News and Reviews European Economic Zone

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News and Review of European Economic Zone (UK)

 

Sterling on the haunt of BoE QE Advanced

Tuesday, July 3, 2012

 

The British currency - Pound still appeared reluctant to continue the rally on Tuesday (3/7) because investors are still concerned about the situation in Europe and increased concern after a British manufacturing data still indicates contraction in the zone for the second consecutive month.

 

With the bad economic figures, the suspect could reinforce expectations that the Bank of England asset purchase program would extend the policy meeting on Thursday the day after tomorrow. Data Markit / CIPS UK manufacturing rose to 48.6 in June after hitting a three-year low in 45.9 in May.

 

Despite better than economists' expectations of 46.5, the figure is still stuck at the level of contraction that increase the chances of further QE from the BoE. Some analysts argue Sterling movement will still be dominated by the euro zone factors are the focus of today's market.

 

Sterling is now recorded in the range of $ 1.5677, near a session low level these days $ 1.5672 after earlier rising to $ 1.5713

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News and Review of European Economic Zone (UK)

 

UK: Data Mortgage Down From May

Tuesday, July 3, 2012

 

UK mortgage approvals data down to 51 098 K in May, after a total of 51 627 K approved in the previous month, according to a report published today BoE. The result is lower than forecast a decline of 51 300 K. Consumer credit rose to 0.7 billion pounds in May than earlier in April by 0.3 billion pounds and against the market consensus of 0.2 billion pounds.

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News and Review of European Economic Zone (UK)

 

Following the two executives, COO of Barclays also withdrew

Tuesday, July 3, 2012

 

Libor interest in giving scandal Barclays continues to drag down the bank officials. Recently, chief operating officer (COO) Barclays, Jerry del Missier reportedly resigned from his post. This information is disclosed to a source who knows exactly profanity Barclays at The Wall Street Journal.

His decision followed two other executives resigned in advance due to the same case. Until this news was revealed, there has been no official statement from Missier.

Clearly, today, chief executive of Barclays, Bob Diamond also said to give up on the Libor interest rate setting scandals involving its traders. He announced his retirement after a career with Barclays for 16 years.

The decision followed after yesterday (2/7) Head of Barclays, Marcus Agius also withdrew due to fraud uncovered Libor interest rate determination.

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News and review European Economic Zone (Germany)

 

German coalition government is now under threat

Wednesday, July 4, 2012

 

Party Christian Social Union (CSU) threatened to get out of the coalition government if the Chancellor of Germany agreed to provide loans to troubled euro-zone members without a strict requirement, the Financial Times reported. CSU party leader, Horst Seehofer, Germany warned softening of attitude can lead his party to not support the bailout. "Without the support of CSU, the coalition will not have a majority in parliament," said Seehofer.

 

Chancellor Angela Merkel has been criticized after Germany agreed to the European bailout fund can be used to recapitalize banks and intervene in the bond market. Merkel has promised to pass off strict prerequisite for any future capital injections. However, this seems not enough to calm Seehofer.

 

Seehofer stressed the difficulty for people to understand how Merkel to seek approval from parliament if it lowers the standard criteria for a bailout. Merkel has met with Seehofer and affirm the coalition will continue to collaborate in the field of European policy.

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News and Review of European Economic Zone (UK)

 

The scandal involved the BoE may LIBOR

Wednesday, July 4, 2012

 

LIBOR Barclays scandal that hit the top brass seem to be dragging the Bank of England (BoE). Barclays claims that Paul Tucker, who currently serves as deputy governor of the BoE, in effect condone actions that manipulate Barclay LIBOR interest rate when the financial crisis in 2008. Barclays has agreed to pay a fine of $ 450 million to end the demands of LIBOR. However, the scandal has led to the resignation of Chairman Marcus Agius, CEO Bob Diamond, and COO Jerry del Missier.

 

Barclays claims to have been told by Tucker, in October 2008, to not have to hand over LIBOR interest rates as high as has been done before, according to an internal memo sent by Diamond who once served as head of investment banking unit. "Thus, Diamond and then gave a briefing on the LIBOR," according to Barclays told a parliamentary committee report in which Diamond will testify tonight. In a press conference, Agius warned: "Wait until you see what is happening on the Finance Committee". BoE spokesman declined to comment on the memo, but point out Paul Tucker will provide clarification on the issue.

