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May 24 5:05 | London:
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EU Market Update TRADETHENEWS.COM STAFF
Central Banks initiate steps to ensure global liquidity ahead of Sunday's Greek election results
Economic Data
- (RU) Russia Central Bank (CBR) left its key rates unchanged, as expected; c ut its FX Swap rates to increase liquidity and curb money market rate volatility
- (RU)) Russia Narrow Money Supply w/e Jun11th (RUB): 7.03T v 6.93T prior
- (SG) Singapore Apr Retail Sales M/M: -0.9% v +1.5%e; Y/Y: 2.2% v 6.9%e; Retail Sales Ex Auto Y/Y: 2.9% v 4.2%e
- (SE) Sweden May PES Unemployment Rate: 4.0% v 4.1%e
- (EU) Euro Zone May EU 25 New Car Registrations: -8.7% v -6.9% prior
- (PH) Philippines Apr Overseas Remittances: $1.7B v $1.7B prior
- (CZ) Czech Apr Export Price Index Y/Y: 2.7% v 2.5% prior; Import Price Index Y/Y: 4.5% v 4.2% prior
- (CZ) Czech May PPI (Industrial) M/M: 0.0% v 0.1%e; Y/Y: 1.7% v 1.8%e
- (DK) Denmark May Wholesale Prices M/M: -0.5% v +0.2% prior; Y/Y: 2.0% v 2.2% prior
- (FI) Finland Apr Current Account: -€980M v +€40M prior
- (HU) Hungary Apr Final Industrial Production M/M: -2.4% v -2.4% prelim; Y/Y: -3.1% v -3.1% prelim
- (ES) Spain Q1 Labour Costs Y/Y: 1.1% v 1.6% prior
- (TR) Turkey Mar Unemployment Rate: 9.9% v 10.4% prior
- (CZ) Czech Apr Current Account (CZK): +5.3B v -3.6Be
- (IT) Italy Apr Total Trade Balance: -€0.2B v +€2.1B prior; EU Trade Balance: 0.7B v 1.6B prior
- (UK) Apr Visible Trade Balance: -£10.1B v -£8.5Be; Total Trade Balance: -£4.4B v -£2.6Be; Non-EU Trade Balance: -£5.2B v -£4.2Be
- (EU) Euro zone Q1 Employment Q/Q: -0.2% v -0.3% prior; Y/Y: -0.5 v -0.2% prior
- (EU) Euro Zone Apr Trade Balance Seasonally Adj: €6.2B v €4.2Be; Trade Balance (unadj): €5.2B v €4.0Be
- (CN) China May Actual Foreign Direct Investment (FDI) Y/Y: +0.1% v -1.6%e
Fixed Income:
- (ZA) South Africa sold total of ZAR800M in I/L 2022, 2028 and 2033 Bonds
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
- G20 said to indicate that central banks are preparing for coordinated action to provide liquidity if necessary after the Greece weekend election; BOJ says not aware of coordinated action but always in contact with other CBs
- BOE activates its Extended Collateral Term Repo (ECTR) lending facility
- Russia cuts its FX Swap rates to increase liquidity and curb money market rate volatility.
- BOJ maintains steady policy and asset purchases; raises economic assessment
- German Chancellor Merkel reiterates that Germany would reject any 'quick fix' to crisis solution at upcoming G20 including Eurobonds
- Moody's downgrades Netherlands banking sector; Most outlooks now stable
Equities
FTSE 100 +0.70% at 5503, DAX +1.1% at 6202, CAC-40 +1.5% at 3079, IBEX-35 +1.6% at 6802, FTSE MIB +2.3% at 13,388, SMI +0.20% at 5920
- On a day on which quadruple witching will occur, European equity indices opened the session higher, led by gains in the IBEX-35 and the FTSE MIB, as all eyes are on the weekend elections in Greece. In terms of the Greek equity markets, the Athens Stock Exchange has traded lower by ~1%, after the index rallied by more than 9% on Thursday's session. In terms of the Greek bond market, 10-yr yields have declined by over 70bps on the session (near 26.6%) Overall markets started with a positive on continued speculation that there could be a global policy response, if markets react negatively to the political events in Greece.
