Economic Calendar

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Frontrunning: August 29





  • Noda Wins Party Election (WSJ)
  • Tremonti out? Italy readies austerity changes (Reuters)
  • European officials round on Lagarde (FT)
  • China to Lock Up More Cash to Tighten Liquidity (Bloomberg)
  • Central Bankers Worry Economy Still in Peril (WSJ)
  • Italy Tests Appetite for Debt When ECB Is Absent: Euro Credit (Bloomberg)
  • As U.S. Households Save, Economy Sputters (WSJ)
 


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Frontrunning: August 26





  • Bernanke: A Chance To Talk About Fiscal Policy? (Hilsenrath)
  • Bernanke seen stopping short of pledge for QE3 (Reuters)
  • Fed Policymaker Says QE is ‘Most Potent Weapon’ (FT)
  • El-Erian: Bernanke Must not Push QE3 at Jackson Hole (FT)
  • Bernanke Scholar Advises Bernanke Fed Chief to Be Bold on Policy (Bloomberg)
  • Bailout for Greece Falters Over Demand for Collateral (WSJ)
  • Japan’s Kan Resigns as Party Leader (WSJ)
  • European shorting ban extended (FT)
 


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Frontrunning: August 23





  • Bernanke to aid recovery with gradual boost in dosage (Reuters)
  • China factory output cools in August: HSBC (Reuters)
  • German court to rule on Sept 7 on euro, Greek bailouts (Reuters)
  • European Banks Must Pay Up to Borrow $100B (Bloomberg)
  • A ‘no-growth’ boom will follow 2012 global crash (Market Watch)
  • Merkel and Sarkozy Relationship Betrays Europe Crisis (Bloomberg)
  • White House to Scale Back Regulations on Businesses (WSJ)
 


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Daily US Opening News And Market Re-Cap: August 22





WTI and Brent crude futures traded under pressure in the early European session weighed upon by the news that Libyan rebels have taken control of most of capital Tripoli and increasing prospects that the ongoing civil war may come to an end soon. However, as the session progressed, prices came off their earlier lows with a weakening USD-Index. News from Libya also supported the oil & gas sector in the hope that companies may resume their business in the country, which also helped European equities to trade higher. Equities received additional strength on the back of early market talk of asset re-allocation from fixed income into equities, which exerted downward pressure on Bunds. Elsewhere, weakness in the USD-Index underpinned the strength in EUR/USD, GBP/USD and commodity-linked currencies, however CHF weakened across the board partly on the back of market talk that the SNB was active in one-month forward market. In other forex news, a sharp uptick was observed in USD/JPY overnight, however there was no confirmation of any forex intervention by Japan. Moving into the North American open, the economic calendar remains thin, however the Chicago Fed report from the US is scheduled for later in the session. In fixed income, another Fed's Outright Treasury Coupon Purchase operation in the maturity range of Nov'21-Aug'41, with a purchase target of USD 0.5-1bln is also due later.

 


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Daily US Opening News And Market Re-Cap: August 19





  • European equities remained under pressure during the session weighed upon by growing signs of a faltering global economic growth together with August options expiry in the European indices
  • CHF and JPY remained the major beneficiaries of risk-aversion, whereas commodity-linked currencies generally traded lower
  • After breaching the key USD 1,800 per ounce level yesterday, spot Gold continued its ascent towards the USD 1,900 technical level amid risk-aversion
  • EU's Rehn said the EU may draft legislation for joint Eurobonds, however gave no timetable for the draft legislation
  • EU Commission said collateral agreement between Finland and Greece is being examined by the Eurozone, adding that Finland is the only country to request Greece collateral. Meanwhile, Austrian finance minister said the Finnish deal to get a 20% cash collateral on Greek loans is unacceptable
 


