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• Spain sells Eur 3.992 bln of of 2014, 2015 and 2017 bonds
• It’s all happening in slooooooooow motion…….
• Germany EconMin: Spain Must Highlight Its Successes: Press
• Japan Eco Min Maehara Urges BOJ To Ensure 1% CPI Rise Soon
• SMMT: UK Sep Car Registrations Post Strong Rise On Year
• US ABA: Econ Uncertainty To Make Consmrs Hesitant Re New Debt
• US DATA: American Bankers Association composite……
• Argentinian navy ship seized in asset fight
• Please, please, please……
• Japan’s GPIF Pension Fund: Looking at possibly diversifying into long-term alternative assets
• Update: Halifax: UK House Prices -0.4% m/m Sep; Trend Worsens
• Swiss Q2 Industrial Production rose 4.6% y/y from 1.4% in Q1
• Halifax: UK House Price Trend Deteriorates; Down 0.4% m/m Sep
• EUR/JPY running into sticky resistance
• UK DATA: Halifax House Price index shows UK house on.
• UK Halifax house price index -0.4% m/m, -1.2% y/y in 3 months to September
• Catalonia President Mas: Spain used to being helped; bailout inevitable
• Today’s orderboard
• Get a move on!!!!!
• USD/JPY poll!!!

Spain sells Eur 3.992 bln of of 2014, 2015 and 2017 bonds Posted: 04 Oct 2012 01:48 AM PDT Out of a targeted Eur 3-4 bln………. Sold Eur 1.285 bln of 2014′s , yield 3.282% from 5.204%, cover 2.0 from 1.9 Sold Eur 1.997 bln of 2015 ‘s , yield 3.956% from 3.845%, cover 2.0 from 1.6 Sold Eur 710 mln of 2017′s , yield 4.766% from 6.459%, cover 2.5 from 2.1 Basically sold maximum target, but 3 yr yields increased, improved cover on all three bonds

It’s all happening in slooooooooow motion……. Posted: 04 Oct 2012 01:35 AM PDT EUR/USD sits at 1.2942 having topped out at 1.2958 earlier. In a pleasant change of pace, talk of Middle East sovereign selling around the highs (what!!! they’re selling not buying I hear ya’ll cry) Guess they know we’re going to trade 1.2800-1.3000 for the rest of time. Elsewhere, talk the Swiss National Bank has been spotted selling EUR/AUD in recent trade.  The cross is at 1.2670 from early 1.2635, having been as high as 1.2680 at one stage. I’m the lucky one, I’m leaving in 20 minutes Oh nearly forgot, next batch of topside stops remain through 1.2970. That’s in EUR/USD not EUR/AUD

Germany EconMin: Spain Must Highlight Its Successes: Press Posted: 04 Oct 2012 01:30 AM PDT FRANKFURT (MNI) – Spain needs to emphasize its reform successes more than its high borrowing costs, German Economics Minister Philipp Roesler said in a press interview to be published Friday. “Then the markets will associate Spain not only with interest rates, but also with its enthusiasm for reform,” Roesler, who is currently in Madrid for political talks, said in the pre-release of an interview with German business daily Handelsblatt. Roesler also said that Germany should have no compelling reason to be weary of new bailouts, the newspaper reported, adding that the minister countered speculation that Berlin would resist Spanish efforts to submit itself completely to a European rescue. “Quite the contrary,” he said, adding that it was up to the Spanish government to decide whether to apply for financial assistance “and up to governments and parliaments to decide at that point.” “It is not an option to give Spain advice,” the Handelsblatt quoted Roesler as saying. “But the country’s reputation is enormous; the reform efforts of the country cannot be overstated.” The business daily cited government sources saying that Spain would need only E40 billion of the up to E100 billion in assistance for its banking sector already promised from the European bailout fund. – Frankfurt bureau: +49 69 720 142; email: frankfurt@mni-news.com [TOPICS: M$S$$$,M$$CR$,MGX$$$]

