2010/09/10 17:37=DJ DATA SNAP: Italy's 2Q GDP Revised Up, Beats Expectations
2010/09/10 17:20DJ Greek Budget Deficit Down 32.2% In January To August
ATHENS -The Greek budget deficit for the period from January through August fell 32.2% year on year to EUR14.49 billion, ahead of the 26.5% targeted reduction, the Finance Ministry said Friday. However, the annual budget-deficit reduction target is an ambitious 39.5% and budget revenues are still not in line with target rises. Net budget revenues for the eight-month period were up 3.3% on the year but well short of the annual target of a 13.7% rise. Budget expenses fell 7.7% against a target of a 5.5% reduction. 'The progress of deficit reduction has been temporarily hampered over the last two months because of a build up in interest payments which amount to 40% of the year's debt reduction target,' the ministry said in a statement.
2010/09/10 17:12*DJ 3-Month Euribor Falls To 0.878% Vs 0.879% Thursday
2010/09/10 17:11*DJ Italian 12-Month T-Bills Average Yield Set At 1.428%
2010/09/10 17:10*DJ Greece To Sell EUR0.9B 26-Week T-BiIls September 14
2010/09/10 17:09*DJ Greece June Unemployment 11.6% Vs 12% in May
2010/09/10 17:03*DJ Portugal CPI +1.9% In August From Year Earlier
2010/09/10 17:01=DJ DATA SNAP: UK Producer Prices Mark Lowest Annual Rates In 6 Months
2010/09/10 17:01=DJ OIL DATA: OECD Stocks As Of Jul Near Aug '98 Record Level-IEA
2010/09/10 17:00*DJ Italy's 2Q Final GDP Forecast +0.4% QQ; +1.1% YY
2010/09/10 17:00*DJ Italy's 2Q Final GDP +0.5% On Qtr Vs Prelim +0.4%
2010/09/10 17:00*DJ Italy's Final 2Q GDP +1.3% On Yr Vs Prelim +1.1%
2010/09/10 16:51*DJ Greek Budget Deficit Beats 26.5% Reduction Target
2010/09/10 16:50*DJ Greek Budget Deficit Down 32.2% In January To August
2010/09/10 16:45=DJ DATA SNAP: Italy July Industrial Output Grows Less Than Expected
2010/09/10 16:35*DJ India Finance Minister: Expect FY Industrial Output To Grow 12%-13%
2010/09/10 16:32*DJ UK Aug Core Output PPI +0.1% On Month; +4.6% On Year
2010/09/10 16:31*DJ UK Aug Input PPI Was Forecast -0.2% MM, +8.2% YY
2010/09/10 16:31*DJ UK Aug Input PPI -0.5% On Month; +8.1% On Year
2010/09/10 16:30*DJ UK Aug Output PPI Unch On Month; +4.7% On Year
2010/09/10 16:30*DJ UK Aug Output PPI Was Forecast +0.2% MM, +4.9% YY
2010/09/10 16:24*DJ EU's Barnier: Regulation Shouldn't Penalize European Banks
2010/09/10 16:23DJ Tokyo Shares Rise On Weaker Yen, Solid GDP; Canon Adds 5.6% -2-
2010/09/10 16:07*DJ IEA: OECD July Forward Demand Cover 61.4 Days
2010/09/10 16:07*DJ IEA: 2011 World Oil Demand Growth About Unch At 1.3M B/D
2010/09/10 16:05DJ JGBs Fall After Weak 5-Year Auction, Caution Ahead Of DPJ Vote
TOKYO -Japanese government bonds fell Friday after a weaker-than-expected 5-year auction prompted selling in the belly of the curve, which also came under pressure due to higher Japanese share prices and weaker U.S. Treasurys overnight. Investors also sold JGBs ahead of an election Tuesday that will determine whether Prime Minister Naoto Kan, who favors fiscal consolidation, will remain Japan's leader. His challenger in the ruling Democratic Party of Japan presidential vote is party power-broker Ichiro Ozawa, who advocates more fiscal spending. Analysts said that if Ozawa succeeds in ousting Kan, bond yields, which move inversely to prices, could continue to rise. Polls of DPJ members, the only ones to vote in the election, suggest Kan has only a marginal lead, meaning the election could fall either way. Should Ozawa win, the benchmark 10-year JGB yield could climb to 1.200% next week, said RuiXue Xu, debt markets strategist at Royal Bank of Scotland. The looming DPJ vote likely made investors cautious in Friday's tender as the election results 'will have a huge impact on the JGB market,' Xu said. Japan's Ministry of Finance sold Y2.192 trillion worth of 5-year bonds, with a 0.4% coupon, at a lowest price of 100.20 yielding 0.359%. The result fell short of traders' expectations for a lowest price of 100.24 to 100.25. The average price was 100.24, yielding 0.351%. The auction received Y6.122 trillion in total bids, for a bid-to-cover ratio of 2.79, down from 4.68 in the last sale. A lower bid-to-cover ratio indicates weaker demand. The tail--a separate measure of demand that looks at the difference between the average price and the lowest accepted price--was longer at 0.04 compared with 0.01 in the last tender. A long tail is also an indicator of weaker demand. But some analysts said that the 5-year sale result was likely not indicative of broad selling pressure, and that an Ozawa win would not necessarily lead to big enough fiscal spending increases to keep JGBs under the gun. 'The auction result was weak but it was probably a very 5-year specific thing,' said Christian Carrillo, senior rates strategist at Societe Generale. While an Ozawa win could prompt some knee-jerk JGB selling, such downward pressure could fade as Ozawa is not proposing drastically greater spending than Kan, Carrillo said.