 

Meanwhile, sterling weakened in the London session. GBP / USD has traded 1.5640; stay away from daily highs 1.5689

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News and Review of European Economic Zone (Switzerland)

 

In quiet trade, the greenback strengthened against the swissie

Wednesday, July 4, 2012

 

The U.S. dollar strengthened against the Swiss franc note on the Wednesday session, as trading was quiet with U.S. markets closed for holiday, while investors remained cautious ahead of monetary policy decisions by the European Central Bank and Bank of England.

 

The ECB is widely expected to cut rates to record low of 0.75% from 1.00% at tomorrow's meeting Thursday, to help drive growth in the region, following a series of weak economic data.

 

Earlier today, the outcome of the purchasing managers index of euro zone services sector stands at 47.1 in June, slightly above the initial estimate of 46.8, but remained below the 50 level that separates contraction from growth for the fifth consecutive month participate.

 

BoE is expected to announce stimulus measures in the new round of Thursday's meeting, to protect the recession that hit the British economy from the ongoing debt crisis in the eurozone.

 

Investors are also waiting for U.S. non-farm payrolls report on Friday, amid speculation that the Federal Reserve likely to apply the third round of quantitative easing to shore up the economy, which has been hit by the crisis in the eurozone.

 

Level observed for the greenback against swissie session at 0.9555 level in European morning trading, then consolidated the position of 0.9552, up 0.28% ata. Swissie remains stable against the euro, edged down 0.01% to 1.2011 position.

 

Trade volume is expected to be a little quiet, with her ​​off the U.S. market closed for the Independence Day holiday.

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News and Review of European Economic Zone

 

Euro 'Queen Dead' ahead of ECB cuts

Thursday, July 5, 2012

 

Until the afternoon (Thursday, 5/7) the single currency Euro continues oppressed and did not move from a narrow range around $ 1.2525 because investors fear and anxiety of meeting expectations the European Central Bank (ECB) is expected to cut its benchmark interest rate.

 

In addition the Spanish government bond yields are creeping up again today ahead of the auction also add pressure to the Euro bearish. Even the economic data released Wednesday showed unexpected stagnation in the German service sector throughout the month of June. And the drop in business prospects in France to its lowest level in 3-years highlights the growing deterioration of economic conditions in Europe.

 

Therefore, the market is so sure if the ECB would cut interest rates by 25 basis points at its meeting today at 1845 hrs. And before the moment it seems Euro 'suspended animation' because since the morning EUR did not move from the narrow range.

 

Technically, t

[mynameisandhy]

News and Review of European Economic Zone

 

Wait for the ECB, the European Exchange Potential Negative

Thursday, July 5, 2012

 

European stocks are expected to trade lower on Thursday (05/07/2012). Market will be cautious ahead of rate decision from the European Central Bank and Bank of England.

 

FTSE index fell 9 points diperkirakaan will, potentially DAX down 21 points and the CAC will be lower 9 points. ECB expected to cut interest rates to a record low of 0.75%. This can reduce the debt crisis of Europe. Because the current economic data tend to worry about economic growth in the region.

 

Of England is also expected to provide monetary stimulus as a policy of the Bank of England. It also requires state policies to curb the economic recession.

 

Markets wait for the third round of quantitative pelonggran policy by injecting funds worth U.S. $ 78 billion. It is expected to refresh the financial system to spur economic growth.

 

Ireland will today go back to the bond market by offering 500 million euros or U.S. $ 626 million since dibailout in 2010.

 

Markets were also looking at Volkswagen and Porsche merger plans. Pembleian stock merger is done by the founder of Porsche worth 4.46 billion euros. Parties will have a 50.1 VW shares Porsche.

 

Asian stock markets fell as the majority of Hang Seng index fell 0.3%, 0.3% Trun Nikkei, Straits Times index rose Rp0, 1%, the Shanghai index down RO1, 2%, Kospi index fell 0.1%, ASX index fell 0.2%.

 

While U.S. crude oil in Asia fell 0.7% to U.S.% 86.98 per barrel, Brent crude fell 0.1% to U.S. $ 99.67 per barrel. Gold fell 0.3% to IS $ 1,616.20 per troy ounce, silver dropped 0.5% to U.S. $ 28.12 per ounce.