Japan Eco Min Maehara Urges BOJ To Ensure 1% CPI Rise Soon Posted: 04 Oct 2012 01:30 AM PDT TOKYO (MNI) – Economic and Fiscal Policy Minister Seiji Maehara on Thursday renewed his call on the Bank of Japan to conduct further monetary easing in order to achieve its 1% price goal as soon as possible. “I hope the BOJ makes further efforts to achieve its 1% CPI goal swiftly,” he told a group of reporters in an interview. Asked what policy tools the BOJ should use to hit the target, Maehara said, “It will be determined by the BOJ, given its independence.” In February, the BOJ board adopted a more explicit ‘goal’ to guide consumer inflation toward 1% in the longer term. It has raised the target for its financial asset buying to Y80 trillion through three increases this year. The central bank has also vowed to maintain practically zero interest rates until it sees a clearer prospect for a stable 1% year-on-year rise in the consumer price index. Maehara said he plans to attend the BOJ’s policy board meeting as an observer on Friday and “will express our ministry’s viewpoint and my opinion.” He declined to say what demands he will make on the last day of the bank’s two-day policy-setting meeting. The BOJ board is expected to stand pat at the meeting as it already eased credit further only about two weeks ago by increasing Japanese government bond buying. Maehara, who took office after a cabinet reshuffle on Monday, has repeatedly urged the BOJ to conduct bold policy measures in order to help Japan overcome years of deflation, including purchases of foreign bonds by the central bank, which in theory can ease the yen’s rise against other currencies. During the interview, he said the BOJ could use foreign bond buying as a way of increasing fund injections. Meanwhile, BOJ Governor Masaaki Shirakawa has shrugged off calls from some politicians on the BOJ to buy foreign bonds, noting such action would be “identical to intervention in foreign exchange markets.” It is stipulated in the law that the BOJ should act as an agent for the Ministry of Finance, which orchestrates Japan’s currency intervention for the purpose of stabilizing the yen’s value, he said in a speech last month. Finance Minister Koriki Jojima, who also joined the cabinet on Monday, said this week that the government needs to be cautious about considering whether to revise the law and allow the BOJ to buy foreign bonds. tokyo@mni-news.com ** MNI Tokyo Newsroom: 81-3-6860-4822 ** [TOPICS: M$A$$$,M$J$$$,MGJ$$$,MMJBJ$]

SMMT: UK Sep Car Registrations Post Strong Rise On Year Posted: 04 Oct 2012 01:20 AM PDT -SMMT: UK Sep Car Registrations Up 8.2% y/y; Up 4.3% Year-to-Date LONDON (MNI) – In the key month September, one of the two months in the year when car number plates change, UK car registrations posted a strong rise. New car registrations were up 8.2% on a year ago and were up 4.3% in the year-to-date, according to Society of Motor Manufacturers and Traders data. In Q3 alone car registrations were up 7.5%, the strongest monthly gain, excluding the distortions caused by the scrappage scheme, since 2001. The pace of growth in car registrations, effectively new car sales, is far outstipping that in retail sales as a whole. “The important September plate change market outperformed expectations with new car registrations increasing more than 8% on last year to 359,612 units,” Paul Everitt, SMMT Chief Executive, said. “Although the economic outlook remains challenging, we are starting to see a tentative return of consumer confidence as motorists explore new products and the latest fuel-efficient technologies,” he added. -London newsroom: 4417 862 7492; email: dthomas@marketnews.com. [TOPICS: MABDS$,M$B$$$]