2010/09/10 16:04*DJ IEA:OECD Oil Stocks As Of July Near Aug 1998 Record Level
2010/09/10 16:03DJ PRECIOUS METALS: Gold Holds Off From Highs In Light Asian Trade
2010/09/10 16:03*DJ IEA:'10 World Oil Demand Growth About Flat Vs Aug Report At 1.9M B/D
2010/09/10 16:00*DJ Italy Jul Industrial Output +0.1% On Mo; +4.8% On Yr
2010/09/10 16:00*DJ Italy Jul Industrial Output Was Seen At +0.4% MM; +7.4% YY
2010/09/10 15:57DJ Spain PM: No New Austerity Measures Necessary
MADRID -Spain doesn't need to take new austerity measures to cut its high budget deficit and shore up confidence in its economy, Prime Minister Jose Luis Rodriguez Zapatero said Friday.'Tensions in the Spanish debt market are subsiding,' Zapatero said.
2010/09/10 15:55DJ Japan Government: BOJ Governor Says Will Act To Curb Yen Rise If Needed
TOKYO -A senior Japanese Cabinet Office official said Friday that Bank of Japan Gov. Masaaki Shirakawa at a government meeting stated that the central bank will take 'appropriate action' to curb rising yen if necessary.In addition, 'I'm aware that it's important to raise the issue of foreign exchange in the international arena,' Shirakawa was quoted as saying by Keisuke Tsumura, a Cabinet Office parliamentary secretary in charge of economic and fiscal policy.Tsumura also quoted Trade Minister Masayuki Naoshima as saying that Japan should send clear messages over the yen's appreciation at the Group of Eight and Group of 20 meetings.The three officials participated in a meeting to finalize the government's economic monthly report for September, released earlier in the day.
2010/09/10 15:52DJ Tokyo Shares Rise On Weaker Yen, Solid GDP; Canon Adds 5.6%
2010/09/10 15:45DJ Japan's Economy Minister Indicates Risk Of Economy Entering Lull
TOKYO -Japan's Economy Minister Satoshi Arai on Friday indicated that the country's economy may enter a lull later this year due in part to the sharp appreciation of the yen."We are aware that there are downside risks, including the possibility of the economy falling into a lull," Arai said at a press conference after the release of the government's monthly economic report for September, adding "the stronger yen is significantly hurting exports."But Arai emphasized some data have still shown that the nation's economy could return to a sustainable recovery path, saying "I personally think that the economic recovery remains on an upward trend."In the economic report, the Cabinet Office said: "The economy continues to pick up, and shows some signs of moving toward a self-sustaining recovery."
2010/09/10 15:30DJ Petropavlovsk Expects Hong Kong IPO In October 2010
MOSCOW -U.K.-listed Russian miner Petropavlovsk PLC's (POG.LN) expects to launch an initial public offering of its non-precious metals division in October, the company said Friday. Petropavlovsk, Russia's third-biggest gold producer, said in June it had submitted a listing application form to list its non-precious metals division, including its iron ore operation, in Hong Kong. 'Petropavlovsk is pleased to announce that it has reached an advanced stage in its preparations for a possible Hong Kong IPO of the group's non-precious metals division,' the company said in a statement. The final decision is still subject to approval from the Hong Kong Stock Exchange, Petropavlovsk said. The company also said its non-precious metals division will be reorganized under a new subsidiary, IRC Limited.
2010/09/10 15:20*DJ Spain PM: No New Austerity Measures Necessary
2010/09/10 15:11*DJ Dubai World Sees Restructuring Complete In "Coming Weeks"
2010/09/10 15:11*DJ Dubai World "Well Positioned" To Complete Restructuring Deal
2010/09/10 15:05=DJ DATA SNAP: French July Industrial Production +0.9% On Month
2010/09/10 15:02DJ Forex Options: Dollar/Yen Options Down As Dollar Stabilizes Vs Yen
TOKYO -Dollar/yen options declined in Tokyo Friday, as demand eased for protection against fluctuations and further falls in the exchange rate with the dollar stabilizing slightly above where it was against the yen in New York late Thursday.Benchmark one-month at-the-money dollar/yen volatilities edged down to 11.90%/12.60% in Tokyo from 11.95%/12.65% in New York Thursday.The dollar stood at Y84.08 as of 0425 GMT, after hitting Y84.30 earlier in the morning.An options dealer at a major Japanese bank said that if the exchange rate stays around current levels, benchmark volatilities may decline about 20 basis points.However, the dealer said further drops were unlikely because the exchange rate is 'too low' to exit options contracts.