- In UK equity movers, Premier foods [PFD.UK] is higher by over 9% (announced the sale of certain assets for £41M), Lamprell [LAM.UK] has gained over 10% (announced debt repayment plan), while Aggreko [AGK.UK] is lower by ~3.5% (issued H1 forecasts). UK banks have outperformed their continental European peers, after the BoE announced a plan to activate the Extended Collateral Term Repo (ECTR) facility. In Sweden, retailer H&M [HMB.SE] has traded higher by over 1%, as the company reported better than expected May sales figures (May SSS +3% v -1.4%e). Carrefour [CA.FR] has gained ~1.5%, after announcing plans to exit its Greek joint venture. Telekom Austria [TKA.AT] is trading higher by over 1%, after America Movil announced that it was interested in taking a 21% stake in the company.
Speakers:
- BoE confirmed it had activated Extended Collateral Term Repo (ECTR) lending facility with the first ECTR auction set for on Wednesday, June 20th. The BOE would hold one ECTR auction per month until further notice with the minimum for ECTR auctions to be £5B.
- EU Leaders draft statement noted that it would urge growth and employment measures at the June 28-29th Summit in Brussels and plan an Euro-area summit awfterwards
- ECB's Draghi commented that the Eurosystem would continue to supply liquidity to solvent banks where needed and that a contingency reached where political choices become dominant. Must not overstep mandate of ECB (price stability).The 3-year lending LTRO operation objectives have largely been achieved. He noted that he would lay out plan of Euro visions in a matter of days and made public at the Jun 28-29th EU Leader Summit
- ECB's Weidmann commented that allowing Greece more time to reduce deficit would be harmful for the euro zone. He stressed that Greece not meeting its accords would lead to funding interruption and could affect its stay within the euro. He noted that the €100B package for Spain contained enough safety margin. Italy was on the right path and did not believe in theory of 'next in line'. He reiterated that the link between gov't and banks should be severed through banking union.
- ECB's Praet commented that ECB polices could only offer temporary support and added that joint bank supervision was needed as well as resolution and deposit insurance. To pay close attention to developments related to asset prices, but liquidity had not led to bubbles in strong countries.
- BoJ Gov Shirakawa commented in his post rate decision press conference that central banks were watching European debt crisis; but was not aware of coordinated action. He did add that central banks were always in close contact with each other. He wanted European leaders to act quickly to prevent global crisis and solve its debt problem. He reiterated that BoJ was pursuing powerful monetary easing and expected Japanese monetary base to increase. The JPY currency rise was a negative for Japanese economy as it hurts corporate profits
- German Chancellor Merkel commented that Europe must discuss growing differences in economic strength between France and Germany. German economic growth was led by its domestic engine and the current Euro currency rate supported German exports. She noted that she was doing what it could to strengthen the Euro. She reiterated that Germany would reject any 'quick fix' to crisis solution at upcoming G20 including Eurobonds
- German Fin Min Spokesperson Kotthaus commented that there was no teleconference planned for Sunday (Note: earlier reports that EU Ministers were asked to 'standby' for a post-Greek election conference call on Sunday)
- Sweden Fin Min Borg commented that was in a very serious situation regardless of what happen in Greek elections but saw no reason to take extraordinary measures in Sweden
- Russia Central Bank left its key rates unchanged (as expected) but did cut its FX Swap rates to increase liquidity and curb money market rate volatility. The CBR added that it saw the current Interest rates as appropriate in the coming months
