bloomberg)
Hungary may not use entire bailout loan in 2010, Finance Chief Oszko says (Bloomberg)
Ex-Credit Suisse broker Tzolov said to be planning to plead guility today (Bloomberg)
Siemens to eliminate 1400 jobs in order to meet profit targets (Bloomberg)
Must read: Ireland may sell more bonds this year to finance 2010 budget deficit (Bloomberg)
Credit Suisse may report second straight profit, helped by "Trading Gains" (Bloomberg)
French June Consumer spending rose more than expected (Bloomberg)
Corporate Bond Risk increases in Europe, CDS prices show (Bloomberg)
Italy wants to build 100,000 houses before 2014, Transport minister says [RS: nice round numbers] (Bloomberg)

Economic Calendar:

Bank of England voted 9-0 for 0.5% rate, GBP 125bln APF programme in July
French Consumer Spending (Jun) M/M 1.4% vs. Exp. 0.3% (Prev. -0.2%); Y/Y 1.2% vs. Exp. -0.3% (Prev. -1.6%, Rev. to -1.2%)
EU Industrial New Orders SA (May) M/M -0.2% vs. Exp. 1.9% (Prev. -1.0%, Rev. to -0.7%); Y/Y -30.1% vs. Exp. -27.9% (Prev. -35.5%, Rev. to -35.3%)
UK CBI Quarterly Industrial Trends Total Orders (Jul) Q/Q -59 vs. Exp. -45 (Prev. -51), lowest since January 1992 (RAN Squawk, CBI)
Lithuanian Industrial Output Declines Again In June, 16.3% Y/Y (RTT News)
Iceland June Wage Index Up 0.2% On Month, Rises 3% On Year (RTT News, Central Bank of Iceland)

Interesting articles from other Blogs, this morning:

The real estate roots of the crisis in the US (FT Mavercon)
CMBS saga, cause and correlation (FT Alphaville)
Money, money, money, ex-IOFC - BoE wants to change how it measures broad money (FT Alphaville)
S&P's CMBS flip-flop - this schizophrenia was covered by Tyler last night! (FT Alphaville)
Curse of the underwriters - FRB study, securitisation did exacerbate subprime! (FT Alphaville)
Is Hungary distancing itself from the IMF? - good look into Hungary's dealings with the IMF (Fistful of Euros)