Asia:
After yesterday's GDP data 2nd quarter to 7.5%, the Chinese state economist Fan Jianping, believes that GDP for 2013 could grow slightly above that figure.
The Asian Development Bank cuts 2013 GDP of developing Asia's 6.4% to 6.3%. The zone growth is slowed by China.
Moody's estimates that the asset quality of Chinese banks will deteriorate in 2013.
Europe and the UK:
- ZEW Germany Economic Sentiment (Jul) estimated 36.3 vs. 40.0 (38.5 previous)
- ZEW Germany Current Situation (Jul) estimated 10.6 vs. 9.0 (pre 8.6)
- ZEW Eurozone Economic Sentiment (Jul) 32.8 (30.6 previous)
- Eurozone CPI (Final Reading, June) estimated 1.6% vs 1.6% (previous 1.6%)
- IPC United Kingdom (Jun, annualized) 2.9% vs. estimated 3.0% (previous 2.7%). The highest reading since April 2012. The National Statistics Office attributed the rise in the CPI to oil prices.
The OECD says unemployment in the eurozone reached 12.3% by the end of 2014. Germany be below 5%, while in Spain and Greece reached 28%
The Spanish Treasury sold 4.050 million in letters to 6 and 12 months, highlighting a higher yield paid on both lines (0.958% vs previous 0.821% and 1.503% vs previous 1.395% respectively). The Treasury will auction this week 2000-3000 million in 2016 bonds, 2018 and 2044.
The European indices have started up the session to quickly fall with great force. At the moment they leave their worst levels but it does not help the bad battery in the Eurozone macro data. Commerzbank has exceeded 6% today after publication in Die Welt indicating the interest of Banco Santander by German. This is a baseless story which joins the UBS yesterday about, which the German press noted as a potential buyer of the Merkel government's involvement in the same German bank.
USA:
Bill Gross of PIMCO, announces that they have increased their portfolio of U.S. bonds from 37% to 38%, and mortgage-backed bonds from 34% to 36%.
Forex
Australian / Dollar continued its gains against the dollar after the minutes of the Reserve Bank of Australia, RBA, indicating that economic policy will remain current. 0.9230 reaches the crossing. Movements in the pound has fallen sharply after CPI data in the UK. Pound / Dollar recovers to levels prior to the data, but in 1.5095 Euro / Pound marks a very strong rally today that leads to 0.8692, up from 11 in July. Euro / Dollar up to 1.3123 also with investors positioning prior to Bernanke's speech tomorrow before the House of Representatives and the Senate on Thursday. The Euro is also supported by the words of Merkel saying his country is doing to stabilize the single currency.
Commodities
WTI crude at times exceeds 106.70 resistance after USD weakness in the European session. It could be placed close to 107.45 if dollar sales continue prior to the appearance of Bernanke.
The oil is also supported by the analysis of Barclays says that imports and oil demand from China will increase by 5% in 2013, due to periodic maintenance in its refineries, stable margins and widespread use of fuel to agriculture.
HSBC lowered its estimates for the aluminum 2013 2100 USD to 1934 USD, and Copper from 8000 USD to 7250 USD.
Macro Data:
- IPC USA (Jun) (14:30 hours)
- Redbook Index (July 7) (14:55 hours)
- Total Net Flow of Capital and Long Term Products USA (May) (15:00 hours)
- U.S. Industrial Production (Jun) (15:15)
- NAHB Housing Market Index (Jul) (16:30 pm)
Conferences:
- George of the Fed, speaks of Economic Conditions and Agriculture (20:15 hours)
Auctions:
- The purchase EDF 1250-1750 million USD in bonds maturing range Feb36-May43 (17:00 hours)
- U.S. Treasury auction 35,000 million USD in letters to four weeks
After yesterday's GDP data 2nd quarter to 7.5%, the Chinese state economist Fan Jianping, believes that GDP for 2013 could grow slightly above that figure.
The Asian Development Bank cuts 2013 GDP of developing Asia's 6.4% to 6.3%. The zone growth is slowed by China.
Moody's estimates that the asset quality of Chinese banks will deteriorate in 2013.
Europe and the UK:
- ZEW Germany Economic Sentiment (Jul) estimated 36.3 vs. 40.0 (38.5 previous)
- ZEW Germany Current Situation (Jul) estimated 10.6 vs. 9.0 (pre 8.6)
- ZEW Eurozone Economic Sentiment (Jul) 32.8 (30.6 previous)
- Eurozone CPI (Final Reading, June) estimated 1.6% vs 1.6% (previous 1.6%)
- IPC United Kingdom (Jun, annualized) 2.9% vs. estimated 3.0% (previous 2.7%). The highest reading since April 2012. The National Statistics Office attributed the rise in the CPI to oil prices.
The OECD says unemployment in the eurozone reached 12.3% by the end of 2014. Germany be below 5%, while in Spain and Greece reached 28%
The Spanish Treasury sold 4.050 million in letters to 6 and 12 months, highlighting a higher yield paid on both lines (0.958% vs previous 0.821% and 1.503% vs previous 1.395% respectively). The Treasury will auction this week 2000-3000 million in 2016 bonds, 2018 and 2044.
The European indices have started up the session to quickly fall with great force. At the moment they leave their worst levels but it does not help the bad battery in the Eurozone macro data. Commerzbank has exceeded 6% today after publication in Die Welt indicating the interest of Banco Santander by German. This is a baseless story which joins the UBS yesterday about, which the German press noted as a potential buyer of the Merkel government's involvement in the same German bank.
USA:
Bill Gross of PIMCO, announces that they have increased their portfolio of U.S. bonds from 37% to 38%, and mortgage-backed bonds from 34% to 36%.
Forex
Australian / Dollar continued its gains against the dollar after the minutes of the Reserve Bank of Australia, RBA, indicating that economic policy will remain current. 0.9230 reaches the crossing. Movements in the pound has fallen sharply after CPI data in the UK. Pound / Dollar recovers to levels prior to the data, but in 1.5095 Euro / Pound marks a very strong rally today that leads to 0.8692, up from 11 in July. Euro / Dollar up to 1.3123 also with investors positioning prior to Bernanke's speech tomorrow before the House of Representatives and the Senate on Thursday. The Euro is also supported by the words of Merkel saying his country is doing to stabilize the single currency.
Commodities
WTI crude at times exceeds 106.70 resistance after USD weakness in the European session. It could be placed close to 107.45 if dollar sales continue prior to the appearance of Bernanke.
The oil is also supported by the analysis of Barclays says that imports and oil demand from China will increase by 5% in 2013, due to periodic maintenance in its refineries, stable margins and widespread use of fuel to agriculture.
HSBC lowered its estimates for the aluminum 2013 2100 USD to 1934 USD, and Copper from 8000 USD to 7250 USD.
Macro Data:
- IPC USA (Jun) (14:30 hours)
- Redbook Index (July 7) (14:55 hours)
- Total Net Flow of Capital and Long Term Products USA (May) (15:00 hours)
- U.S. Industrial Production (Jun) (15:15)
- NAHB Housing Market Index (Jul) (16:30 pm)
Conferences:
- George of the Fed, speaks of Economic Conditions and Agriculture (20:15 hours)
Auctions:
- The purchase EDF 1250-1750 million USD in bonds maturing range Feb36-May43 (17:00 hours)
- U.S. Treasury auction 35,000 million USD in letters to four weeks
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