- Germany FDP (coalition) Floor Leader Bruederle reiterated the stance would be better for Greece to remain in the Euro and the end of German aid capabilities was "in sight". Greece needed reforms in order to remain in Europe but could discuss the timeline of Greece's program
- France PM Ayrault commented in a radio interview that recession was knocking on Europe's door as Germany's growth prospects were weak and must find mechanisms to avoid market rule. France did not seek anti-German coalition with Italy and he reiterated France's 2013 deficit commitment of 3.0%
- Greece Syriza candidate Milos commented that must reform Greece and that it was nonsense to leave the Euro as it would be a disaster for all
- Hungary head negotiator Varga commented that the country was doing its last changes to the central bank law and would not name new MPC members or VP position before 2013. He noted that the amendments would remove obstacles to IMF discussions and saw increased chances that talks to begin this summer
- Hungary PM Orban added that IMF discussions could begin at any time but he wouldl NOT amend the MNB law on the VP position
- Bank of Korea (BoK) Gov Kim commented that rising delinquency for home loans was a concern
- Vague dealer chatter circulating that India Fin Min Mukherjee might step down after filing for Presidential nomination
- Thailand Central Bank stated that it was prepared to call a special rate meeting if global conditions worsen
Currencies:
- Heading into the weekend Greek election the overall market underlying tone had shown some improvement some after A G20 source on Thursday indicated global policy makers were prepared the provide coordinated liquidity on a bad Greek election outcome. The remark had some credibility as the BOE did activate its Extended Collateral Term Repo (ECTR) lending facility while Russia cuts its FX Swap rates to increase liquidity and curb money market rate volatility.
- The EUR/USD lingered in the upper part of its weekly range and stayed around the 1.2630 level throughout the European morning.
- The USD/JPY hovered below the 79 handle in the session nand maintained its firm tone after the BOJ maintained a steady policy. Japanese official continued the verbal intervention assault.
- The GBP was initially weaker after the BOE activated its Extended Collateral Term Repo (ECTR) lending facility to test below the 1.55 handle. The pair stabilized aided by corporate flows and managed to recoup the bulk of its losses by the NY morning.
Political/ In the Papers:
- The Bank of England confirmed it activated the Extended Collateral Term Repo (ECTR) lending facility with the first ECTR auction to take place on Wednesday, the 20th of June. The Bank will hold one ECTR auction per month until further notice at a minimum of £5B (min bid rate 25bps above the bank rate). Note, the ECTR was created (Dec) to provide liquidity to banks against a wide range of collateral.
- According to a German press source, there is speculation that the ECB could take over European bank regulation. Citing EU diplomats, the role of the ECB would be increased as the central bank could take on some of the current duties of the European Banking Authority (EBA).
- In an article by the Telegraph's Ambrose Evans-Pritchard, it was argued that the Dutch government's austerity measures are having a negative impact on growth per sharp slowdown seen in domestic demand. It was suggested the Dutch economy has also been negatively impacted by bank deleveraging.
- Evans-Pritchard also provided comments on Spain, noting that quick action from the ECB is needed to stabilize the country's bond yields. Some investors believe that the ECB must quickly intervene to stop any capitulation in the markets. The French Industry Minister Montebourg said the markets were flying out of control because of ECB inaction. Similarly, ECB hawks in Frankfurt believe any such intervention would reduce pressure on governments to make reforms.
