DE German Buba President Weidmann speech

Location: Germany

Date: 24/05/2013

Time: 11:00 - 12:00

Strength: 2/3

Previous:

Notes: Dr Jens Weidmann is the president of the Deutsche Bundesbank. He is member of the Governing Council of the ECB and has some responsabilities: Communication, Legal, Economics Research Centre...

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UK BBA Mortgage Approvals

Location: United Kingdom

Date: 24/05/2013

Time: 9:30 - 10:30

Strength: 2/3

Previous: 31.2K / Consensus: 32.7

Notes: The Mortgage Approvals published by the British Bankers' Association (BBA) measure the number of home loans issued by the BBA during the previous quarter. It is considered as a leading indicator of the UK Housing Market. A Mortgage growth represents a healthy housing market that stimulates the overall UK economy. Normally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or bearish)

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DE IFO - Business Climate

Location: Germany

Date: 24/05/2013

Time: 9:00 - 10:00

Strength: 2/3

Previous: 104.4 / Consensus: 104.5

Notes: This German business sentiment index released by the CESifo Group is closely watched as an early indicator of current conditions and business expectations in Germany. The Institute surveys more than 7,000 enterprises on their assessment of the business situation and their short-term planning. The positive economic growth anticipates bullish movements for the EUR, while a low reading is seen as negative (or bearish).Review Alex Nekritin's Article - Trading Euro with IFO Report

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DE IFO - Current Assessment

Location: Germany

Date: 24/05/2013

Time: 9:00 - 10:00

Strength: 2/3

Previous: 107.2 / Consensus: 107.2

Notes: The IFO Current Assessment released by the CESifo Group is closely watched as an indicator of current conditions and business expectations in Germany. The Institute surveys more than 7,000 enterprises on their assessment of the business situation and their short-term planning. The positive economic growth anticipates bullish movements for the EUR, while a low reading is seen as negative (or bearish).Review Alex Nekritin's Article - Trading Euro with IFO Report

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DE IFO - Expectations

Location: Germany

Date: 24/05/2013

Time: 9:00 - 10:00

Strength: 2/3

Previous: 101.6 / Consensus: 101.6

Notes: The IFO Expectations released by the CESifo Group is closely watched as an early indicator of current conditions and business expectations for the next six months, where firms rate the future outlook as better, same, or worse. An optimistic view of those 7,000 business leaders and senior managers is considered as positive, or bullish for the EUR, whereas a pessimistic view is considered as negative, or bearish.Review Alex Nekritin's Article - Trading Euro with IFO Report

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DE Gfk Consumer Confidence Survey

Location: Germany

Date: 24/05/2013

Time: 7:00 - 8:00

Strength: 2/3

Previous: 6.2 / Consensus: 6.2

Notes: The GfK Consumer Confidence is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. Generally speaking, a high reading is positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).

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The 6am Cut

6am Cut London Posted 2013-05-24 05:46:08 by Kate Mackenzie Asian stocks fell, the yen strengthened and Australian bank shares headed for their largest weekly drop in a year after comments from Bank of Japan's governor suggested the central bank wouldn't increase its bond buying. The Nikkei fell 1.3%, reversing earlier gains. The ASX fell more than 2% and the MSCI Asia Pacific was 0.4% lower. (Bloomberg) BoJ governor says stable JGB market '"extremely desirable'; will work to head off volatility in bond yields. "As far as the markets for long-term government securities are concerned, in which the Bank of Japan is directly involved through its market operations, it is extremely desirable for them to move stably," Haruhiko Kuroda said today during a seminar on Asia's economic future. (Wall Street Journal) Proctor & Gamble brings back AG Lafley: The world's biggest consumer product maker has returned Lafley, who led the company from 2000 to 2009, as CEO. He replaces embattled Bob McDonald, who will retire next month. Lafley's return comes amid a $10bn restructuring launched in February 2012, and about a year after activist investor Bill Ackman took a stake in P&G and began agitating for change. (Financial Times)(Reuters) Spanish banks will need to provision up to another €10bn to cover loans that borrowers will struggle to repay, according to an internal estimate by the Bank of Spain. It is the first official assessment of the likely impact of the central bank's new approach towards more than €200bn of loans that were rolled over before they were due to expire, often because of doubts over corporate borrowers' ability to repay. (Financial Times) Draghi wants UK to become 'more European': "I cannot say which of the two sets of arguments is stronger, the economic or the political ones, neither am I going to enter into a domestic policy debate, but what I can say is that Europe needs a more European UK as much as the UK needs a more British Europe," Draghi said in a speech met with applause at the City of London Corporation last night. (Financial Times) German shale industry takes on shale gas: "Germany's brewers have warned Berlin that permitting unconventional gas exploration in Europe's biggest economy could put the purity of the country's celebrated beer at risk." (Financial Times) "The US Federal Trade Commission has begun an informal inquiry into Google's display advertising business, opening a new front in the internet search company's antitrust battles just months after it appeared to resolve earlier investigations on both sides of the Atlantic." (Financial Times) Gold is having a good week: Prices are headed for the highest weekly performance in a month amid worries about monetary stimulus. (Bloomberg) COMMENT AND CURIOS: - Abe's big agenda is constitutional change, not economics. (Reuters) - Martin Wolf: Osborne should not be so complacent about IMF criticism. (Financial Times) - The day the UK had six hours of gas left. (Financial Times) - Martin Wolf: Austerity's failure was predictable, and predicted. (Financial Times) - Market bulls run into the sand. (Financial Times) - Nick Butler: Carbon market collapse more than just a technical matter. (Financial Times) - How Chinese brokerages deal with regulators: 'kissing asses'. (Financial Times) - How US banks deal with regulators: write the legislation themselves. (NYT Dealbook) - Ford stops making 'Mad Max' style cars, blaming Aussie dollar. (Bloomberg) - Four senior executives of SAC Capital have been subpoenaed. (NYT Dealbook) OVERNIGHT MARKETS: MIXED Asian markets Nikkei 225 down -177.96 (-1.23%) at 14,306 Topix down -6.67 (-0.56%) at 1,182 Hang Seng down -45.47 (-0.20%) at 22,624 US markets S&P 500 down -4.84 (-0.29%) at 1,651 DJIA down -12.67 (-0.08%) at 15,295 Nasdaq down -3.88 (-0.11%) at 3,459 European markets Eurofirst 300 down -26.34 (-2.10%) at 1,230 FTSE100 down -143.48 (-2.10%) at 6,697 CAC 40 down -83.96 (-2.07%) at 3,967 Dax down -178.91 (-2.10%) at 8,352 Currencies €/$ 1.29 (1.29) $/¥ 102.21 (102.01) £/$ 1.51 (1.51) Commodities ($) Brent Crude (ICE) down -0.08 at 102.36 Light Crude (Nymex) down -0.33 at 93.92 100 Oz Gold (Comex) unchanged 0.00 at 1,392 Copper (Comex) unchanged 0.00 at 329.95 10-year government bond yields (%) US 2.03% UK 1.93% Germany 1.44% CDS (closing levels) Markit iTraxx SovX Western Europe +2.78bps at 79.19bp Markit iTraxx Europe +4.71bps at 91.94bp Markit iTraxx Xover +18.08bps at 386.24bp Markit CDX IG +1.73bps at 73.29bp Sources: FT, Bloomberg, Markit
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US Housing Price Index (MoM)