2010/09/10 15:02*DJ FTSE 100 Dn 0.2% After The Open
2010/09/10 15:01*DJ Stoxx Europe 600 Index Dn 0.3% After The Open
2010/09/10 14:55*DJ Japan Economic Policy Minister: Japan's Economic Growth Could Stall - Kyodo
2010/09/10 14:55*DJ Naoshima: Japan Should Send Clear Messages Over Yen's Rise At G20 - Kyodo
2010/09/10 14:48DJ Japan Govt: Economy Continues To Pick Up; Basic Assessment Unchanged In Sep
TOKYO -Japan's economy continues to pick up but the economic environment is becoming more severe, the government said Friday, warning that downside risks are increasing due to the yen's surge and declining share prices.In its economic report for September, the Cabinet Office also expressed concern about a slowdown in Asia and downgraded its assessment of exports, saying the pace of export growth was slowing.'The economy continues to pick up, and shows some signs of moving toward a self-sustaining recovery,' the report said.The Cabinet Office said its basic assessment of Japan's economy hasn't changed from last month.But the tone of this month's report was more downbeat. The government upgraded its assessment of private capital expenditure--a positive sign for private-sector led growth--but it said in its general assessment that 'the severity of the environment is increasing,' a phrase that didn't appear in the August report.It also cited movements in foreign exchange rates and share prices as factors that have increased the downside risks to Japan's economy. It was the first time since February 2009 that the Cabinet Office had specifically referred to exchange rates in a monthly report.In last month's basic assessment, the Cabinet Office said: 'The economy has been picking up steadily and the foundation for a self-sustaining recovery is being laid.'Keisuke Tsumura, a Cabinet Office parliamentary secretary in charge of economic and fiscal policy who briefed reporters on the report, said he feels 'a sense of crisis' about the recent sharp rise in the yen, which is near 15-year highs against the dollar. In the long term, exchange rates moves can have positive and negative effects but abrupt moves in the short term can have large undesirable side effects on the economy, he said.The yen's strength has been tormenting Japanese authorities, who fear it is undermining the export-dependent economy's competitiveness and may lead to an exodus of Japanese manufacturers to lower cost countries in order to keep up with rivals overseas. As many as 40% of Japanese companies recently surveyed by the trade ministry said they were considering shifting some production overseas, a trend the government worries could 'hollow out' Japan's industrial base and hurt employment.While a strong yen helps to lower import costs--to the benefit of many Japanese companies and consumers who can buy foreign-made goods more cheaply--the downward pressure on prices is making it more difficult for the central bank to stop deflation that has weighed on the economy on and off for years.The Cabinet Office continued to cite 'the effects of deflation' in its list of things to watch in the economic outlook, a sign the government will likely keep the heat on the Bank of Japan to loosen its super-easy monetary policy even further.The central bank last week increased a special lending facility, a token form of easing which together with stern intervention warnings from the Ministry of Finance helped to stem the yen's rise. The dollar has traded around Y84 for the past week, not far from its record low of Y79.75 hit in 1995.
2010/09/10 14:45*DJ French Jul Industrial Production +0.9% on Month
2010/09/10 14:45*DJ French Jul Industrial Production Forecast +0.6%
2010/09/10 14:41DJ CIC: Recovered Entire Investment In Reserve Primary Fund
BEIJING -China Investment Corp., the country's US$300 billion sovereign wealth fund, had recovered all of its investment in Reserve Management Co.'s Reserve Primary Fund as of July, CIC said in a statement Friday aimed at clarifying some unspecified media reports.CIC's affiliate, Stable Investment Corp., had been one of the big institutional shareholders in the Reserve Primary Fund before the fund suffered losses and suspended redemptions in September 2008 following the collapse of Lehman Brothers Holdings Inc.CIC said in October 2008 that it had ordered a withdrawal of its whole investment in the Reserve Primary Fund before the fund's suspension.It said Friday the Reserve Primary Fund has since repaid CIC's entire investment in a total of seven batches.
2010/09/10 14:25*DJ Petropavlovsk: Expects Hong Kong IPO In Oct 2010
2010/09/10 14:25*DJ Japan Govt: BOJ Gov Says Important To Send Message On FX To Other Nations
2010/09/10 14:24*DJ Petropavlovsk: IPO Still Subject To Approval From Hong Kong Stock Exchange
2010/09/10 14:23*DJ Japan Govt: BOJ Gov Says To Take Policy Actions If Necessary
2010/09/10 14:22*DJ Petropavlovsk: May List Non-Precious Metals Division In Hong Kong
2010/09/10 14:12*DJ Japan Econ Min: Yen Rise Significantly Hurting Japan's Exports
2010/09/10 14:10*DJ Japan Econ Min Arai: Japan Econ May Risk Falling Into Lull
2010/09/10 14:08*DJ Japan Econ Min Arai: Government To Tackle Yen Rise With BOJ
2010/09/10 14:07*DJ Japan Econ Min Arai: Japan Economic Recovery Remains On Upward Trend
2010/09/10 14:06*DJ Nikkei Stock Average Closes Up 1.6% At 9239.17
2010/09/10 13:58*DJ EU's Barnier: Europe Is Doing Better
2010/09/10 13:50*DJ Japan Govt Cuts Assessment Of Exports, Says Pace Of Growth Slowing
2010/09/10 13:49*DJ Japan Govt Official: Sudden Short Term Forex Moves Have Big Side Effects
2010/09/10 13:49*DJ Japan Govt: Need To Watch Effects Of Deflation On Economy
2010/09/10 13:46*DJ Japan Govt: Downside Risks To Econ Increasing Due To Forex, Stock Moves
2010/09/10 13:46*DJ Japan Govt: Severity In Economic Environment Is Increasing
2010/09/10 13:46*DJ Japan Govt Official: In Long Term, Forex Moves Have Positive, Negative Effects
2010/09/10 13:45*DJ Japan Govt: Economy Continues To Pick Up; Basic Assessment Unchanged In Sep
2010/09/10 13:41*DJ EU's Barnier: Economic Crisis Is Not Over
2010/09/10 13:27=DJ FED WATCH: Data Improve, As Some In Fed Offer Context For Recovery Pace
2010/09/10 13:12*DJ CIC: Recovered All Investment As Of End-July
2010/09/10 13:11*DJ CIC: Recovered All Investment In Reserve Primary Fund
2010/09/10 13:04DJ Japan Finance Minister Noda: Expect BOJ To Act When Necessary
TOKYO -Japan's finance minister put renewed pressure on the Bank of Japan Friday, saying the government hopes central bankers will meet their promise to take proper action when needed to support the nation's economy.Yoshihiko Noda's comments come after the government called on the bank to take 'additional necessary policy steps' in documents concerning the nation's latest stimulus package announced earlier in the day.In the BOJ's previous policy meeting, the bank pledged to 'take policy action in a timely and appropriate manner' if necessary. The language the government uses in the stimulus package documents is to 'express the view that it is expecting to act that way,' Noda said at a news conference after a regular Cabinet meeting.