Looking Ahead
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (MX) G20 Summit of Finance Ministers
- (PE) Peru Central Bank Quarterly Inflation Report
- (PE) Peru Apr Economic Activity Index Y/Y: No est v 5.6% prior
- (PE) Peru May Unemployment Rate: No est v 8.1% prior
- 6:10 (UK) DMO to sell combined £5.0B in 1-month, 3-month and 6-month Bills
- 7:00 (BR) Brazil Jun FGV Inflation IGP-10 M/M: 0.8%e v 1.0% prior
- 7:00 (IS) Israel May Consumer Prices M/M: 0.3%e v 0.9% prior; Y/Y: 2.0%e v 2.1% prior
- 7:30 (BR) Brazil Apr Economic Activity Index M/M: 0.3%e v -0.4% prior; Y/Y: No est v 0.9% prior
- 7:30 (IN) India weekly Forex Reserve data
- 8:00 (PL) Poland Apr Current Account: €920Me v -€228M prior; Trade Balance: -€730Me v -€399M prior; Exports: €12.0Be v €12.9B prior; Imports: €12.7Be v 13.3B prior
- 8:30 (CA) Canada Apr Manufacturing Sales M/M: 0.2%e v 1.9% prior
- 8:30 (US) Jun Empire Manufacturing: 13.00e v 17.09 prior
- 9:00 (BE) Belgium Apr Trade Balance: No est v €2.1M prior
- 9:00 (US) Apr Total Net TIC Flows: No est v -$49.9B prior; Net Long-term TIC Flows: $45.0Be v $36.2B prior
- 9:00 (PL) Poland May YTD Budget Level (PLN): No est v -24.8B prior; Budget Performance YTD: No est v 70.9% prior
- 9:15 (US) May Industrial Production: 0.1%e v 1.1% prior; Capacity Utilization: 79.2%e v 79.2% prior; Manufacturing Production: No est v 0.6% prior
- 9:30 (PT) ECB's Costa
- 9:55 (US) Jun Preliminary University of Michigan Confidence: 77.5e v 79.3 prior
- 11:00 (US) Fed to purchase $1.00-1.50B in Notes
- 11:00 EU President Van Rompuy to host conference call with European leaders a head of the summit
- 15:00 (AR) Argentina Apr Economic Activity Index M/M: No est v 0.5% prior; Y/Y: No est v 4.0% prior
Weekend
- (MX) Pre G-20 Meeting in Los Cabos, Baja California
- (EG) Egypt Presidential Election Runoff
- (FR) France holds second round of Legislative Election
- (GR) Greece holds new elections
- (RU) Russia Central Bank (CBR) left its key rates unchanged, as expected; c ut its FX Swap rates to increase liquidity and curb money market rate volatility
- (RU)) Russia Narrow Money Supply w/e Jun11th (RUB): 7.03T v 6.93T prior
- (SG) Singapore Apr Retail Sales M/M: -0.9% v +1.5%e; Y/Y: 2.2% v 6.9%e; Retail Sales Ex Auto Y/Y: 2.9% v 4.2%e
- (SE) Sweden May PES Unemployment Rate: 4.0% v 4.1%e
- (EU) Euro Zone May EU 25 New Car Registrations: -8.7% v -6.9% prior
- (PH) Philippines Apr Overseas Remittances: $1.7B v $1.7B prior
- (CZ) Czech Apr Export Price Index Y/Y: 2.7% v 2.5% prior; Import Price Index Y/Y: 4.5% v 4.2% prior
- (CZ) Czech May PPI (Industrial) M/M: 0.0% v 0.1%e; Y/Y: 1.7% v 1.8%e
- (DK) Denmark May Wholesale Prices M/M: -0.5% v +0.2% prior; Y/Y: 2.0% v 2.2% prior
- (FI) Finland Apr Current Account: -€980M v +€40M prior
- (HU) Hungary Apr Final Industrial Production M/M: -2.4% v -2.4% prelim; Y/Y: -3.1% v -3.1% prelim
- (ES) Spain Q1 Labour Costs Y/Y: 1.1% v 1.6% prior
- (TR) Turkey Mar Unemployment Rate: 9.9% v 10.4% prior
- (CZ) Czech Apr Current Account (CZK): +5.3B v -3.6Be
- (IT) Italy Apr Total Trade Balance: -€0.2B v +€2.1B prior; EU Trade Balance: 0.7B v 1.6B prior
- (UK) Apr Visible Trade Balance: -£10.1B v -£8.5Be; Total Trade Balance: -£4.4B v -£2.6Be; Non-EU Trade Balance: -£5.2B v -£4.2Be
- (EU) Euro zone Q1 Employment Q/Q: -0.2% v -0.3% prior; Y/Y: -0.5 v -0.2% prior
- (EU) Euro Zone Apr Trade Balance Seasonally Adj: €6.2B v €4.2Be; Trade Balance (unadj): €5.2B v €4.0Be
- (CN) China May Actual Foreign Direct Investment (FDI) Y/Y: +0.1% v -1.6%e
Fixed Income:
- (ZA) South Africa sold total of ZAR800M in I/L 2022, 2028 and 2033 Bonds
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
- G20 said to indicate that central banks are preparing for coordinated action to provide liquidity if necessary after the Greece weekend election; BOJ says not aware of coordinated action but always in contact with other CBs
- BOE activates its Extended Collateral Term Repo (ECTR) lending facility
- Russia cuts its FX Swap rates to increase liquidity and curb money market rate volatility.
