May 21, 2013 - 12:15
Quotes from HSBC Global Research:
-Strong credit growth, and the potential monetary response to it, is likely to be an important driver for the RMB. Not only is the amount of credit on tap a key driver of the current account balance (which has been a major force behind recent RMB strength), monetary policy is also having an increasing influence on the exchange rate, given the liberalisation of the RMB FX regime and China's interest rate regime. The policy response is therefore crucial - if policy tightens significantly to curb credit expansion, then this is likely to be positive for the currency.
20130521 12:14 SINGAPORE CENTRAL BANK SAYS EXPLORING GIVING INDONESIA BANKS GREATER ACCESS TO INDONESIAN NATIONALS IN SINGAPORE
May 21, 2013 - 12:12
Quotes from HSBC Global Research:
-Beijing wants to strike a delicate balance between sustaining growth and controlling financial risks. We expect credit growth (M2) to be kept stable at 13-15% in the coming quarters, which should be sufficient to support an economic growth rate of around 8%. Current credit conditions are loose enough to support strong growth so there should be no need for interest rate and required reserve ratio (RRR) cuts this year.
-We also expect Beijing to increase the pace of RMB internationalisation, use deregulation and tax reductions to revitalise private investment and to increase subsidies for low-income families to support private consumption.
20130521 12:08 SAUDI'S DAR AL ARKAN LAUNCHES $450 MLN 5-YR SUKUK AT 5.875 PCT - LEADS
20130521 12:05 IRISH GOVT SAYS HAS AGREED DRAFT PROPOSALS WITH TRADE UNIONS FOR REVISED PUBLIC SECTOR PAY DEAL
20130521 12:05 QATAR C.BANK OFFICIAL: NEW REGIME COULD BE PEG TO CURRENCY BASKET OF TRADING, FINANCIAL PARTNERS AND OIL PRICE
20130521 12:05 QATAR C.BANK OFFICIAL: MOVE WOULD HELP QATAR COUNTER THREAT OF INFLATION IN COMING YEARS
20130521 12:05 QATAR, OTHER GULF ARAB STATES SHOULD CONSIDER MOVING TO MORE FLEXIBLE EXCHANGE RATE - QATAR C.BANK OFFICIAL IN PREPARED SPEECH
20130521 12:04 POLISH APRIL SEASONALLY ADJUSTED INDUSTRIAL OUTPUT AT -0.3 PCT Y/Y VS 0.6 PCT IN MARCH - STATISTICS OFFICE
20130521 12:04 POLISH APRIL PPI AT -2.0 PCT Y/Y VS -1.5 PCT SEEN IN REUTERS POLL - STATISTICS OFFICE
20130521 12:04 POLISH APRIL INDUSTRIAL OUTPUT AT 2.7 PCT Y/Y VS 2.8 PCT SEEN IN REUTERS POLL - STATISTICS OFFICE
20130521 12:03 RUSSIA'S APRIL PPI -1.2 PCT, MONTH-ON-MONTH; +1.6 YEAR-ON-YEAR - STATS SERVICE
20130521 11:47 USD/TRY TECHS SUGGEST A PEAK; CORRECTION DUE, TRENDLINE SUPPORT AT 1.8360
20130521 11:45 ICSC EXPECTS MAY COMPARABLE STORE SALES TO RISE BETWEEN 3 AND 4 PCT EXCLUDING DRUG STORE SALES
20130521 11:45 US CHAIN STORE SALES +3.1 PCT YEAR-ON-YEAR IN MAY 18 WEEK VS +1.2 PCT PRIOR WK - ICSC/GOLDMAN SACHS