Location: United States

Date: 23/05/2013

Time: 14:00 - 15:00

Strength: 2/3

Previous: 0.7% / Consensus: 0.8%

Notes: The Housing Price Index released by the Office of Federal Reserve Housing Enterprise Oversightprovides an estimated value of housing market conditions. It is an important indicator as the housing market is considered as a sensitive factor to the US economy. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).

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US Markit Manufacturing PMI

Location: United States

Date: 23/05/2013

Time: 13:58 - 14:58

Strength: 2/3

Previous: 52.1 / Consensus: 53.0

Notes: The Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic condition in the United States. Readings above 50 imply the economy is expanding, making investors understood it as a bullish for the USD, whereas a result below 50 points for an economic contraction, and weighs negatively on the currency.

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US Initial Jobless Claims

Location: United States

Date: 23/05/2013

Time: 13:30 - 14:30

Strength: 2/3

Previous: 360K / Consensus: 345K

Notes: The Initial Jobless Claims released by the US Department of Labor is a measure of the number of people filing first-time claims for state unemployment insurance. In other words, it provides a measure of strength in the labor market. A larger than expected number indicates weakness in this market which influences the strength and direction of the US economy. Generally speaking, a decreasing number should be taken as positive or bullish for the USD.

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US Continuing Jobless Claims

Location: United States

Date: 23/05/2013

Time: 13:30 - 14:30

Strength: 2/3

Previous: 3.009M / Consensus: 3.000M

Notes: The Continuing Jobless Claims released by the US Department of Labor measure the number of individuals who are unemployed and are currently receiving unemployment benefits. It presents the strength in the labor market. A rise in this indicator has negative implications for consumer spending which discourage economic growth. Generally speaking, a high reading is seen as negative, or bearish for the USD, while a low reading is seen as positive, or bullish.

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UK Total Business Investment (YoY)

Location: United Kingdom

Date: 23/05/2013

Time: 9:30 - 10:30

Strength: 2/3

Previous: 0.8%

Notes: The Total Business Investment released by the National Statistics presents the total amount of capital expenditures made by private firms. A large business investment is indicative of overall growth and demand in the UK economy. Generally speaking, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).

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UK Gross Domestic Product (QoQ)

Location: United Kingdom

Date: 23/05/2013

Time: 9:30 - 10:30

Strength: 3/3

Previous: -0.3% / Consensus: 0.3%

Notes: The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).

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UK Gross Domestic Product (YoY)

Location: United Kingdom

Date: 23/05/2013

Time: 9:30 - 10:30

Strength: 3/3

Previous: 0.2% / Consensus: 0.6%

Notes: The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).

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EMU ECB President Draghi's Speech

Location: European Monetary Union

Date: 23/05/2013

Time: 8:30 - 9:30

Strength: 3/3

Previous:

Notes: The European Central Bank's president Mario Draghi was born in 1947 in Rome, Italy. Graduated of the Massachusetts Institute of Technology (MIT), Draghi became the president of the European Central Bank in 2011. As part of his job in the Governing Council he gives press conferences in the back of how the ECB observes the current European economy. President's comments may determine positive or negative the Euro's trend in the short-term. Usually, if he shows a hawkish outlook, that is seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish).

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