- BOJ maintains steady policy and asset purchases; raises economic assessment
- German Chancellor Merkel reiterates that Germany would reject any 'quick fix' to crisis solution at upcoming G20 including Eurobonds
- Moody's downgrades Netherlands banking sector; Most outlooks now stable
Equities
FTSE 100 +0.70% at 5503, DAX +1.1% at 6202, CAC-40 +1.5% at 3079, IBEX-35 +1.6% at 6802, FTSE MIB +2.3% at 13,388, SMI +0.20% at 5920
- On a day on which quadruple witching will occur, European equity indices opened the session higher, led by gains in the IBEX-35 and the FTSE MIB, as all eyes are on the weekend elections in Greece. In terms of the Greek equity markets, the Athens Stock Exchange has traded lower by ~1%, after the index rallied by more than 9% on Thursday's session. In terms of the Greek bond market, 10-yr yields have declined by over 70bps on the session (near 26.6%) Overall markets started with a positive on continued speculation that there could be a global policy response, if markets react negatively to the political events in Greece.
- In UK equity movers, Premier foods [PFD.UK] is higher by over 9% (announced the sale of certain assets for £41M), Lamprell [LAM.UK] has gained over 10% (announced debt repayment plan), while Aggreko [AGK.UK] is lower by ~3.5% (issued H1 forecasts). UK banks have outperformed their continental European peers, after the BoE announced a plan to activate the Extended Collateral Term Repo (ECTR) facility. In Sweden, retailer H&M [HMB.SE] has traded higher by over 1%, as the company reported better than expected May sales figures (May SSS +3% v -1.4%e). Carrefour [CA.FR] has gained ~1.5%, after announcing plans to exit its Greek joint venture. Telekom Austria [TKA.AT] is trading higher by over 1%, after America Movil announced that it was interested in taking a 21% stake in the company.
Speakers:
- BoE confirmed it had activated Extended Collateral Term Repo (ECTR) lending facility with the first ECTR auction set for on Wednesday, June 20th. The BOE would hold one ECTR auction per month until further notice with the minimum for ECTR auctions to be £5B.
- EU Leaders draft statement noted that it would urge growth and employment measures at the June 28-29th Summit in Brussels and plan an Euro-area summit awfterwards
- ECB's Draghi commented that the Eurosystem would continue to supply liquidity to solvent banks where needed and that a contingency reached where political choices become dominant. Must not overstep mandate of ECB (price stability).The 3-year lending LTRO operation objectives have largely been achieved. He noted that he would lay out plan of Euro visions in a matter of days and made public at the Jun 28-29th EU Leader Summit
- ECB's Weidmann commented that allowing Greece more time to reduce deficit would be harmful for the euro zone. He stressed that Greece not meeting its accords would lead to funding interruption and could affect its stay within the euro. He noted that the €100B package for Spain contained enough safety margin. Italy was on the right path and did not believe in theory of 'next in line'. He reiterated that the link between gov't and banks should be severed through banking union.
