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US Pres Obama will deliver a statement on the economy and fiscal cliff tonight...

Market View | Friday, November 9, 2012 3:22 AM GMT

Good Morning ,


- USD vs Europe is a touch weaker before the European opening. USDJPY continue to drift lower (79.31 low so far).

- Stocks: Nikkei -0.90 %, Hang Seng -0.68 %, Shanghai Composite Dow Jones -0.94 %, S+P500 -1.22 %

- US Pres Obama will deliver a statement on the economy and fiscal cliff tonight.

- Federal Reserve Bank of St. Louis President James Bullard said record easing may create bubbles in the prices of assets such as U.S. farmland. “The question is, isn’t the zero nominal interest rate policy pushing investors to reach for yield?” Bullard said in response to audience questions following a speech in St. Louis. “I think I am not alone on the Federal Open Market Committee in worrying about this issue and worrying about we might create some kind of bubble situation.”

- The International Monetary Fund urged euro-region countries facing high borrowing rates to seek a bailout that will activate the European Central Bank’s bond-purchase program, adding to pressure on Spain, which has been resisting the move. In a note prepared for finance officials of the Group of 20 nations who met in Mexico Nov. 4-5 and released today, the IMF said countries “under stress” should turn to the region’s rescue mechanisms if needed while continuing to shore up their public finances.

- German lawmakers cut 1.7 billion euros of net new borrowing in their final draft of the 2013 federal budget during a marathon session of parliament’s budget committee, new planned deficit EUR 17.1 billion.

- Japan Data Recap              Period       Survey      Actual        Prior

* Japan M2                            Oct           2.4 %       2.3 %      2.4 %

* Japan M3                            Oct           2.0 %       1.9 %      2.1 % rev

* Consumer Confidence          Oct           39.5          39.7        40.1


- China’s yuan rose the most in two weeks, touching the upper limit of its trading band, on speculation the government will roll out more stimulus measures amid the slowest inflation in almost three years. PBOC strengthens fixing for a fourth day, to 6.3012 per dollar.

- China Data Recap         Period       Survey     Actual         Prior

* CPI yoy                         Oct          1.9 %      1.7 %        1.9 %

* PPI yoy                         Oct         -2.7 %     -2.8 %       -3.6 %

* Industrial Production     Oct           9.4 %      9.6 %         9.2 %

* Retail Sales                  Oct          14.4 %    14.5 %       14.2 %


- The Reserve Bank of Australia reduced its 2013 growth forecast as lower investment in iron-ore, coal and natural-gas projects and the government’s pledge to deliver an election-year budget surplus restrain the economy. “Most of this revision to the outlook is accounted for by a change in the profile for mining investment,” the RBA said today in its quarterly monetary policy statement, predicting a peak in resource spending at about 8 percent of gross domestic product from a prior 9 percent. The central bank said “a slightly weaker” domestic economy and labor market should help contain inflation.

- The Bank of Korea held borrowing costs as policy makers pause to assess the effects of two cuts earlier this year amid signs that growth in Asia’s fourth- largest economy may rebound. Governor Kim Choong Soo and his board kept the benchmark seven-day repurchase rate at 2.75 percent, after a 25 basis point cut last month and in July. All of the 16 economists surveyed by Bloomberg News predicted the move.

- Bank of Canada Governor Mark Carney said Thursday a recent spate of soft Canadian data is "broadly in line" with the central bank's forecast for the third quarter, and cautioned against concluding that it meant rate hikes would be delayed even more than he had previously indicated.

- Swiss National Bank Governing Board member Fritz Zurbruegg said managing the central bank’s foreign-currency reserves of 424.4 billion francs is a “major challenge." "The SNB takes care to ensure that its investments do not disrupt the markets,” Zurbruegg said at an event in Geneva late yesterday. “We are aware that the huge amounts we have under management could impact significantly on market prices.”



US Pres Obama to deliver a statement on the economy and fiscal cliff


US Import Price Index Oct


US Univ. of Michigan Nov


US Wholesale Inventories Sep


Fed Duke


Germany CPI Oct F


France Banque De France Business Sentiment Oct


France Industrial Production Sep


France Manufacturing Production Sep


Italy Industrial Production Sep


ECB Makuch


ECB Kranjec


ECB Coeure


UK Trade Balance Sep


Norway CPI Oct


Sweden Industrial Production Sep


Sweden Industrial Orders Sep


Have a nice weekend

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