Roundups
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
MORNING BRIEFINGS
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.
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 Daily – Danske
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 highs – Nordea
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
EUROPE
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.
ASIA
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, too – beyondbrics
/ 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.
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.
OTHER
Portugal,
ECB, Turkey —
trials and tribulations – MacroScope
/ Reuters
FINNISH
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-y – Tilastokeskus
Palkkasumma kasvoi maalis-toukok. 2,1% y-o-y – Tilastokeskus