- Merkel: Nobel prize for the EU is well deserved
- More Merkel: Up to Spain alone to decide whether it needs additional aid
- And even more Merkel: Proposes EU fund for specific projects
- Spanish banks bad loans 10.5% in August, up from 9.9% in July
- French FinMin Moscovici: Rating agencies are willing to give France time
- EU’s Rehn: Europe’s economy to return to growth next year
- EU’s Rehn: Spain and Cyprus have ‘very serious imbalances’
- S&P’s Kraemer: Sovereigns could be downgraded further. Europe policymakers will fall in complacency trap. Greece will probably default again
- “The US will get downgraded, it’s a question of when” – PIMCO
- Roubini: Grexit still possible in 2013; Spain will need a full bailout
- UK September retail sales inc fuel +0.6% m/m, +2.5% y/y, stronger than Reuter’s median forecasts of +0.4%, +2.1% respectively. Ex-fuel +0.6% m/m, +2.9% y/y, stronger than Reuter’s median forecasts +0.4%, +2.4% respectively
- Dutch October consumer confidence -32 pts, down from -29 pts in September
- Dutch September adj unemployment up to 6.6% from 6.5% in August
- Top analyst says the Chinese economy is bottoming out – Business Insider
- Chinese money-laundering operation “distorted Spanish economy” – El Pais
EUR/USD sits at 1.3106, up 9 pips from the 1.3097 which greeted me. The single currency contines to consolidate recent gains as the EU summit gets underway in Brussels.
Early reports had buy orders clustered down at 1.3080/90 and they dutifully contained early slippage (session low 1.3082). Sell stops seen below there.
Topside, sell orders seen clustered 1.3140/50 ahead of rumuored 1.3150 barrier option interest.
Cable up at 1.6150 from early 1.6125, having been as high as 1.6171 after stronger than expected retail sales data (see headlines above)
USD/JPY very maginally firmer, up 10 pips at 79.24. Talk of buy stops through 79.30 ahead of barrier option interest at 79.50. More buy stops above there.