20130521 11:44 US CHAIN STORE SALES +0.2 PCT IN MAY 18 WEEK VS -2.0 PCT IN PRIOR WEEK - ICSC/GOLDMAN SACHS
20130521 11:43 UK PM SPOKESMAN, ASKED IF GOVERNMENT WOULD HEED IMF ADVICE ON ECONOMY, SAYS GOVERNMENT BELIEVES IT HAS RIGHT ECONOMIC APPROACH
20130521 11:41 INDIA'S HUDCO INVITES BIDS THU TO RAISE UP TO 7 BLN RUPEES IN 5-YR BONDS; SETS COUPON RATE CEILING AT 8.15 PCT - TERMSHEET
20130521 11:39 TRADERS: THE DOLLAR IS A BUY ON DIPS, EYES WILL BE ON THE MPC NEXT WEEK, WHICH IS POISED FOR A LIKELY 25 BPS CUT, A RATE CUT SHOULD PUSH DOLLAR/BAHT HIGHER
20130521 11:36 TRADERS: THE THAI CURRENCY IS LIKELY TO EXTEND GAINS UNLESS BERNANKE SIGNALS THE FED MAY SCALE BACK ITS BOND-BUYING PROGRAMME
20130521 11:31 ASB BANK: GIVEN MORE CONFIDENCE IN THE NZ ECONOMIC RECOVERY AND AN ACCELERATION IN CONSTRUCTION INFLATION, INFLATION EXPECTATIONS FOR 2015 ARE LIKELY START TRENDING UP OVER THE NEXT YEAR
20130521 11:29 ARAB BANK AUSTRALIA SEES AUSSIE RISING TO $0.9850 THIS WEEK BEFORE RETURNING TO PARITY BEFORE THE END OF THE MONTH
20130521 11:28 SEB: THE DOLLAR LOOKS SET TO CORRECTIVELY GIVE BACK SOME OF THE RECENT GAINS AGAINST MANY OF ITS PEERS
May 21, 2013 - 11:27
Quotes from Societe Generale Cross Asset Research:
-UK CPI inflation fell from 2.8% to 2.4%, driven by a fall of the same size in core inflation. Some might see this as an excuse for more monetary easing but we do not think this likely.
-Some of that fall in inflation will be reversed next month and the improved UK growth prospects do not warrant further easing.
-Wednesday's BoE MPC minutes should reinforce that outlook of unchanged policy with either an 8-1 or 9-0 vote in favour of no change.
20130521 11:27 MORGAN STANLEY EXPECTS THE STERLING/DOLLAR DECLINE TO BE EXTENDED TOWARDS $1.4840
20130521 11:26 DEALERS: A RECESSION IN THE EURO ZONE IS ALSO LIKELY TO KEEP INVESTORS WARY OF THE POUND, ESPECIALLY AGAINST THE DOLLAR
20130521 11:26 NORWAY C.BANK CHIEF IT COULD BE INTO THE NEXT DECADE BEFORE EUROPE IS OUT OF THE CRISIS
20130521 11:25 THE POSSIBILITY OF ADDITIONAL QE CONTINUES TO HAMPER STERLING’S RECOVERY FROM ITS DREADFUL START THIS YEAR
May 21, 2013 - 11:25
Quotes from Standard Chartered:
-The bearish outlook for China's steel output in the next three months has negative implications for iron ore demand. A 2% - or 1.3 million tonne (mt) - decline from 65.65mt of crude steel output in April means a loss of 2.1mt of 62%-grade iron ore demand from the market in June alone.
-While steel mills, physical traders and mines all expect higher ore supply in H2 than in H1, we believe that seasonal declines in China's iron ore demand will add downward pressure to iron ore prices in the next three months.
