ECB: Bias to Tighten
Ken Wattret
The ECB delivered the expected rate hike and left the door wide open for more of the same. The ECB played down the slowdown in growth and reiterated the upside risks to price stability, signalling a bias to tighten. We continue to expect a rate hike in October, teed up in September in tandem with higher inflation projections though this could be blown off course by market turmoil. The Q & A was dominated by issues related to the debt crisis with the ECB and some governments still at loggerheads over private sector involvement in the programme for Greece.
Thursday, July 7, 2011
SG: FI Weekly: EU stress and US redress
We see US data turning up in the coming weeks and hope the holiday period will lead to an easing in EU sovereign tensions. That will support our tactical defensive views. In Europe, however, cash flow is positive and the uncertainties around the Eurogroup meeting and the EBA stress tests suggest prudence on sovereign risk.
Wednesday, July 6, 2011
SG: A new world order - When demand overtakes supply
The last long cycle (from 1980 to 2000-05) was shaped by exceptional growth in supply on a global level. The next will be dominated by demand dynamics.
China hikes the interest rates
China hikes the interest rates
China raises benchmark deposit and lending interest rates of all duration by 25bp. We have long anticipated this badly- needed rate hike. Although it is far from enough given China's inflation level, Chinese policymakers are probably going to pay more attention to structural issues for some time.
China raises benchmark deposit and lending interest rates of all duration by 25bp. We have long anticipated this badly- needed rate hike. Although it is far from enough given China's inflation level, Chinese policymakers are probably going to pay more attention to structural issues for some time.
BRAZIL
BRAZIL
The manufacturing PMI survey continued to decline, sliding to 49.0 in June from 50.8 in May, after a recent peak of 54.6 in February, and falling below the 50.0 mark for the first time since late last year.
The manufacturing PMI survey continued to decline, sliding to 49.0 in June from 50.8 in May, after a recent peak of 54.6 in February, and falling below the 50.0 mark for the first time since late last year.
CNNMoney: Lagarde: IMF should focus on employment
Lagarde: IMF should focus on employment
By Aaron Smith @CNNMoney July 6, 2011: 11:34 AM ET
NEW YORK (CNNMoney) -- Christine Lagarde, recently chosen as the new managing director of the International Monetary Fund, said that employment will be her key focus, even more than the fiscal deficits that have swamped the world economy.
By Aaron Smith @CNNMoney July 6, 2011: 11:34 AM ET
NEW YORK (CNNMoney) -- Christine Lagarde, recently chosen as the new managing director of the International Monetary Fund, said that employment will be her key focus, even more than the fiscal deficits that have swamped the world economy.
Bloomberg: Service Industries in U.S. Expand at Slower Pace in Sign Economy Cooling
Related News: US, Currencies, Municipal Bonds, Economy
Service Industries in U.S. Expand at Slower Pace in Sign Economy Cooling
By Alex Kowalski - Jul 7, 2011 5:40 AM GMT+0900
Service industries in the U.S. expanded at a slower pace in June, a sign the economy cooled at the end of the first half of 2011.
Service Industries in U.S. Expand at Slower Pace in Sign Economy Cooling
By Alex Kowalski - Jul 7, 2011 5:40 AM GMT+0900
Service industries in the U.S. expanded at a slower pace in June, a sign the economy cooled at the end of the first half of 2011.
CNBC: 'Perfect Storm' Coming for Global Economy in 2013: Roubini
'Perfect Storm' Coming for Global Economy in 2013: Roubini
Published: Wednesday, 6 Jul 2011 | 4:07 PM ET
By: Jeff Cox
CNBC.com Staff Writer
Weakening economic conditions will come together in 2013 and create a "perfect storm" of global weakness, economist Nouriel Roubini told CNBC.
Published: Wednesday, 6 Jul 2011 | 4:07 PM ET
By: Jeff Cox
CNBC.com Staff Writer
Weakening economic conditions will come together in 2013 and create a "perfect storm" of global weakness, economist Nouriel Roubini told CNBC.
SG: Germany New Manufacturing Orders surge as German companies boost investment
SG: Germany New Manufacturing Orders surge as German companies boost investment
New orders to German manufacturing companies in May were much stronger than expected, rising 1.8% mom, when a decline was expected. This came on top of a 2.9% gain in April.
New orders to German manufacturing companies in May were much stronger than expected, rising 1.8% mom, when a decline was expected. This came on top of a 2.9% gain in April.
Tuesday, July 5, 2011
WSJ: Moody's Gives Banks Greek Debt Warning
BUSINESS JULY 5, 2011, 1:01 P.M. ET
Moody's Gives Banks Greek Debt Warning
By MARGOT PATRICK
LONDON—Banks rolling over some of their Greek debt into new instruments may have to take impairment charges, Moody's Investors Service said Tuesday, in another setback for efforts to involve private bondholders in a new international bailout.
Moody's Gives Banks Greek Debt Warning
By MARGOT PATRICK
LONDON—Banks rolling over some of their Greek debt into new instruments may have to take impairment charges, Moody's Investors Service said Tuesday, in another setback for efforts to involve private bondholders in a new international bailout.
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