 

To index the EUR / USD down 0.02% to 1.2523, the index of USD / JPY fell 0.09% to 79.78, the index EUR / JPY fell 0.1% to 99.94.

[mynameisandhy]

News and Review of European Economic Zone (UK)

 

Moody's: Negative Outlook to Barclays

Thursday, July 5, 2012

 

Moody's Investors Service changed Barclays Bank's outlook to negative from stable. That's because the management of uncertainty.

 

Moody's said the changes reflect concerns the resignation of senior officials of the tub. It gives the uncertainty of the direction of the company that is considered negative for bondholders.

 

"The specific political and shareholder pressure on Barclays to lead to the resignation of CEO and COO of the Bank. Resignation of head of investment also led to widespread pressure to the bank to transfer the business model of investment banking and the perceived failure of reforms in the business culture," the statement, Thursday (05/07/2012).

 

A2 senior debt and deposit ratings have a negative outlook. That's because Moody's expectation that the British government would reduce its support for the major British bank in the medium term. It is quoted from CNBC.

 

Meanwhile, ratings for long-term BSFR and A2 debt rating unchanged.

[mynameisandhy]

News and Review of European Economic Zone

 

Poor! The euro plunged to Edge Gorge

Friday, July 6, 2012

 

It's unfortunate fate of the Euro at the end of this week (Friday, 6/7), the single currency appears trapped in the negative range after yesterday falling to the lowest level in 1-month against the dollar.

 

Correction Euro is mainly caused by investors selling after the European Central Bank (ECB) cut its benchmark interest rate by 25bp to a record low of 0.75%. Besides unexpected ECB also lowered deposit rates to as low as zero in order to help prevent debt crisis Eurozone.

 

Before the market is already anticipating lower interest rates, but to cut the deposit rate was unexpected, so make the most of the market by surprise. The move comes as an effort to improve the effectiveness of the ECB interbank lending in Europe.

 

And this time, the policy decisions taken by the ECB shows that the president Mario Draghi increasingly concerned about the threat of slowing economic growth and the apparent collapse of the real.

 

The ECB also now realize that growth prospects have deteriorated, and the growing risk aversion in the market action is clearly beneficial for the dollar but instead would be negative for the Euro.

 

ECB cuts interest rates associated with, the euro currency immediately fell to the lowest level in 1-month against the dollar at $ 1.2362 today after finally stabilized in the area's $ 1.2380. However, euro is now in the brink of the valley due to its lowest point this year was at $ 1.2290 on June 1 last.

[mynameisandhy]

News and Review of European Economic Zone

 

European markets tumbled in opening

Friday, July 6, 2012

 

European stock markets opened with a decline Friday as investors are still worried about global growth prospects after a series of rate cuts in Europe and China in the day yesterday. Investors are also waiting for the data payrol U.S. agricultural nin released today.

 

Europe Stoxx 600 Index fell 0.3% to a level of 256.16, with energy stocks leading the decline after falling oil prices, diikuit with a reduction in the banking sector.

 

Spanish IBEX 35 index fell 1.1% to a level of 6875.20, with shares of BBVA ES fell more than 4%, and Banco Santander SA fell 2.2%.

 

Shares of French carmaker Peugeot SA fell 4% after a sharp drop in sales in first half sales also declined, with the French CAC 40 index fell 0.1% to a level of 3225.20.

 

German DAX 30 index fell 0.2% to a level of 6521.09, while the FTSE 100 index slipped 0.1% to a level of 5684.18.

[mynameisandhy]

News and Review of European Economic Zone (UK)

 

Pound rising, though still held concerns

Friday, July 6, 2012

 

Pound moved higher, especially against the U.S. dollar at Friday's session, although the increase was restrained because the central bank policy decisions affecting sentiment on Thursday, as investors remained cautious ahead of key U.S. employment release the data today.

 

Market sentiment weakened after the European Central Bank president, Mario Draghi said yesterday that the economic outlook was mengahdapi risk reduction, plus the indicators in the second quarter showed a weaker growth in the eurozone.

 

The comments came after the central bank cut its benchmark interest rate to a record below to 0.75% in July. Meanwhile, the Bank of England kept interest rates remain at 0.5% and decided to increase the supply of asset purchases by 50 billion pounds to 375 billion pounds.

