Good Morning,

  • The euro got a leg up against the dollar after Federal Reserve Chairman Ben Bernanke said the central bank is ready to support the U.S. economy if needed, though gains were limited as the Fed chief remained vague about specific steps
  • ECB's Draghi says senior debt burden sharing evolving
  • ECB Nowotny: EZ solution to crisis is not possible if it goes against German wishes
  • ECB Asmussen: EZ should have power to limit nations debt issuances
  • German Finance Minister Schaeuble told the Rheinische Post newspaper that the aid goes to Spain’s government, and the state is responsible for paying back the aid
  • Finland agrees with Spain on collateral arrangement for bank loan: collateral needs to be provided before loan is given; and maximum required collateral is 770 million euros if maximum of 100 billion euro loan is taken
  • BOJ June Policy Meeting Minutes: Some members notes Europe’s debt problem becoming chronic. Some members were confident that the outlook for inflation was unchanged despite falling international commodity prices. Members agree that the BOJ would continue to conduct monetary policy in an appropriate manner. Few members suggested that the BOJ should stand ready to take appropriate actions without ruling out any options in advance
  • Three more lawmakers quit Japan's ruling DPJ government
  • New Zealand online skilled job vacancies declined by 2.1% mm in June from 9.6%mm in May
  • Australia May leading index +0.8% m/m vs +0.5% Apr, Strongest economic condition in 10mths
  • China increased its holdings of US government securities in May. Holdings rose by 0.4% to USD 1.17tn
  • China: Premier Wen Jiabao warned that job losses will be more severe as the economy slows down; indicated that the government will implement proactive labour policy.; World economy faces downward pressure; employment situation will be more complex
  • China June home prices show signs of stabilising, fall 1.5% yy

Today's Figures

10.30  UK Claimant count change
10.30  UK MPC vote
10.30  UK ILO unemployment rate
10.30  UK average earnings
11.00  CH ZEW investor sentiment
13.00  US Mortgage market and MBA Purchase index
14.30  US Housing starts
14.30  US Building permits

(CET)

Have a good day!