2010/09/10 12:20=DJ ECB WATCH: ECB Still Not Sure If Calmer Markets Here To Stay
2010/09/10 12:02DJ Obama Picks Aide Austan Goolsbee As His Top Economist - Official
DJ Obama Picks Aide Austan Goolsbee As His Top Economist - Official WASHINGTON --U.S. President Barack Obama has picked aide and former professor Austan Goolsbee to chair his Council of Economic Advisors, an administration official said Thursday.
2010/09/10 11:55DJ ICBC, AIA Sign Bancassurance Agreement
BEIJING -Industrial & Commercial Bank of China Ltd. (1398.HK) signed a bancassurance agreement with American International Group Inc.'s AIA Group Ltd., AIA said in a statement, which was confirmed by an official at ICBC. AIA Chief Executive Mark Tucker said AIA will work jointly with ICBC in areas including sales and marketing, product development, and technological advancement, according to the statement, which was dated Thursday. Bancassurance is a growing trend in China as banks seek to diversify their intermediary income and insurers aim to expand their client base with the help of banks' nationwide sales networks. ICBC is China's largest lender by assets. The ICBC official, who declined to be named, said the bank has many other bancassurance partners, including China Life Insurance Co. , the country's largest insurer by premiums, and People's Insurance Co. of China Ltd.
2010/09/10 11:40DJ Japan Economy Minister: GDP Revision Showed Capex Very Favorable
TOKYO -Japan's economy minister Friday said that the upward revision to the nation's second quarter gross domestic product data showed that the economy continues to pick up. 'The economic outlook still allows no room for complacency, but as private sector capital expenditure and other components of this revision were very favorable, there is no change in the economic pick-up,' Satoshi Arai said at a press conference. Earlier in the day the government raised its reading for the country's second-quarter economic growth rate to an annualized 1.5% from the initial 0.4% rise as corporate capital spending continued to improve.
2010/09/10 11:08*DJ Hang Seng Index Falls 0.1% To 21,149.60; Reverses Gains
2010/09/10 11:07*DJ ICBC Signs Bancassurance Agreement With AIA - Official
2010/09/10 11:03*DJ Bawang Group Suspended From Trading; No Reason Given
2010/09/10 10:57DJ Japan Government: To Intervene In Forex If Necessary
TOKYO -The Japanese government said Friday it will intervene in the foreign exchange market if needed to curb a rise in the yen that it warns could disrupt the economy and financial conditions.'A rapid or prolonged strengthening in the yen is a problem that cannot be overlooked, given its negative impact on the stability of the economy and financial conditions,' the government said in a statement accompanying an announcement of a Y915 billion stimulus package to support the economy.'The government will take decisive steps, including interventions, when necessary,' the government said.The government also kept the heat on the Bank of Japan to do more to stop consumer price deflation, which has ravaged Japan's economy on and off for years, hindering any sustainable recovery.The government said it will keep in close contact with the central bank with the aim of conquering deflation, adding that it expects 'appropriate and flexible' monetary policy management to support Japan's economy.
2010/09/10 10:20*DJ Japan Fin Min Noda: Expect BOJ To Act When Necessary
2010/09/10 10:16*DJ Japan Fin Min Noda: GDP Shows Econ Steadily Recovering In 2Q
2010/09/10 10:16*DJ Japan Fin Min Noda: Govt To Take Swift Actions With Fresh Stimulus Package - Kyodo
2010/09/10 10:12DJ Malaysia PM: Comfortable With Current Ringgit Levels - CNBC
SINGAPORE -Malaysian Prime Minister Najib Razak said he wasn't worried about the ringgit's strength, CNBC reported Friday, marking a contrast with recent currency intervention by the central bank.Asked if he was comfortable with the ringgit, which is trading around 13-year highs, Najib said,'Yes, we are,' according to CNBC, which said the interview was conducted Thursday.'But we are monitoring it in terms of both our fiscal and monetary policy to make sure that the ringgit reflects the fundamentals of the economy,' he was quoted as saying. 'And at the moment, we believe it does and the stronger ringgit doesn't seem to have a negative impact on our exports.'Bank Negara Malaysia has begun to intervene to curb the ringgit in recent days, after staying out of the currency market since April, traders in Kuala Lumpur say. The central bank bought dollars last week and as recently as Wednesday at MYR3.1110-MYR3.1120, the traders said.
