April 10, 2012
- in Uncategorized by schooloftrade
Europe returns from extended weekend to react to US payroll data; Spanish-German 10-year spread widens above 410 to its widest level since late November
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| Heat Map: Futures |
Notes from Around the World
– European shares declined at the opening after a 4-day Easter break in the wake of weaker than expected US employment data. Investors continue to worry about global growth.
– US March payrolls pave the way for more QE???
– China trade balance moves back into surplus as imports slump
– Bank of Japan leaves interest rates unchanged, as expected.
– European sovereign spreads widen in session
– Alcoa kicks off US Corporate earnings after the NYSE close today
– China trade balance moves back into surplus as imports slump
– Bank of Japan leaves interest rates unchanged, as expected.
– European sovereign spreads widen in session
– Alcoa kicks off US Corporate earnings after the NYSE close today
Speakers:
– Italy’s government said to be planning to cut 2012 GDP estimate but to maintain budget deficit level
– Spain Budget Min Montoro commented that an increase in the VAT would be a serious mistake
– Spain Fin Min De Guindos reiterated that Spain’s Q1 GDP would be similar to the prior Q4 (came in at -0.3%). He saw growth stabilizing and reiterated that Spain would maintain its reform agenda
– ECB member Ordonez commented that Spain had made progress on bank reforms and cuts but more needed to be done. Recovery from debt crisis was slow and credit would not grow until solvent demand grows. He noted that Spanish banks made €112B in provisions during 2007 through 2011 period but would need more capital if economy deteriorated further. He saw more bank mergers in the coming months
– Italy’s government said to be planning to cut 2012 GDP estimate but to maintain budget deficit level
– Spain Budget Min Montoro commented that an increase in the VAT would be a serious mistake
– Spain Fin Min De Guindos reiterated that Spain’s Q1 GDP would be similar to the prior Q4 (came in at -0.3%). He saw growth stabilizing and reiterated that Spain would maintain its reform agenda
– ECB member Ordonez commented that Spain had made progress on bank reforms and cuts but more needed to be done. Recovery from debt crisis was slow and credit would not grow until solvent demand grows. He noted that Spanish banks made €112B in provisions during 2007 through 2011 period but would need more capital if economy deteriorated further. He saw more bank mergers in the coming months