 

Previously, official data input inflation at the producer level in the UK experienced a mild decline in June, down 2.2% after declining 2.6% in the previous month.

 

Output fell 0.4% inflation rate in June, melamaui economists' expectations which are expected to fall 0.2% following a 0.2% decline in the previous month.

 

Pound obtain any touch on the daily level against the dollar at 1.5546 level during the European morning trading session, then consolidated at the level of 1.5544, up 0.12%. In addition, the pound also gained obtain any euros, up 0.19%, touching the 0.7966 level.

[mynameisandhy]

News and Review of European Economic Zone

 

Disappointing results may Ecofin meeting

Monday, July 9, 2012

 

Meeting of European finance ministers (Ecofin) will try to describe the details of the European agreement to end the debt crisis. However, the market is skeptical that there is a satisfactory result. Decisions on banking supervision, the use of the euro-zone bailout funds, financial assistance to Spain and Cyprus, as well as easing the requirements of the Greek bailout is on the agenda to be completed. Euro-zone finance ministers will meet today in Brussels and the EU finance ministers meeting tomorrow will do in the same place.

 

Borrowing costs of Spain and Italian government bonds again approaching a critical level; even the leaders of both countries called for Europe to quickly implement the agreement. Europe has agreed to give authority to the ECB to keep an eye on the euro-zone banking sector and a supervisor in the use of bailout funds to buy government bonds and bank recapitalization. "Too many agendas to be discussed; this means further meeting is required," said Reuters resource. "Giving wider powers to the ECB is very complex and will not be completed only by meeting a few hours."

 

"Too much hope is given to the Ecofin meeting. Markets expect the bailout funds to work immediately. However, the meeting was to decide whether the bailout fund would bear a greater risk if the bank recapitalization without a strict requirement. This will be an interesting discussion considering Germany , Finland and the Netherlands may not provide the prerequisite are loose, "said Reuters resource person who does not want his name published.

[mynameisandhy]

News and Review of European Economic Zone (UK)

 

Expect Rebound Thin Sterling Improvements In Housing Sector

Monday, July 9, 2012

 

Movement of the British Pound in forex trading today (09/07, 09:24 GMT) observed show an upward movement. The currency opened at the range of 1.5478 in early trading (00:00 GMT) and then gained about + 7 pips or about + 0.05% and the rolling observed in the range of 1.5485.

 

The economic calendar shows that the Halifax Bank of Scotland (UK) is scheduled to announce to the public, the latest data on the housing sector in June. RICS House Price Balance indicators are expected to show a positive development and is thought to have slightly improved -15% of the value of the last period is -16%.

 

Currency British pound moved higher observed thin respond to these developments. Analyst Research Vibiz of Vibiz Consulting suggests that the trading in the normal range of movement today GBP / USD is expected to have a range of support level at 1.5444 and resistance at around 1.5531 level.

 

Meanwhile, today the UK accounting firm BDO LLP announced that the level of business confidence in Britain has decreased to its lowest level this year. BDO?? ™ s reported Optimism Index fell four times in a row to 93.5 in June from 95.5 in May.

[mynameisandhy]

News and review European Economic Zone

 

Perhaps Spain Get Extra Time

Monday, July 9, 2012

 

European Union finance ministers will provide additional time for Spain until 2014 to achieve the deficit target of 3% of GDP, according to EU diplomats told Reuters that a resource. "Target the Spanish government budget will be adjusted so that the government has added an extra year of time," said Reuters resource persons who are reluctant to name the publication. "This is not a unilateral policy. Spain still have to do austerity policies required to achieve these goals and this will be discussed at a meeting of EU finance ministers on Tuesday. I hope Spain will get extra time to reach the deficit target."

 

According to the EU budget rules, Spanish is required to reduce the ratio of budget deficit to 3% of GDP at the end of 2013. However, after the outbreak of the economic recession which real estate bubble has made this target difficult to achieve. Meanwhile, the euro rose on the London session. EUR / USD is now trading 1.2302, trying to stay away from daily lows 1.2255

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News and Review of European Economic Zone (UK)

 

Sterling Rebound Driven Improvement in UK Manufacturing Output

Tuesday, July 10, 2012

 

Movement of the British Pound today (10/07, 09:55 GMT) observed increased, and the currency is the U.S. dollar hit monitored after opening at 1.5525 in early trading (00:00 GMT). British pound rose about + 12 pips or about + 0.08% and the rolling was observed at 1.5538.