US ABA: Econ Uncertainty To Make Consmrs Hesitant Re New Debt Posted: 04 Oct 2012 01:10 AM PDT WASHINGTON (MNI) – The American Bankers Association Thursday said consumer delinquencies continued to decline in the second quarter of 2012, with bank card delinquencies falling to 11-year lows “as consumers shore up their financial base in an uncertain economy.” The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 11 basis points to 2.24% of all accounts in the second quarter, below the 15-year average of 2.40%. The following is the full text of details provided by the ABA: Consumer delinquencies continued to decline in the second quarter of 2012, with bank card delinquencies falling to 11-year lows as consumers shore up their financial base in an uncertain economy, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. During the second quarter, bank card delinquencies dropped below three percent of accounts for the first time since 2001, falling 15 basis points to 2.93 percent of all accounts and well below the 15-year average of 3.91 percent. The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 11 basis points to 2.24 percent of all accounts in the second quarter, below the 15-year average of 2.40 percent. The ABA report defines a delinquency as a late payment that is 30 days or more overdue. James Chessen, ABA’s chief economist, attributed the improvement to continued efforts by consumers to manage their finances. “Consumers are saving more and borrowing less as they work to pay down debt at a faster rate,” Chessen said. “Economic uncertainty has made consumers hesitant to take on new debt, and building a stronger financial base has become a priority.” While Chessen found the continued decline encouraging, the report didn’t reflect the kind of comprehensive improvement across categories seen in the first quarter. “The lack of broad-based improvement gives us pause about the future,” Chessen said. “The economy experienced turbulence in the second quarter. Slow job growth and continued uncertainty means many consumers will face challenges managing their debt going forward.” Chessen also noted that delinquencies in all three categories of home-related loans rose in the second quarter. “While the housing market appears to have turned a corner, we are many quarters away from seeing improvement filter through to reduce home-related delinquencies,” Chessen said. Chessen said consumers should be congratulated on their prudent and cautious behavior toward credit, particularly given the uncertainty they face. “Good financial planning is the best defense against inevitable economic bumps in the road that lie ahead,” he said. “The economic path is far from certain as Europe continues to struggle and big decisions are needed to deal with the looming U.S. debt cliff.” Looking forward, Chessen believes that the future outlook depends on a growing economy with stronger job growth. “A robust economy is the best protector against increased delinquencies,” Chessen said. The second quarter 2012 composite ratio is made up of the following eight closed-end loans. All figures are seasonally adjusted based upon the number of accounts. CLOSED-END LOANS – Personal loan delinquencies rose from 2.01 percent to 2.15 percent. – Direct auto loan delinquencies rose from 0.86 percent to 0.92 percent. – Indirect auto loan delinquencies fell from 2.41 percent to 2.23 percent. – Mobile home delinquencies fell from 3.25 percent to 3.15 percent. – RV loan delinquencies rose from 1.11 percent to 1.15 percent. – Marine loan delinquencies rose from 1.44 percent to 1.53 percent. – Property improvement loan delinquencies rose from 0.83 percent to 0.90 percent. -Home equity loan delinquencies rose from 4.00 percent to 4.09 percent. In addition, ABA tracks three open-end loan categories: OPEN-END LOANS – Bank card delinquencies fell from 3.08 percent to 2.93 percent – Home equity lines of credit delinquencies rose from 1.78 percent to 1.91 percent. – Non-card revolving loan delinquencies rose from 1.18 percent to 1.35 percent. ** MNI Washington Bureau: 202-371-2121 ** [TOPICS: M$U$$$,MK$$$$,MAUDS$,MTABLE]

US DATA: American Bankers Association composite…… Posted: 04 Oct 2012 01:10 AM PDT US DATA: American Bankers Association composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 11 basis points to 2.24% of all accounts in the second quarter, below the 15-year average of 2.40%. Bank card delinquencies dropped below three percent of accounts for the first time since 2001, falling 15 basis points to 2.93%. More on MNI Main Wire.

Argentinian navy ship seized in asset fight Posted: 04 Oct 2012 12:56 AM PDT Not a gunship, but  a 100-metre long tall ship, and it was seized by Ghanaians under a court injunction following an application by  US Billionaire Paul Singer’s Elliott Capital management hedge fund in an attempt to collect debts on unpaid bonds when Argentina defaulted in 2001. Naturally the Argentinians aren’t happy saying… "Vulture funds have crossed a new limit in their attacks on the Argentine republic" and criticised NML as a fund domiciled in a tax haven seeking "usurious gains" by holding out for full payment on bonds on which Argentina defaulted in 2001. For the full FT story you’ll need to ‘google’ the headline above…

Please, please, please…… Posted: 04 Oct 2012 12:55 AM PDT Dip into your wallets/purses and donate to Forexlives’ favourite charity.  Hit this link to donate. The walk takes place this coming weekend, so time is of the essence. Thank you to all those kind folks who have already donated and to those who are about to…. UPDATE:   The link actually works now!!!