20130521 11:25 NORWAY C.BANK CHIEF SAYS WEAK INTERNATIONAL ECONOMY MAY LAST UNTIL 2015
20130521 11:24 THE BANK OF ENGLAND IS EXPECTED TO EXPAND ITS STIMULUS IF A NASCENT RECOVERY STALLS ANYTIME SOON
20130521 11:23 ANALYSTS SAY THE YEN LOOKS SET TO RESUME ITS RECENT WEAKENING
20130521 11:22 TRADERS: ANY DIP IN THE DOLLAR WOULD BE TEMPORARY AS THE U.S. ECONOMY IS STILL GROWING WHILE THE EURO ZONE IS IN RECESSION AND THE BOJ IS COMMITTED TO FLOODING THE MARKET WITH LIQUIDITY TO ACHIEVE 2 PCT INFLATION
20130521 11:21 COMMERZBANK: WE EXPECT THE FED TO ERR ON THE SIDE OF CAUTION AND THE SUBDUED INFLATION NUMBERS WE SAW RECENTLY WILL GIVE THEM MORE TIME TO KEEP POLICY EASY
20130521 11:20 COMMERZBANK: IN THE LARGER SCHEME OF THINGS WHAT MATTERS NOW IS WHAT BERNANKE HAS TO SAY, THAT WILL DETERMINE THE OUTLOOK FOR THE DOLLAR
20130521 11:20 ANALYSTS: ANY HINT ASSET PURCHASES COULD BE WOUND DOWN LATER THIS YEAR WOULD GIVE THE DOLLAR INDEX WHICH HAS RISEN 5 PERCENT THIS YEAR, A HUGE BOOST
20130521 11:19 ANALYSTS: IF BERNANKE REITERATES HIS ULTRA-LOOSE MONETARY POLICY STANCE, THE DOLLAR COULD GIVE UP SOME OF ITS GAINS AGAINST MOST MAJOR CURRENCIES
20130521 11:14 NORGES BANK GOVERNOR: IF INFLATION EXPECTATIONS ARE FIRMLY ANCHORED, MONETARY POLICY WILL HAVE ROOM TO MANOEUVRE AND CAN BE USED TO COMBAT POTENTIAL IMBALANCES IN THE FINANCIAL SECTOR
20130521 11:13 INDIAN RUPEE WEAKENS PAST 55.38/DOLLAR, LOWEST SINCE NOV 29, 2012
20130521 11:13 NORGES BANK GOVERNOR: NORWAY'S C.BANK SHOULD FOCUS ON MAINTAINING LOW AND STABLE INFLATION, AND SHOULD NOT OVERBURDEN MONETARY POLICY WITH TOO MANY OBJECTIVES
20130521 11:09 INVESTEC: IT IS A WELCOME DROP IN U.K. INFLATION THAT SHOULD GIVE THE MPC MORE FLEXIBILITY TO RESTART THE ASSET PURCHASE PROGRAMME IF THEY WANT TO GIVE MORE STIMULUS
20130521 11:09 INVESTEC: IT LOOKS AS THOUGH THE U.K. ECONOMY WILL BE GROWING MODERATELY AND INFLATION WILL NOT BE QUITE AS HIGH AS THE (BANK'S) MONETARY POLICY COMMITTEE FEARS
May 21, 2013 - 11:08
Quotes from Standard Chartered:
-Over the past week, sentiment towards the global iron ore market quickly turned from cautious to bearish, creating strong headwinds for iron ore prices and encouraging steel mills and trading houses to destock further. Between 10 and 17 May, spot prices for 62% iron-content ore fell by USD 7/tonne (t) to reach USD 123/t.
-Although we expected iron ore prices to fall from June on seasonally weaker demand from steel mills in China, the downtrend has started earlier than we expected, due to softer-than-expected economic growth in China and an improvement in seaborne supply. Both factors have helped to ease the supply tightness we saw in Q1, leading to a more balanced market. We expect the downtrend in iron ore prices to extend to Q3, as steel mills plan to cut steel output from June.
20130521 11:06 BUNDESBANK: ECONOMIC RISKS IN GERMANY REMAIN HIGH DUE TO THE WEAK ECONOMIC SITUATION IN LARGE PARTS OF THE EURO ZONE AND THE PROBLEMS ARISING FROM THE DEBT CRISIS
20130521 11:05 BUNDESBANK: GERMANY IS ON TRACK FOR A SOLID RECOVERY
20130521 11:03 JAPANESE COMPANIES SUGGEST THAT A FULLY FLEDGED RECOVERY MAY NOT TAKE HOLD FOR SOME TIME
20130521 11:02 ECONOMISTS: THE JAPAN’S MANUFACTURERS' SENTIMENT INDEX IS EXPECTED TO REACH PLUS 22 IN AUGUST
20130521 11:01 BOJ SAYS IT WOULD ACCEPT A NATURAL RISE IN LONG-TERM INTEREST RATES THAT REFLECT PROSPECTS OF AN ECONOMIC RECOVERY AND FUTURE INFLATION
20130521 11:00 ECONOMISTS SAY BOJ IS EXPECTED TO HOLD OFF ON EASING POLICY THROUGH FURTHER INCREASES IN ASSET PURCHASES
20130521 11:00 ECONOMISTS: BOJ MAY FRONT-LOAD BOND PURCHASES OR OFFER FUNDS VIA MARKET OPERATIONS MORE FREQUENTLY IF THE BOND MARKET TURBULENCE PERSISTS