 

British pound tracked accept the positive sentiment of investors, having just Office for National Statistics convey to the public that the manufacturing sector output in May had a positive growth.

 

The development is indicated by an increase in indicators of economic fundamentals Manufacturing Production m / m which grew 1.2%, whereas in the previous period to contract -0.8%. The existence of a positive announcement showed better performance than expected number of economists, who expected to grow only 0.1%.

 

British Pound currencies tracked moving positively respond to these developments. Analyst Research Vibiz of Vibiz Consulting suggests that the GBP / USD at today's projected to have the support level at around 1.5474 and 1.5563 resistance level on the range.

[mynameisandhy]

News and Review of European Economic Zone

 

Disappointed With German Euro MA

Tuesday, July 10, 2012

 

The euro slumped after the Supreme Court (MA) Germany postpone making a decision on the European bailout fund, the ESM. The Supreme Court seemed to take longer to decide whether the European bailout fund and the European fiscal pact in accordance with the constitution. However, the longer the Supreme Court's decision to delay granting the longer ESM began operations to reduce debt crisis further turmoil. EUR / USD has traded 1.2264; stay away from daily highs 1.2333

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News and Review of European Economic Zone (Spain)

 

10 Year Bond Yield Spain's fall sharply

Tuesday, July 10, 2012

 

The yield on the bond's 10-year Spanish government on Tuesday sharply reduced, as well as European stocks pushed higher after driven by data from the UK. In addition to Spain, the euro-zone finance ministers reached an agreement amounting to 30 billion euros ($ 36.9 billion) for the assistance provided for the Spanish banks are in crisis and said it also would extend the deadline for the Spanish deficit target. Bond yield fell 23 basis points to 6.78%, after moving higher in recent days to about 7%, borrowing costs will not be seen as reinforcing if guarded by the Spanish government.

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News and Review of European Economic Zone (Spain)

 

Rajoy Announces Additional Savings Policy

Wednesday, July 11, 2012

 

Prime Minister of Spain on Wednesday announced new austerity measures worth? 65 billion ($ 79 billion) in an effort to meet the new budget deficit target of cutting the agreed European Union. Nevertheless, the new policy will apply until the end of 2014 still leaves questions among investors about how quickly it will be able to lift the Spanish economy from the brink of recession.

 

Additional savings measures include the increase in value added tax to 21% from the previous 18%, lowering unemployment benefits for new claims, civil service pay cuts of up to about 7%, as well as local government reform which will hopefully help save billions of Euro budget.

 

"Although the road to us and is not easy, uncomfortable and long, We can not avoid it. That's the only road that leads to recovery," said Mariano Rajoy PM in front of members of parliament on Wednesday.

 

Euro zone finance ministers on Monday itself has agreed to give concessions to the Spanish terms. The government must cut its budget deficit to 6.3% of GDP for this year, down from a previous target of 5.3%. Spain's budget deficit is expected to be entrenched at the level of 4.5% in 2013 and 2.8% next year.

[mynameisandhy]

News and Review of European Economic Zone

 

European Stocks Fall in Early Trading

Wednesday, July 11, 2012

 

European stock markets slumped in opening trade on Wednesday (11/7), after losses earlier in Asia and on Wall Street on Tuesday, as investors fretted over the growing global economic gloom.

 

In London, the benchmark FTSE 100 index of leading companies fell 0.48% to 5664.01 points, the DAX 30 in Frankfurt turned around 0.39% to 6413.17 points and in Paris the CAC 40 fell 0.93% to 3145.87 points.

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News and Review of European Economic Zone (UK)

 

Sterling High Level rocketed to 3.5 years vs Euro

Wednesday, July 11, 2012

 

Sterling soared to touch new highs of 3.5 years against the euro on Wednesday, fueled by doubts over the ability of Europe to turn quickly in bailout funds to protect member states are in trouble with debt.

 

Observed so far EURGBP cross rate had touched its lowest intraday 0.7888, while the lowest level since November 2008, and the potential for continued pressure along with Spanish and Italian bond yields are still at a high enough level.

 

This situation suggests that the sell Euro is still high enough to be transferred to a safe haven asset, due to delay ratification of the German supreme court bailout funds to the implementation of ESM.

