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Friday, July 13

13th Jul - EU Open: Same old, same old...

Chinese numbers came in soft, as expected, and Moody’s downgraded Italy. Berlusconi announced he is returning to politics, so now that Spain is destroyed and will go down the Greek path of helpful advice from the Troika, Italy will become the new focal point. See yesterday's US Close: Finnish line and US Open: Spain's comeback for more articles. I will post some horror stuff later today. Beware the Fri-13th!

News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT

Debt crisis: live – The Telegraph
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices

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Asia today: China Q2 growth slides to 3-year low; muted reactionSaxo Bank
The Asian week finished with a bang as China’s Q2 GDP numbers came in slightly below expectations, though not enough to cause too much of a stir.

Market Preview: Italian bond auction on tapSaxo Bank
European markets are expected to open in the green Friday after data showed that Chinese GDP was mostly in line with market expectations. Market participants are keeping an eye on Italy's bond auction and US consumer confidence data due today.

Danske DailyDanske Bank (pdf)
Focus today will be on the University of Michigan survey out of the US and markets will  likely continue to digest this morning’s Chinese data.

Morning Briefing: North American DriftBNY Mellon
The search for alternatives to the EUR intensifies

Moody’s cuts Italy two notches alphaville / FT
Moody’s left Italian sovereign debt two notches above junk on Friday, after downgrading it from A3 to Baa2. The rating agency cited “signs of an eroding non-domestic investor base”...

Moody's Downgrades To Baa2 From A3, Negative Outlook - Full Text ZH

Clarifying The Entirely Unremarkable Shift In ECB Deposits ZH
BofAML: Massive drop in ECB deposits from €809bn to €325bn…Conclusion: one shouldn’t infer anything on bank lending

Proud Spain again humbles itself to the euro’s demands The Telegraph
The eurozone’s appetite for self harm knows no bounds.

Euro tumbles as Asian funds shun EU chaos The Telegraph
The euro has plunged to multi-year lows against a range of currencies on fears of a deepening slump in Italy and Spain, and ugly disputes between eurozone leaders.

GDP +7.6% yoy in Q2 2012 – ASA
 Industrial production +9.5% yoy, electricity output growth was flat – ASA
Fixed asset investment growth picked up in June – ASA
Retail sales +13.7% yoy in June 2012, better than estimate – ASA
Probably doing worse than the headline GDP growth suggests – ASA
This Is The Chart That Keeps The PBOC Up At Night – ZH
  updates added later:
Chart: China’s FX reserve accumulation and EURUSD revisited – ASA
Chart: Composition of China’s net new loans – ASA
China GDP: green shoots, black clouds – beyondbrics / FT
China’s Growth Slows to Three-Year Low of 7.6% – BB

Chart: China’s electricity output vs. Australian dollar – ASA
China doubles down on imbalance – alphaville / FT

BizDaily: China's Growth Figures FallBBC (mp3)
China's growth figures dip again. Has talk of the coming Chinese Century been premature? Also, is Facebook advertising all its cracked up to be. And just how rational are we?
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