Japan’s GPIF Pension Fund: Looking at possibly diversifying into long-term alternative assets Posted: 04 Oct 2012 12:37 AM PDT Planned asset sales in 2012/13 could fall by Yen 2.5 trillion if government issue bonds related to pension fund payments Looking at  investments in infrastructure, private equity and property, but not considering hedge funds Investment performance likely improved in last 3 months from previous 3 months Japan’s debt problem may have eased following government’s intention to increase consumption tax

Update: Halifax: UK House Prices -0.4% m/m Sep; Trend Worsens Posted: 04 Oct 2012 12:30 AM PDT -Adds Detail To Version Transmitted At 0715 GMT -House Prices -0.4% m/m In Sep; -1.2% 3m y/y; Quarterly -0.5% LONDON (MNI) – UK house prices fell in September on a monthly, quarterly and yearly basis and there are signs of the price trend deteriorating, Halifax reported. The Halifax House Price Index was down 0.4% on the month in September, down 1.2% on a 3 month year-on-year basis and down 0.5% on the quarter. While the Halifax survey has tended to show house prices treading water this year, this latest one shows some downward momentum. “Overall, there has been very little change in the average UK house price so far this year. There is, nonetheless, evidence of a slight deterioration in the trend recently,” Martin Ellis, Halifax’s housing economist said. September was the third consecutive monthly fall in house prices after rises in May and June. House prices have nudged down since the start of the year according to the Halifax data. The average UK house price in September was down 0.3% on December 2011, standing at stg159,486. The rival Nationwide survey showed prices down 0.4% on the month in September and down 1.4% on the year. The detailed Halifax data show house prices peaked back in August 2007, when the average UK house price was stg199,612. The September outturn leaves house prices down 20.1% on this pre-financial crisis peak. After the sharp declines early in the financial crisis, UK house prices have tended to drift. In the Halifax series in September they were down 1.7% on two years ago. Housing has become more affordable. The price earnings ratio declined in September to an estimated 4.25 from 4.28 in August and 4.39 in September last year. The price earnings ratio peaked at 5.81 in July 2007. -London newsroom: 44207 862 7491; email drobinson@marketnews.com [TOPICS: MABDA$,MABDS$]

Swiss Q2 Industrial Production rose 4.6% y/y from 1.4% in Q1 Posted: 04 Oct 2012 12:23 AM PDT New orders fell-1.1% y/y,  after a -3.9% fall in Q1

Halifax: UK House Price Trend Deteriorates; Down 0.4% m/m Sep Posted: 04 Oct 2012 12:20 AM PDT -House Prices -0.4% m/m In Sep; -1.2% 3m y/y; Quarterly -0.5% LONDON (MNI) – UK house prices fell in September on a monthly, quarterly and yearly basis and there are signs of the price trend deteriorating, Halifax reported. The Halifax House Price Index was down 0.4% on the month in September, down 1.2% on a 3 month year-on-year basis and down 0.5% on the quarter. While the Halifax survey has tended to show house prices treading water this year, this latest one shows some downward momentum. “Overall, there has been very little change in the average UK house price so far this year. There is, nonetheless, evidence of a slight deterioration in the trend recently,” Martin Ellis, Halifax’s housing economist said. September was the third consecutive monthly fall in house prices after rises in May and June. House prices have nudged down since the start of the year according to the Halifax data. The average UK house price in September was down 0.3% on December 2011, standing at stg159,486. The rival Nationwide survey showed prices down 0.4% on the month in September and down 1.4% on the year. -London newsroom: 44207 862 7491; email drobinson@marketnews.com [TOPICS: MABDA$,MABDS$]

EUR/JPY running into sticky resistance Posted: 04 Oct 2012 12:11 AM PDT The 200 day MA (101.74) has been proving to be a bit of a thorn in the ‘ointment this morning’ as Europe tries to push past the Asian highs of 101.78. Could it be total exhaustion by USD/JPY  traders after the ‘massive’ 60 pip move in USD/JPY yesterday i wonder..? Offers in the  101.70/80 level are being slowly eroded ahead of the next batch up at  at 102.00/10 and tech res around 102.35/40, and a break of the latter  could ignite a quicker rally up into 103.50 area if the EUR/USD can rally decisively. No change is expected by the ECB (1145 GMT) or BOE (1100 GMT) today and there’s little ahead of the announcements to excite, so were really going to be down to market flows this morning. EUR/JPY’s just off fresh  day’s highs around  101.82, with USD/JPY at 78.59 (see orderboard for more details)

UK DATA: Halifax House Price index shows UK house on. Posted: 04 Oct 2012 12:10 AM PDT UK DATA: Halifax House Price index shows UK house prices down 0.4% on the month in September, falling 1.2% on an annualised basis.

