Risk on looks shorter lived after all the stimulus than many believed

- Risk on looks shorter lived after all the stimulus than many believed. Commodity- and the EMG block is weaker against the USD across the board. EURUSD set basically a one week low in Asia at 1.2940. Also EURCHF continues to suffer from the risk-off sentiment. USDJPY dropped also to 78.03 and EURJPY is more than 2 % off since the BOJ QE news (low so far 101.37).

- Stocks; Nikkei -1.34 %, Hang Seng -0.54 %, Shanghai Composite -1.12 %, Dow Jones +0.10 %, S+P500 +0.12 %

-ECB board member Noyer would be surprised if the ECB's bond-buying program was still in place in a few years' time, Frankfurter Allgemeine Zeitung.
* Noyer says he hopes the program will show its effect very quickly
* Noyer says ECB will stop its bond purchases immediately should the IMF and Euro-zone governments see that conditions for the program are not being met
* Noyer calls the unlimited bond purchasing program "a weapon to deter," that the ECB won't hesitate to deploy to demonstrate its determination

-European Central Bank Governing Council member Erkki Liikanen said cross-border bank supervision in the euro area will focus on lenders with international operations and significant presence in the bloc.

-WSJ reported that Greece and Troika closed in on a budget cutting plan, citing a senior Greek finance ministry official.

-Federal Reserve Bank of Dallas President Richard Fisher said the central bank's third round of bond purchases will probably fail to create jobs while risking higher inflation.

-Fed Chairman Bernanke told members of the Senate Finance Committee that don't think Fed tools are strong enough to offset the effects of fiscal shocks, if fiscal cliff is not addressed.

-Japan's exports fell 5.8 percent in August from a year earlier, the third straight decline, on weakness in demand from the European Union and China.

-Japan Data Recap Period Survey Actual Prior

* Merchand. Trade Balance JPY Aug -829.3b -754.1n -518.9b
* Merchand. Exports yoy Aug -7.5 -5.8 -8.1
* Merchand. Imports yoy Aug -5.5 -5.4 2.1
* All Industry Activity Index Jul -0.5 -0.6 0.3
* Nationwide Dept Sales yoy Aug - -1.0 -3.3
* Tokyo Dept. Store Sales Aug - 0.2 -1.0

-China Data Recap Period Survey Actual Prior
* HSBC Flash Manufacturing PMI Sep - 47.8 47.6

-Japanese manufacturers' sentiment index was -5 in Sept. and is seen at -4 in Dec., due to global slowdown and tensions with China, according to the Reuters Tankan survey. Sentiment at non-manufacturers declined one point to +7 in Sept. while seen improving to +10 in Dec.

-Takeda Masahiko, deputy director for the Asia-Pacific region at the International Monetary Fund, comments at conference in Sydney.
* Says Australia growing at reasonable rate, inflation under control
* Says still strong pessimism in Australia private sector amid 2-speed economy, high A$

-New Zealand Data Recap Period Survey Actual Prior
* ANZ NZ Jobs Ads Aug - 0.9 % 0.7 %
* GDP qoq Q2 0.4 % 0.6 % 1.1 % rev
* GDP yoy Q2 2.3 % 2.6 % 2.3 % rev

-New Zealand's incoming central bank Governor Graeme Wheeler agreed to focus on keeping annual consumer price gains near 2 percent, Finance Minister Bill English said today. The policy targets agreement with the government also includes a requirement for the Reserve Bank to monitor asset prices and to consider the soundness of the financial system when it sets monetary policy, English said in an e-mailed statement. It leaves intact the main price stability target, including keeping annual inflation in a range of 1 percent to 3 percent on average in the medium term.

-The International Monetary Fund's world economic forecasts, to be published in "about two weeks," won't be "incredibly different" from the current prognosis, Olivier Blanchard , the Washington-based lender's chief economist, said in a speech. The world economy is forecast to expand 3.5 in 2012 and 3.9 in 2013, according to the IMF's July forecast.

14:30 US Initial Claims
16:00 US Philadelphia Fed Index Sep
16:00 US Leading Indicators Aug
13:44 Fed Rosengren
15:30 Fed Lockhart
19:30 Fed Kocherlakota
23:00 Fed Pianalto
23:30 Fed Krieger
08:00 Germany PPI Aug
09:00 France PMI Manufacturing/Services Sep
09:30 Germany PMI Manufacturing/Services Sep
10:00 Eurozone PMI Manufacturing/Services/Composite Sep
10:00 Italy Industrial Orders/Sales Sep
16:00 Eurozone Consumer Confidence Sep
10:30 UK Retail Sales Aug
12:00 UK CBI Trends Total Orders Sep
12:00 UK CBI Trends Selling Prices Sep
20:00 UK BOE King
08:00 Switzerland Trade Balance Aug
09:15 Switzerland Industrial Production Q2
08:00 Japan Machine Tool Orders Aug


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