- ECB's Praet commented that ECB polices could only offer temporary support and added that joint bank supervision was needed as well as resolution and deposit insurance. To pay close attention to developments related to asset prices, but liquidity had not led to bubbles in strong countries.
- BoJ Gov Shirakawa commented in his post rate decision press conference that central banks were watching European debt crisis; but was not aware of coordinated action. He did add that central banks were always in close contact with each other. He wanted European leaders to act quickly to prevent global crisis and solve its debt problem. He reiterated that BoJ was pursuing powerful monetary easing and expected Japanese monetary base to increase. The JPY currency rise was a negative for Japanese economy as it hurts corporate profits
- German Chancellor Merkel commented that Europe must discuss growing differences in economic strength between France and Germany. German economic growth was led by its domestic engine and the current Euro currency rate supported German exports. She noted that she was doing what it could to strengthen the Euro. She reiterated that Germany would reject any 'quick fix' to crisis solution at upcoming G20 including Eurobonds
- German Fin Min Spokesperson Kotthaus commented that there was no teleconference planned for Sunday (Note: earlier reports that EU Ministers were asked to 'standby' for a post-Greek election conference call on Sunday)
- Sweden Fin Min Borg commented that was in a very serious situation regardless of what happen in Greek elections but saw no reason to take extraordinary measures in Sweden
- Russia Central Bank left its key rates unchanged (as expected) but did cut its FX Swap rates to increase liquidity and curb money market rate volatility. The CBR added that it saw the current Interest rates as appropriate in the coming months
- Germany FDP (coalition) Floor Leader Bruederle reiterated the stance would be better for Greece to remain in the Euro and the end of German aid capabilities was "in sight". Greece needed reforms in order to remain in Europe but could discuss the timeline of Greece's program
- France PM Ayrault commented in a radio interview that recession was knocking on Europe's door as Germany's growth prospects were weak and must find mechanisms to avoid market rule. France did not seek anti-German coalition with Italy and he reiterated France's 2013 deficit commitment of 3.0%
- Greece Syriza candidate Milos commented that must reform Greece and that it was nonsense to leave the Euro as it would be a disaster for all
- Hungary head negotiator Varga commented that the country was doing its last changes to the central bank law and would not name new MPC members or VP position before 2013. He noted that the amendments would remove obstacles to IMF discussions and saw increased chances that talks to begin this summer
- Hungary PM Orban added that IMF discussions could begin at any time but he wouldl NOT amend the MNB law on the VP position
- Bank of Korea (BoK) Gov Kim commented that rising delinquency for home loans was a concern
- Vague dealer chatter circulating that India Fin Min Mukherjee might step down after filing for Presidential nomination
- Thailand Central Bank stated that it was prepared to call a special rate meeting if global conditions worsen
Currencies:
- Heading into the weekend Greek election the overall market underlying tone had shown some improvement some after A G20 source on Thursday indicated global policy makers were prepared the provide coordinated liquidity on a bad Greek election outcome. The remark had some credibility as the BOE did activate its Extended Collateral Term Repo (ECTR) lending facility while Russia cuts its FX Swap rates to increase liquidity and curb money market rate volatility.
- The EUR/USD lingered in the upper part of its weekly range and stayed around the 1.2630 level throughout the European morning.
- The USD/JPY hovered below the 79 handle in the session nand maintained its firm tone after the BOJ maintained a steady policy. Japanese official continued the verbal intervention assault.
- The GBP was initially weaker after the BOE activated its Extended Collateral Term Repo (ECTR) lending facility to test below the 1.55 handle. The pair stabilized aided by corporate flows and managed to recoup the bulk of its losses by the NY morning.
Political/ In the Papers:
- The Bank of England confirmed it activated the Extended Collateral Term Repo (ECTR) lending facility with the first ECTR auction to take place on Wednesday, the 20th of June. The Bank will hold one ECTR auction per month until further notice at a minimum of £5B (min bid rate 25bps above the bank rate). Note, the ECTR was created (Dec) to provide liquidity to banks against a wide range of collateral.
