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Friday, July 12

12th Jul - EU Open: China projections down

Previously on MoreLiver’s:

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News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT
Asia Morning MoneyBeat: The Fed Resets the Mood – WSJ
Europe Morning MoneyBeat: Fed Speeches In Spotlight – WSJ

3 Numbers to Watch: Eurozone production, US PPI & Mich. sentimentTradingFloor
Juhani Huopainen: Today’s industrial production data from Europe is mostly old news. The US producer prices should confirm low inflation, leaving plenty of room for the Fed, and the first July data point of consumer sentiment should give a post-crisis high reading.

Market Preview: EU industrial prod., US consumer sentiment eyedTradingFloor
European markets are likely to open higher Friday. Traders await Eurozone industrial production data which is likely to show a monthly contraction in May. Also, the US consumer sentiment index for July is expected to capture market interest.

Danske DailyDanske Bank (pdf)
In the US several FOMC members are scheduled to speak and they might add something to Bernanke’s recent dovish comments...In Europe the main focus is expected to be on euro area industrial production for May... In the US the main focus will be preliminary University of Michigan consumer confidence for July.

Market comment: Bernanke’s comments propel US equities to new highsNordea
Core bonds rally on Bernanke – Spanish and Italian bonds under pressure * US equities close at new highs * Political crisis in Portugal continues * ECB policy-makers play down the significance of the central bank’s forward guidance * The recent jump in jobless claims not a source of concern * Euro-zone industrial production and US consumer confidence numbers ahead

Aamukatsaus Nordea
Portugalin poliittiselle kriisille ei loppua * Dollari heikentyi vahvasti Bernanken kommenteista


Political risks to reignite the euro crisis soon?Nordea
… the odds have clearly risen that, in at least one country, the risks materialize, leading to a collapse of the government. Bond markets should become susceptible to such risks in the near future, warranting cautiousness towards the bonds of the weaker Euro-zone countries over the summer. Core bonds, in turn, should be well-placed to benefit once more.

China's exporters' FX trading game is overSober Look
The converged numbers show that export growth in China has stalled. And unless one can argue for rising domestic demand to offset exports, one should be prepared for disappointing GDP growth.

China GDP To Hit 6.7%Econmatters
China releases 2nd quarter GDP data Sunday night in US time zones and it is going to be ugly based upon all the second quarter econ data we have received throughout these three months. The trend is going south fast, and as bad as the second quarter GDP figures are the third quarter GDP will be even worse because of the effects of tightening measures to try to get a handle on the shadow banking sector.

China’s Likonomics getting lots of likes and some dislikes, toobeyondbrics / FT
Likonomics apparently has three key pillars: no stimulus, deleveraging and structural reform, and it stands for trading the economy’s short-term pain for long-term gain.

China cuts its growth target … or does it?beyondbrics / FT
Lou Jiwei, the finance minister, said in unscripted comments that China was aiming for a 7 per cent GDP expansion this year, down from the 7.5 per cent goal set during the national parliament in March.

China growth of 6.5%? Um, not a problem!alphaville / FT

Portugal, ECB, Turkey — trials and tribulationsMacroScope / Reuters

Teollisuuden liikevaihto supistui helmi-huhtik. 6% y-o-y – Tilastokeskus
Petosten ja maksuvälinepetosten määrä lisääntyi tammi-kesäk.Tilastokeskus
Palvelualojen liikevaihto kasvoi helmi-huhtikuussa 0,7% y-o-yTilastokeskus
Palkkasumma kasvoi maalis-toukok. 2,1% y-o-yTilastokeskus