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Frontrunning: August 18





  • Fed Dissenters Say Pledge Gives Appearance of Targeting Stocks (Bloomberg)
  • U.S. Inquiry Eyes S.&P. Ratings of Mortgages (NYT)
  • 6 dead in string of attacks in southern Israel (CNN)
  • ECB’s Nowotny Says Italy Not Greece, Too Early for Euro Bonds (Bloomberg)
  • France, Germany Push for Sanctions (WSJ)
  • Breaking Europe’s cycle of enfeeblement (FT)
  • Biden tells China's Xi that cooperation key for global stability (Reuters)
  • Hong Kong Exchange in Venture Talks With Shanghai, Shenzhen (Bloomberg)
 


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Daily US Opening News And Market Re-Cap: August 17





The meeting between German chancellor Merkel and French president Sarkozy yesterday yielded neither an approval for Eurobonds issuance, nor any immediate extension to the EFSF; instead the two leaders did say that a financial transaction tax will be proposed in September. The news promoted risk-aversion during the European session and weighed on equities, with particular underperformance seen in financials, whereas Bunds received support and marginal widening was observed in the Eurozone 10-year government bond yield spreads across the board. Elsewhere, weakness in the USD-Index supported EUR/USD, GBP/USD and commodity-linked currencies. However, GBP came under pressure following the release of BoE’s minutes, which showed that the MPC members voted 9-0 for no interest-rate hike, together with worse than expected jobs data from the UK. In other forex news, CHF received a boost across the board after the SNB didn’t mention EUR/CHF peg in its latest communiqué. Moving into the North American open, the economic calendar remains thin, however markets look ahead to the PPI and DOE inventories reports from the US later.

 


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Daily US Opening News And Market Re-Cap: August 15





Markets remained volatile during the European session amid thin trade owing to a European public holiday, together with indecision regarding the issuance of Eurobonds to help troubled Eurozone nations. During the weekend several German newspapers reported that in their upcoming meeting tomorrow, Chancellor Merkel and President Sarkozy may discuss the issue of Eurobonds, which observed some appetite for risk during early trade. However, as the session progressed both the German and French governments denied the news, saying that the issue of Eurobonds is not on the agenda, which weighed on the EUR and equities, thereby providing support to Bunds. Elsewhere, GBP received a boost following comments from BoE's Miles, who said this is not the right time for more asset purchases. Moving into the North American open, the economic calendar remains thin, however markets look ahead to Empire manufacturing and TIC flows data from the US later in the session.

 


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Frontrunning: August 15





  • World Bank president Zoellick: "Markets heading to new danger zone" (Reuters)
  • Treasury yields testing bank limits (FT)
  • Three steps to resolving the eurozone crisis (FT)
  • Singapore Prime Minister: Global Recession Is 'A Possibility' (WSJ)
  • A helpless SNB leaks even more disinformation: CHF should be linked to € (Manager Magazin)
  • Japan’s GDP shrinks less than expected (FT)
  • SNB, Swiss Government in Talks Over Franc Target, SonntagsZeitung Reports (Bloomberg)
  • Japan’s Noda Warns of Further Intervention as Yen Again Nears Postwar High (Bloomberg)
 


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Frontrunning: August 10





  • Global stocks rebound after Fed move (FT)
  • Bernanke’s Interest-Rate Timeframe Draws Most Negative Votes in 18 Years (Bloomberg)
  • Pass the Granade: BofA Sells Part of Mortgage Portfolio to Fannie Mae (WSJ)
  • France Asserts Plans to Keep Triple-A (WSJ)
  • S&P balks at SEC proposal to reveal rating errors (Reuters)
  • Senate’s Baucus In Deficit Super Committee Trio (Reuters)
  • SNB’s Franc Dilemma May Force Intervention Even After $36 Billion Losses (Bloomberg)
  • Kan Moves Step Closer to Resignation After Japan agrees on Budget Funding (Bloomberg)
  • Cracks in China Housing Push (WSJ)
  • Australian Consumer Confidence Slumps to Lowest Since 2009 on Market Slump (Bloomberg)
  • No exposure at all: none. Commerzbank Profit Drops 93% on Greek Debt (Bloomberg)
 


