Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Asia Morning MoneyBeat: Blue Chips See 2013′s First
Three-Day Losing Streak – WSJ
Europe Morning MoneyBeat: Nikkei Rout Looms Over the
Open – WSJ
MORNING BRIEFINGS
The ECB releases its
monthly review of macro and monetary trends today, followed by US updates on
monthly retail sales and weekly jobless claims.
Market Preview: World Bank cuts global growth
forecast – TradingFloor
European markets are
expected to open lower Thursday. The World Bank has cut its 2013 global
economic growth forecast. Meanwhile, today’s ECB monthly report and US retail
sales data will garner market attention for further direction to risk appetite.
Danske Daily – Danske
Bank (pdf)
We expect a decent
US retail sales report for May. Growth in headline retail sales is expected to
come out at 0.2% and we forecast an increase of the same magnitude in retail
sales excluding gasoline and cars. Speeches by ECB’s executive board members Coeure
and Asmussen as well as Bundesbank’s Weidmann could attract some market
attention following the hearing on ECB’s OMT programme in the German Federal
Constitutional Court
Aamukatsaus – Nordea
EM-valuutat
kärsivät, mutta selviävät * Euroalueen teollisuuden nousu rohkaisevaa, mutta
väliaikaista * Jeni alimmillaan yli kuukauteen
ASIA
Nikkei, rot to rout – alphaville
/ FT
Slightly wearying, all
this see-sawing in Japan. The Nikkei fell more than 6 per cent at one
point on Thursday, though it had rallied a bit at pixel time. Still heading
towards bear territory.
Foreign Investors Not Responsible for Nikkei
Decline – Marc
to Market
OTHER
USDJPY continues to
wreak havoc – TradingFloor
JPY: picking bottoms in a high momentum market is hazardous to your
health…USD: US dollar remains broadly under pressure from the USDJPY onslaught…EUR
is finding an additional boost this morning after the ECB’s Asmussen was out in
a radio interview saying that the ECB can’t solve Europe’s problems and that
structural reforms are the way to go…US Retail Sales as the major highlight of
the day
Emerging-Market Volatility Shows ‘Herd
Mentality’ – WSJ