2010/09/10 09:53=DJ Japan Unveils Y915B Stimulus, Analysts Call It Half-Hearted
2010/09/10 09:51*DJ Nikkei Stock Average Up Over 2.0% At 9282.54
2010/09/10 09:45*DJ Japan Govt: Expect Additional Necessary Policy Steps By BOJ
2010/09/10 09:36*DJ Japan Govt: To Intervene In Forex If Necessary
2010/09/10 09:35*DJ Japan Arai: Govt To Keep Working Together With BOJ Vs Strong Yen, Econ Downside Risks
2010/09/10 09:33*DJ Japan Arai: Sharp Forex Moves Would Be Biggest Problem
2010/09/10 08:53*DJ Malaysia PM: Expect 2010 GDP To Grow At Least 6% - CNBC
2010/09/10 08:51DJ Japan Apr-Jun Revised Annualized GDP +1.5%; Prelim +0.4%
DJ Japan Apr-Jun Revised Annualized GDP +1.5%; Prelim +0.4%TOKYO -The Japanese government Friday raised its reading for the country's second-quarter economic growth rate as domestic firms ramped up capital expenditure.Japan's gross domestic product grew a price-adjusted 0.4% on quarter during the April-June period, exceeding the 0.1% rise initially estimated in mid-August, data released by the Cabinet Office showed.In annualized terms, the GDP grew 1.5%, well above the initial estimate of a 0.4% rise.The revised reading was in line with the median forecast of economists surveyed by and the Nikkei for a revised 1.5% annualized rise and 0.4% on-quarter increase.Public investment was revised to a 2.7% fall from the 3.4% decline initially estimated.Capital spending was revised up to a 1.5% on-quarter increase from a preliminary 0.5% rise.
2010/09/10 08:51*DJ Japan Government To Discuss Possible Corporate Tax Cuts During Next FY Budget Planning
2010/09/10 08:51*DJ Japan Cabinet Official: Stimulus Package To Help Lift GDP By 0.3%
2010/09/10 08:50*DJ Japan Government Announces Y915B Stimulus Package
2010/09/10 08:46*DJ Malaysia PM: Stronger Ringgit Doesn't Seem To Be Hurting Exports - CNBC
2010/09/10 08:44DJ BOJ Releases Minutes For August 9-10 Policy Board Meeting
DJ BOJ Releases Minutes For August 9-10 Policy Board Meeting TOKYO -Concern over recent yen rises had already increased among Bank of Japan policy board members at their August meeting before its easing decision later that month, according to minutes of the meeting released Friday by the central bank. ' members agreed that developments in foreign exchange markets and their effects on Japan's economic activity continue to warrant close attention,' the minutes for the Aug. 9-10 meeting showed. 'Many members raised the possibility that the appreciation of the yen might depress growth in exports and corporate profits,' the minutes said. At the meeting, the policy board decided to leave its policy interest-rate target at 0.1%, where it has been since December 2008, and to take no further unconventional easing steps. But, under intense pressure from the government and markets to do more to fight the yen's rise, the central bank Aug. 30 expanded a special lending program at an emergency policy meeting. The BOJ decided to offer financial institutions Y10 trillion worth of six-month cheap loans, in addition to the Y20 trillion in three-month loans it has been offering over the past few months.
2010/09/10 08:44*DJ Malaysia PM: Ringgit Level Now Reflects Fundamentals - CNBC
2010/09/10 08:37*DJ Japan Govt: Strong Yen, Overseas Economies Comprise Japan Downside Risk
2010/09/10 08:37DJ Fed's Bullard: US Best Served By Incremental Easing -CNBC
The president of the Federal Reserve's St. Louis branch said Thursday that quantitative easing by the Fed to stimulate growth in the U.S. economy should be done gradually, with minor adjustments depending on the outlook. James Bullard, in an interview with CNBC, said any purchases by the Fed of U.S. government debt should be incremental, reflecting the caution the central bank employs when setting interest rates -- typically moves of only 25 basis points, up or down, at a time. The Fed's key interest rate, currently at zero, is set by the Federal Open Market Committee, of which Bullard is a member. 'I do not think it's a good policy to do some kind of 'shock and awe' policy where you say, 'We're going to buy a trillion dollars' worth of something all at once,' Bullard said. 'That isn't good monetary policy, that isn't what we've learned about monetary policy in the last 25 years. It's all about rules, it's all about reacting to incoming information with incremental moves.' He said any Fed debt purchases in the foreseeable future would probably involve long-dated Treasury securities. The head of the Federal Reserve Bank of St. Louis reiterated that he expects U.S. economic growth in the second half of this year to be slower than the first half, followed by a stronger overall 2011. He said there will likely be 'some bumps in the road' rather than a steady, smooth recovery. Website: www.cnbc.com
2010/09/10 08:30*DJ BOK Suspected Of Intervening In FX Market To Curb Won's Rise-Traders
2010/09/10 08:05*DJ Nikkei Stock Average Opens Up 0.4% At 9132.25
2010/09/10 08:04*DJ Japan Apr-Jun Exports +5.9% Q/Q; Prelim +5.9%
2010/09/10 08:04*DJ Lead 10-Yr JGB Futures Open Down At 141.45 Vs 141.62 Thu
2010/09/10 08:00*DJ Japan Apr-Jun Public Investment -2.7%; Prelim -3.4%
2010/09/10 08:00DJ Several Senior Employees May Leave CICC - FT