 

Adding to the negative sentiment today, the PM as well as Italian finance minister, Mario Monti expressed interest to take advantage of the euro zone rescue fund to support the domestic bond market performance.

[mynameisandhy]

News and Review of European Economic Zone

 

Eurozone industrial production post the rise

Thursday, July 12, 2012

 

Industrial production in the euro area increased for the first time in three months in May, however, results in the previous month menalami report downward revisions, official data showed.

 

In its report, the European statistics agency, Eurostat, reported that industrial production recorded an increase of 0.6% in May to a seasonally adjusted, undermined expectations of a fall of 0.1%.

 

Meanwhile, the results reported in April, revised down 1.1% decline menajdi of the previously reported 0.8% decline.

 

On an annual basis, industrial production declined at an annual rate of 2.8% in May, after last month recorded a decrease of 2.4%.

 

Analysts expect the report data on industrial production decreased 3.2% written off at an annual rate, far greater than the official data reported.

[mynameisandhy]

News and Review of European Economic Zone

 

Euro increasingly struggled against the dollar

Thursday, July 12, 2012

 

The euro fell to its lowest level in two years against the dollar Thursday as renewed concerns over the debt crisis weighed on the euro zone single currency, while the absence of stimulus by the Federal Reserve indicated it supports the greenback.

 

Euro previous minor support after Italy sold bonds 12 months a number of targeted worth 7.5 billion euros with an average yield of 2.697%, the lowest since May and down sharply from 3.972% at a similar auction last month.

 

Moreover, official data showed that euro zone industrial production rose for the first time in three months in May, rising by 0.6%.

 

However, the single currency remains under pressure after European Central Bank monthly bulletin confirms that the downside risks have materialized and that the growth in the region masi be weak.

 

Meanwhile, the greenback had the strength after the minutes of the Fed's policy meeting in June showed that the U.S. economy likely to get worse before the central bank to implement additional easing measures.

 

Euro monitored obtain any touch session lows at the level of 1.2185 dollars in European afternoon trading, then consolidated at the level of 1.2185, down 0.46%. In addition, the euro continued to near its lowest level in three and a half years against the pound, fell 0.11%, to as low as 0.7887.

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News and Review of European Economic Zone (Ireland)

 

Troika: Irish Bailout Program Implementation 'Strong'

Thursday, July 12, 2012

 

Inspectors from the European Commission, International Monetary Fund and the European Central Bank joined in the Troika on Thursday said that if the implementation of Ireland's bailout program remains strong despite being in a depressed environment.

 

In a joint statement, Troika also said that the continuous improvement of household balance sheets and weak labor market will still inhibit the growth, the economic outlook remained slow until 2013. However, Troika assess Ireland stay on course towards a deficit target of 8.6% of GDP for 2012. Ireland's budget deficit is still listed as the largest in the Euro area.

 

With very high unemployment rate, Troika expect sustained growth and job creation remains a priority. The results of this study will pave the distribution? 1.9 billion syndicated loan funds from the IMF and the euro zone rescue fund facilities, with some other EU members have expressed a willingness to disburse? 700 million through bilateral loans.

[mynameisandhy]

News and Review of European Economic Zone (Italy)

 

Moody's downgrade Bank of Italy

Friday, 13 July 2012

 

The rating was cut two levels to Baa2 from A3, two notches above junk status.

 

On Thursday, Italy raised 7.5bn euros (? 6 billion) within one year bonds at a lower level than before, indicating improved investor confidence.

 

Tapidalam a statement, Moody smengatakan bahwajangka pendekprospek ekonomiItaliatelah "deteriorated" to the market access danbahwa kreditbisamenguatkan.

 

On Friday Italy was due to go into the financial markets to fund approximately 5.25bn euros in medium-term government bond auctions and long term.

 

Moody's said in a statement that Italy was now "more likely to experience further sharp rise in funding costs or loss of market access" to borrow to service its budget.

 

Rating agency added: "The risk of exit from the Greek euro has increased, the Spanish banking system will have greater credit losses than anticipated, and challenge yourself Spanish funds is greater than previously recognized.

 

"Short-term prospects for the Italian economy has deteriorated, as is stated in both weaker growth and higher unemployment, which creates the risk of failure to meet the target of fiscal consolidation.