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Frontrunning: August 9





  • Rogoff: Fed Will Embark on QE3, Act ‘Decisively’ (Bloomberg)
  • China Inflation Quickens to 6.5%, Limits Policy Response to Global Crisis (Bloomberg)
  • ECB Puts Pressure on Italy (WSJ)
  • Chinese Fault Beijing Over Foreign Reserves (NYT)
  • Senate to probe S&P downgrade (FT)
  • Cameron Back to U.K. for Emergency Meeting on Riots (Bloomberg)
  • Trichet Turns ‘President of Europe’ as Debt Crisis Stuns Political Leaders (Bloomberg)
  • Hong Kong Sells Land 33% Below Surveyors’ Estimates Amid Market Turmoil (Bloomberg)
 


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Daily US Opening News And Market Re-Cap: August 8





Late last Friday, S&P downgraded long-term sovereign rating of the US to AA+ from AAA, and assigned a negative outlook, which weighed on WTI and Brent crude futures and in turn led commodity-linked currencies to trade lower. In early European trade, some appetite for riskier assets emerged after the ECB said that it will actively implement its SMP bond buying programme. The news was followed by market talk of the central bank buying in the Italian and Spanish government debt, which was also noted by traders. This resulted in European equities to come off their earlier lows, led by financials, and witnessed aggressive tightening in the Italian/German and Spanish/German 10-year government bond yield spreads. However, as the session progressed, Bunds regained strength partly on the back of market talk of asset re-allocation from equities into bonds, which weighed upon equities and dented risk-appetite. Comments from a German finance ministry spokesman highlighting Germany’s reluctance to further enhance the size of the EFSF also weighed upon sentiment. Moving into the North American open, the economic calendar remains thin, however markets will keep a close eye on any new developments in the Eurozone, together with any potential downgrade of US financial institutions by S&P following their rating action on the country. In fixed income, there is another Fed’s Outright TIPS Purchase operation in the maturity range of Apr’13-Feb’41, with a purchase target of USD 0.25-0.50bln.

 


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Frontrunning: August 4





Japan Launches Campaign to Weaken Yen (WSJ)
ECB to protect Europe by buying bonds (Telegraph)
Silent Scream of Swiss Franc Shows Great Distortion Amid Great Moderation (Bloomberg)
Pressured by White House, Treasury Secretary Is Expected to Stay at Post (NYT)
The U.S. Economy Feels the Pull of Gravity (BusinessWeek)
ECB Sees Lenders Rush to HoardCash (FT)
Groupon’s Strikeouts Reveal an Unspoken Truth (BusinessWeek)
Americans' Spending Increases in July (Gallup)
Pentagon’s First Installment on Cutting Debt May Be $28 Billion (Bloomberg)

 


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Frontrunning: August 3





China Joins Russia in Blasting U.S. Borrowing After Debt Ceiling Agreement (Bloomberg)
Eurozone Moves to Prop Up Rescue Fund (FT)
SNB Cuts Rate to Zero to Counter Franc Strength (WSJ)
US Retreats from Brink of Debt Default (FT)
Strains Ease on Short-Term Credit Markets (Hilsenrath)
China’s Non-Manufacturing Industries Expanded in July, PMI Surveys Show (Bloomberg)
Moody's, Fitch Maintain U.S. Triple-A Rating (Reuters)
Britain’s ‘Weak’ Economy May Need Tax Cuts to Boost Demand, Institute Says (Bloomberg)
Japan Keeps Up Warnings on Yen After U.S. Debt Deal (Reuters)
No Double-Dip Seen in GDP (Shanghai Daily)

 


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Frontrunning: August 2





Debt Deal Puts U.S. on Austerity Path as Economy Falters (Bloomberg)
Short-term US Funding Highly Restricted (FT)
China Halts Offshore Yuan Borrowing to Tighten Policy (Reuters)
Fed Confronts Limited Tools to Stir Economy (Hilsenrath)
Australia Leaves Key Rate Unchanged (WSJ)
N.Z. Second-Quarter Wages Rise at Faster Pace, Adding to Inflation Signs (Bloomberg)
China’s Expanding Naval Reach Worries Japan Over Routing Warship Presence (Bloomberg)
Geithner Says Debt-Limit Deal Good for Economy in the Long Term (BusinessWeek)
UK borrowing costs brush close to record low (FT)

 


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