- According to a German press source, there is speculation that the ECB could take over European bank regulation. Citing EU diplomats, the role of the ECB would be increased as the central bank could take on some of the current duties of the European Banking Authority (EBA).
- In an article by the Telegraph's Ambrose Evans-Pritchard, it was argued that the Dutch government's austerity measures are having a negative impact on growth per sharp slowdown seen in domestic demand. It was suggested the Dutch economy has also been negatively impacted by bank deleveraging.
- Evans-Pritchard also provided comments on Spain, noting that quick action from the ECB is needed to stabilize the country's bond yields. Some investors believe that the ECB must quickly intervene to stop any capitulation in the markets. The French Industry Minister Montebourg said the markets were flying out of control because of ECB inaction. Similarly, ECB hawks in Frankfurt believe any such intervention would reduce pressure on governments to make reforms.
Looking Ahead
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (MX) G20 Summit of Finance Ministers
- (PE) Peru Central Bank Quarterly Inflation Report
- (PE) Peru Apr Economic Activity Index Y/Y: No est v 5.6% prior
- (PE) Peru May Unemployment Rate: No est v 8.1% prior
- 6:10 (UK) DMO to sell combined £5.0B in 1-month, 3-month and 6-month Bills
- 7:00 (BR) Brazil Jun FGV Inflation IGP-10 M/M: 0.8%e v 1.0% prior
- 7:00 (IS) Israel May Consumer Prices M/M: 0.3%e v 0.9% prior; Y/Y: 2.0%e v 2.1% prior
- 7:30 (BR) Brazil Apr Economic Activity Index M/M: 0.3%e v -0.4% prior; Y/Y: No est v 0.9% prior
- 7:30 (IN) India weekly Forex Reserve data
- 8:00 (PL) Poland Apr Current Account: €920Me v -€228M prior; Trade Balance: -€730Me v -€399M prior; Exports: €12.0Be v €12.9B prior; Imports: €12.7Be v 13.3B prior
- 8:30 (CA) Canada Apr Manufacturing Sales M/M: 0.2%e v 1.9% prior
- 8:30 (US) Jun Empire Manufacturing: 13.00e v 17.09 prior
- 9:00 (BE) Belgium Apr Trade Balance: No est v €2.1M prior
- 9:00 (US) Apr Total Net TIC Flows: No est v -$49.9B prior; Net Long-term TIC Flows: $45.0Be v $36.2B prior
- 9:00 (PL) Poland May YTD Budget Level (PLN): No est v -24.8B prior; Budget Performance YTD: No est v 70.9% prior
- 9:15 (US) May Industrial Production: 0.1%e v 1.1% prior; Capacity Utilization: 79.2%e v 79.2% prior; Manufacturing Production: No est v 0.6% prior
- 9:30 (PT) ECB's Costa
- 9:55 (US) Jun Preliminary University of Michigan Confidence: 77.5e v 79.3 prior
- 11:00 (US) Fed to purchase $1.00-1.50B in Notes
- 11:00 EU President Van Rompuy to host conference call with European leaders a head of the summit
- 15:00 (AR) Argentina Apr Economic Activity Index M/M: No est v 0.5% prior; Y/Y: No est v 4.0% prior
Weekend
- (MX) Pre G-20 Meeting in Los Cabos, Baja California
- (EG) Egypt Presidential Election Runoff
- (FR) France holds second round of Legislative Election
- (GR) Greece holds new elections
Copyright (c) 2012 Trade The News, Inc.
Above listed TradeTheNews.com market updates are delayed 5 minutes. To sample the live audio broadcasts, real-time headlines and research on demand in real time, please go to http://www.tradethenews.com for your no-obligation FREE trial.
Above listed TradeTheNews.com market updates are delayed 5 minutes. To sample the live audio broadcasts, real-time headlines and research on demand in real time, please go to http://www.tradethenews.com for your no-obligation FREE trial.