At least 30 senior employees at China International Capital Corp. have been approached recently about leaving the firm to join competing companies, the Financial Times reports on its website Thursday. Other leading employees, including banker Bei Duoguang, have already left CICC. Bei is rejoining JPMorgan Chase & Co. . Employees who have left departed, in large part, because they have an opportunity to cash in 'phantom equity' in the firm, as Kohlberg Kravis Roberts & Co. and TPG Inc. prepared to buy Morgan Stanley's 34.3% stake in it, the FT cites people familiar with the matter as saying. Full story at http://www.ft.com/cms/s/0/944fa536-bc4d-11df-8c020144feab49a.html?ftcamp=rss
2010/09/10 07:59*DJ BOJ Minutes: All: Keep Extremely Easy Monetary Conditions
2010/09/10 07:58*DJ BOJ Minutes: One: See Increasing Risk Of Yen Staying At High Level
2010/09/10 07:57*DJ BOJ Minutes: Many: Need To Watch Yen Rise Impact On Business Sentiment
2010/09/10 07:57*DJ BOJ Minutes: Many: Yen Rises Could Hurt Exporters, Corp Profits
2010/09/10 07:57*DJ Japan Apr-Jun Revised Deflator -1.7%; Prelim -1.8%
2010/09/10 07:57*DJ Japan Inventories -0.1 Pct Pts To Growth
2010/09/10 07:56*DJ Japan External Demand +0.3 Pct Pts To Growth
2010/09/10 07:56*DJ Japan Apr-Jun Revised Real GDP +0.4% Q/Q; Prelim +0.1%
2010/09/10 07:56*DJ Japan Domestic Demand 0.0 Pct Pts To Growth
2010/09/10 07:56*DJ Japan Apr-Jun Revised Consumption Unch; Prelim Unch
2010/09/10 07:55*DJ Japan Apr-Jun Revised Capex +1.5%; Prelim +0.5%
2010/09/10 07:55*DJ Japan Apr-Jun Revised Nominal GDP -0.6%; Prelim -0.9%
2010/09/10 07:55*DJ Japan Apr-Jun Revised Annualized GDP +1.5%; Prelim +0.4%
2010/09/10 07:55*DJ Japan Aug Domestic CGPI Unch On Year
2010/09/10 07:50*DJ Japan Apr-Jun Revised Real GDP +0.4% Q/Q; Prelim +0.1%
2010/09/10 07:11*DJ Dollar Regains Y84.00 On EBS
2010/09/10 06:46*DJ NZ 2Q Import Prices +1.7% Vs 1Q; Mkt Expected +0.75%
2010/09/10 06:45*DJ NZ 2Q Adjusted Import Volume +1.0% Vs 1Q
2010/09/10 06:45*DJ NZ 2Q Export Prices +3.8% Vs 1Q; Mkt Expected +5.0%
2010/09/10 06:45*DJ NZ 2Q Terms Of Trade +2.1% Vs 1Q; Mkt Expected +3.5%
2010/09/10 06:45*DJ NZ 2Q Adjusted Export Volume +0.3% Vs 1Q
2010/09/10 05:54=DJ US Small-Cap Stocks Shuffle; Shoe Companies Take Step Back -2-
2010/09/10 05:33=DJ US Stocks Rise, Boosted By Better-Than-Expected Jobs Data-2-
2010/09/10 05:24=DJ US Small-Cap Stocks Shuffle; Shoe Companies Take Step Back
2010/09/10 05:21=DJ US Stocks Rise, Boosted By Better-Than-Expected Jobs Data
2010/09/10 05:19=DJ WORLD FOREX: Growth-Oriented Currencies Up On Positive US Data
2010/09/10 05:08DJ US Fed Total Discount Window Borrowings Wed $52.94 Bln
WASHINGTON -The U.S. Federal Reserve's balance sheet edged up slightly in the latest week, along with the central bank's holdings of U.S. securities.The Fed's asset holdings in the week ended Sept. 8 expanded to $2.309 trillion, from $2.305 trillion a week earlier, the Fed said in a weekly report released Thursday.In the latest week, the Fed's holdings of U.S. Treasury securities rose to $789.89 billion on Wednesday from $786.28 billion a week earlier. Holdings of mortgage-backed securities were steady at $1.103 trillion Wednesday, for a second week in a row.The report also showed total discount window borrowings fell to $52.94 billion Wednesday from $54.03 billion a week earlier.Prior to the Fed's latest policy-setting meeting Aug. 10, directors of the Federal Reserve Bank of Kansas City and from the Dallas Fed voted to increase the interest rate charged to banks on emergency loans. The regional banks voted to have the discount rate increased by a quarter of a percentage point to 1%.The majority of U.S. central bank officials, however, recommended keeping monetary policy loose amid a fragile recovery. The Fed has kept the discount rate unchanged at 0.75% since February, when it was raised by a quarter percentage point following an improvement in the economy at the end of 2009.Since the second quarter of this year, however, the recovery has slowed and the unemployment rate has stayed high. The faltering economy prompted the Fed's policy decision to reinvest proceeds of maturing mortgage-backed securities held by the Fed into U.S. Treasury securities.In the latest week, commercial bank borrowing rose, increasing to $29 million Wednesday from $9 million a week earlier.U.S. government securities held in custody on behalf of foreign official accounts slipped to $3.214 trillion, from $3.225 trillion in the previous week.U.S. Treasurys held in custody on behalf of foreign official accounts as of Wednesday also dropped, decreasing to $2.404 trillion from $2.408 trillion in the previous week.Additionally, holdings of agency securities decreased to $809.96 billion from the prior week's $817.49 billion.Further data on the Fed's balance sheet, including a breakdown of district-by-district discount window borrowing, can be found at http://federalreserve.gov/releases/h41/current/h41.pdf
2010/09/10 04:54DJ CREDIT MARKETS: Issuance Slows But Secondary Trade Still Firm
2010/09/10 04:48DJ US M1 Rose $33.3B In Aug. 30 Week; M2 Rose $30.7B
NEW YORK -The Federal Reserve's latest weekly money supply report Thursday shows seasonally adjusted M1 rose by $33.3 billion to $1.778 trillion, while M2 rose $30.7 billion to $8.69 trillion.The figures are preliminary estimates for the week extending through Aug. 30 and are subject to revisions.More details on the report, along with weekly information on the Fed's custody holdings, repurchase agreements, Treasury portfolio and free reserves, can be found on the Internet at http://www.federalreserve.gov/releases/.