UK Halifax house price index -0.4% m/m, -1.2% y/y in 3 months to September Posted: 04 Oct 2012 12:02 AM PDT Weaker than Reuters’ median forecasts flat, -0.9% respectively. Halifax says UK house prices likely to be broadly unchanged through 2012 and into 2013.

Catalonia President Mas: Spain used to being helped; bailout inevitable Posted: 03 Oct 2012 11:47 PM PDT Just a case of when then

Today’s orderboard Posted: 03 Oct 2012 11:44 PM PDT EUR/USD: Offers 1.2940/50 (SNB related and hedge funds) buy stops above through 1.2960 and  1.2970 ahead of stronger offers 1.2980/00. Bids from 1.2880/90 (sovereigns, real money) some light sell stops through 1.2875 ahead of more bids 1.2850/60 and further sell stops through 1.2845 ahead of tech supp 200 day MA at 1.2823. GBP/USD:  Bids 1.6070/80 (M/E, real money), sell stops below and down through 1.6050. Offers 1.6100/10 and 1.6135/45 and (UK Clearers) and tech 1.6180/90 (Tues high 1.6187) EUR/GBP:  Bids 0.7995/00, tech supp 0.7940/45 and 0.7920/25 (trend line supp, 0.7924- 55 day MA.) Offers 0.8030/35  and 0.8060/65 USD/JPY: Bids from 78.40/50 down to 78.00(real money, Kampo, Swiss names), possible  sell stops below through 78.00. Offers 78.70 trailing up to 79.00 78.72, (today's high and 78.83 100 day MA) , ahead of buy stops through 79.10  and through 200 day MA at 79.33 EUR/JPY: Bids 101.25/35 and 101.00/10. Offers /tech res 101.70/80 (tech res 101.74-200 day MA, 101.78 Asian session high) and 102.00/10 (Sept 21 high – 102.11), likely buy stops above. AUD/JPY: Bids 80.00/1, possible sell stops below ahead of bids/tech supp 79.65/75 (79.68 Sept 5 low, Oct 3 low 79.73) sell stops below through 79.50 ahead of bids 79.30/40 Offers/tech res 80.60/70 (Tech trendline res now at 80.68, and 80.70- 100 day MA) and 81.00/10 AUD/USD: Bids 1.0180/00 possible sell stops below ahead of   below ahead of tech supp 1.0165/75 (Sep 5 low 1.0166) and bids in front of a 1.0150 barrier.  Another round of strong bids at 1.0100/10 (1.0100 July 9 low/barrier and 50% fibo).  Offers/tech res 1.0235/45 now (at today's high of 1.0237 and 100 day MA at 1.0243) and some buy stops up through  1.0250, ahead of tech res 1.0290/95 (1.0292 cloud base) EUR/AUD: Tech res/offers and 1.2675/80 (June 11, Oct 3 highs 1.2680) ahead of weekly cloud base at 1.2742. Bids now at 1.2605/15 (earlier buy stops trigger), 1.2580/90 and tech supp 1.2550/60 (Tuesday's break out level)

Get a move on!!!!! Posted: 03 Oct 2012 11:38 PM PDT If you want to enter our non-farm porkrolls competition here’s where you go to do it

USD/JPY poll!!! Posted: 03 Oct 2012 11:10 PM PDT As it actually moved yesterday, let’s celebrate with a poll!!!!! Yipeeeeeeeeeeeeeeeee We sit at 78.60. What’ll we see first, 77.60 or 79.60? Reasons for choice really really welcome,  but no obligatory…..

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