2010/09/10 04:31*DJ Foreign Central Bk Custody Holdings At $3.214T As of Wed - Fed
2010/09/10 04:31*DJ Foreign Central Banks Agency Debt Holdings At $809.96B
2010/09/10 04:30*DJ Foreign Central Banks Treasury Holdings At $2.404T
2010/09/10 04:30*DJ US Fed Total Discount Window Borrowings Wed $52.94B
2010/09/10 04:22*DJ Fed's Bullard: US Needs Steady Easing, Not 'Shock And Awe' Buying By Fed -CNBC
2010/09/10 04:12DJ Treasurys Pounded By Data, Weak Auction; 30-Year Biggest Loser
YORK -Treasurys dropped for a second straight session Thursday as the latest U.S. jobs and trade data eased worries about the health of the U.S. economy, sapping demand for a $13 billion 30-year bond sale.The deluge of new corporate bond debt sales this week, which provide higher yields, also lured many investors away from the Treasury market.As of 3:50 p.m. EDT, the benchmark 10-year note was down 28/32 in price, pushing up the yield by 10 basis points to 2.755%. The 30-year bond was the biggest loser, with its price down by 2 1/32. The yield rose 11 basis points to 3.840%. Bond prices move inversely to yields.In an optimistic sign for labor conditions, initial unemployment claims decreased by a bigger-than-forecast 27,000 to 451,000 in the week ended Sept. 4. The U.S. trade deficit narrowed by 14% in July to $42.78 billion."The sky is not falling," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York.The reports added to several data releases over the past couple of weeks that have come out less dire than expected. That has alleviated concern that the U.S. economy may slip into a renewed downturn in the second half of the year. The shift in sentiment has put a damper on demand for safe-haven Treasurys, which had rallied significantly over the past few months.The benchmark 10-year note's yield has risen more than 30 basis points from the trough of 2.418% hit on Aug. 25, which was the weakest level since January 2009. The 30-year bond yield has jumped nearly 40 basis points from 3.461% touched on Aug. 25, the weakest level since March 2009."You are seeing a healthy correction of the recent rally in the bond market," said Mary Ann Hurley, vice president of trading in Seattle at D.A. Davidson & Co. "People still want to own bonds given the weak economic outlook but they want to own bonds off the ultra-low yield levels."Rupkey said the recent data suggest that the need for the Federal Reserve to conduct larger-scale buying of Treasurys "looks less likely" when policy makers meet to set interest-rate policy on Sept. 21.The Fed started small-scale buying of Treasurys last month, using proceeds from its maturing mortgage-backed securities holdings as a way to push down long-term interest rates to support a slowing economy. On Thursday, it bought $1.35 billion in five Treasury notes maturing from Feb. 15, 2013, to July 15, 2013, but the purchases failed to lend support to the bond market.Demand at Thursday's 30-year bond auction, the final leg of this week's $67 billion new government debt supply, was still healthy. The bonds were sold at 3.82%, the lowest yield since March 2009 and a boon for the U.S. government as it continued to fund its budget shortfall at historically low interest rates.But investors had expected a lower yield of 3.784% right before the auction. The indirect bid, a proxy of foreign buying, was 36%, down from 46% last month and weaker than the average of 38% for the previous four auctions.More significant was a sharp drop in the direct bid, a category of bids from nonprimary dealers, banks, money managers and depository institutions who have direct accounts to submit bids to the Treasury auctions. The direct bid was 8%, down from 18.6% at last month's sale and below the average 19.2% for the past four auctions."It is possible that the recent deluge of corporate supply shifted appetites away from sub-4%" yield on 30-year bonds, said John Briggs, U.S. interest rate strategist at RBS Securities Inc in Stamford, Conn., who rated the 30-year bond sale "a relatively poor auction."Sales of U.S. corporate bonds, especially investment-grade debt, have surged this week, after the summer recess, as many companies took advantage of the historically low interest-rate environment to refinance. On Tuesday and Wednesday, sales of U.S. investment-grade debt have topped $30 billion. U.S. Swap Spreads Slightly Wider The two-year spread, which measures the extra two-year swap rate over two-year Treasury yield and a main gauge of credit risks, was 0.75 basis point wider at 19.75 basis points. The 10-year swap spread was 1 basis point wider at negative 2.25 basis points.
2010/09/10 04:04*DJ Nasdaq Closes Up 7 (0.3%) At 2236; Telecom, Health Care Rise
2010/09/10 04:03*DJ DJIA Closes Up 28 (0.3%) At 10415 As JP Morgan Climbs
2010/09/10 04:02DJ OIL FUTURES: Nymex Crude Falls As Supply Glut Weighs
2010/09/10 03:25DJ Deutsche Bank Said To Mull Share Sale Of Up To EUR9 Bln -Bloomberg
DJ Deutsche Bank Said To Mull Share Sale Of Up To EUR9 Bln -BloombergDeutsche Bank AG has approached investment banks about their potential interest in managing a stock sale that would raise as much as EUR9 billion ($11.4 billion), Bloomberg News reports Thursday, citing three people with knowledge of the talks.The bank has yet to decide on a sale, the sources said. Proceeds may be used to increase the bank's stake in Deutsche Postbank AG (DPB.XE) and to meet rising regulatory capital requirements, they added.Deutsche Bank has the option to increase its nearly 30% stake in Postbank, which has a market value of EUR5.6 billion.A Deutsche Bank spokesman declined to comment to Bloomberg. Deutsche Postbank AG Chief Executive Stefan Juette, speaking at a banking conference in Frankfurt, said he didn't know if or when Deutsche Bank might take over the lender.Full story at: http://www.bloomberg.com/news/201099/deutsche-bank-said-to-weigh-share-sale-to-raise-as-much-as-11-4-billion.html-; 212-416-2900-
2010/09/10 03:17DJ Trichet: Could Suspend Voting Rights For Fiscal Rule Breaches-FT
DJ Trichet: Could Suspend Voting Rights For Fiscal Rule Breaches-FTLONDON -European Central Bank President Jean-Claude Trichet has said that euro-zone members who break the group's rules on public finances could have their voting rights temporarily revoked, as a way of cracking down on fiscal profligacy.In an interview with the Financial Times, published Thursday, Trichet stressed the need for a 'quantum leap' in fiscal surveillance. But he rejected suggestions that a member could be thrown out for not complying with the rules.'I don't call for expelling members, but a temporary suspension of voting rights is something that should be explored,' Trichet said.
2010/09/10 03:09DJ PRECIOUS METALS: Gold Futures Back Down Amid Calmer Markets
2010/09/10 02:36*DJ OIL FUTURES: Nymex Crude Settles Down 42c At $74.25/Bbl
2010/09/10 02:35*DJ OIL FUTURES: Crude Falls As Supply Glut Weighs
2010/09/10 02:34*DJ OIL FUTURES: Nymex Crude Closes Down 43c At $74.24/Bbl
2010/09/10 02:17=DJ IMF Chief Economist: Advanced Countries' Output 'Too Tepid'
2010/09/10 01:31*DJ OIL FUTURES: Crude Reverses Course, Falls To Near $74/Bbl
2010/09/10 01:09*DJ Trichet: Could Suspend Voting Rights For Fiscal Rule Breaches-FT
2010/09/10 01:06*DJ ECB Trichet: Central Banks Have To Remain Alert - FT
2010/09/10 01:04*DJ ECB Trichet: Should Have Carried Out Bank Stress Tests Earlier - FT
2010/09/10 01:03*DJ ECB Trichet: To Progressively Phase Out Non-Standard Measures - FT
2010/09/10 01:01DJ UK Osborne: To Make Further GBP4B Welfare Spending Cuts - BBC
LONDON -The U.K. government will earmark GBP4 billion in extra welfare spending cuts as part of its austerity plans, the British Broadcasting Corp. reported Treasury Chief George Osborne saying.In an interview with the BBC, excerpts of which were broadcast Thursday afternoon, Osborne said "there will be further welfare cuts announced" as part of the comprehensive spending review.The BBC reported Osborne saying that the GBP4 billion in extra cuts come on top of the GBP11 billion in welfare cuts targeted in June's emergency budget statement.Osborne has promised a fiscal consolidation of GBP113 billion over the next five years, made up largely of spending cuts.The chancellor has said most departmental cuts may need to be cut by some 25%.
2010/09/10 00:54*DJ Deutsche Bank Said To Mull Share Sale Of Up To EUR9 Bln -Bloomberg
2010/09/10 00:28*DJ IMF Official: Emerging Markets, Developing Countries Jobs Outlook In Better Condition
2010/09/10 00:27*DJ IMF Official: Output 'Single Most Determinant' Of Job Growth
2010/09/10 00:25*DJ IMF Chief Economist: Output Too Lukewarm To Lower Unemployment
2010/09/10 00:24*DJ IMF Chief Economist: Advanced Countries Output 'Too Tepid'
2010/09/10 00:18DJ Fitch: Euro-wide Fiscal Retrenchment To Start In 2011
LONDON -Fitch Ratings said Thursday that it doesn't expect euro zone-wide fiscal retrenchment to start "in earnest" until 2011.The ratings agency said market confidence in the euro zone remains fragile despite stress tests carried out on European banks boosting sentiment, on top of stronger-than expected economic growth recorded in the second-quarter."Concerns persist over the sustainability of the global economic recovery and the medium-term outlook for public finances," said Paul Rawkins, a senior director in Fitch's sovereign group.In its latest report published on the euro-zone sovereign outlook, Fitch said it sees greater competition for financing between euro-zone banks and sovereigns "as higher gross fiscal financing needs coincide with an upsurge in banks' debt maturities in 2011-2011."According to the rating agency, the combined medium-to-long term amortization schedule for euro-zone banks and sovereigns is estimated to rise to EUR900 billion-EUR1 trillion a year in 2011 and 2012 from the EUR455 billion expected in the second-half of this year.
2010/09/10 00:11*DJ UK Osborne: To Make Further GBP4B Welfare Spending Cuts-BBC
