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• Spain 10 year govt bond yield off 8 bps at 5.46%
• ECB’s Demetriades: I’m not ruling out rate cut in general
• Spain Economy Minister says financing cost of 40 billion euros in aid for banks will be less than pct
• AUD/USD touch firmer on the day
• DIW institute cuts German Q4 GDP forecast
• Greek bank stocks getting hit hard
• Bit of a battle going on…….
• Spain October retail sales -9.7% y/y
• BOE’s Bean: UK economy ‘growing weakly at best’
• Bankia shares suspended in Madrid – DJ
• European stocks seen opening marginally lower
• USD/JPY trades lower in Asia
• ECB’s Nowotny: Greek debt deal better solution than any alternatives
• Francois Hollande shows true colours with threat to nationalise ArcelorMittal
• ECB’s Coeure: ‘Confident’ EU leaders can agree on final features of single supervisory mechanism (SSM)for banking system in December
• Heads I win, tails you lose on the Mighty Aussie
• Today’s option expiries
• ‘The Euro Will Blow Up Europe Instead Of Bringing It Together’
• Ideas corner- 28 Nov 2012
• China’s Commerce Minister Chen: Non-financial outbound investment to exceed $70B in 2012

Spain 10 year govt bond yield off 8 bps at 5.46% Posted: 28 Nov 2012 02:06 AM PST Lowest in more than a month Italian 10 year govt bond yield down at 4.683%, lowest since June 2011. Reuters reporting.

ECB’s Demetriades: I’m not ruling out rate cut in general Posted: 28 Nov 2012 01:51 AM PST If circumstances demand, ECB will take new measures Negative deposit rate doable, unsure if desireable Negative deposit rate ‘unchartered waters’ need caution OMT could become relevant to countries besides Spain Chance OMT never needs deploying is ‘pretty small’ Comments made in interview with MarketNews.

Spain Economy Minister says financing cost of 40 billion euros in aid for banks will be less than pct Posted: 28 Nov 2012 01:25 AM PST Cheap as chips then………

AUD/USD touch firmer on the day Posted: 28 Nov 2012 01:10 AM PST That’ll cheer Pete up a bit We’re up at 1.0457 from the 1.0445 which greeted me. Talk of aussie importer sell interest lying in wait up at 1.0480/90. And obviously we’ve had recent reports of 1.0500 barrier option interest.

DIW institute cuts German Q4 GDP forecast Posted: 28 Nov 2012 01:05 AM PST To flat q/q from previous +0.2%.  Hardly surprising.

Greek bank stocks getting hit hard Posted: 28 Nov 2012 12:59 AM PST Down over 5%  EUR/USD relatively steady so far this morning. Presently at 1.2928, where it was three and a half hours ago.

Bit of a battle going on……. Posted: 28 Nov 2012 12:33 AM PST In EUR/USD. Market at large worried about US budget negotiations and unconvinced by latest Greek debt deal been offloading. Meanwhile sovereign buying has been noted into the dips. We sit at 1.2925. Sell stops seen through 1.2900.   Earlier had reports of  fairly decent sell stops through 1.2890, but now also getting reports of buy orders lined up at 1.2880/90. Topside, sell orders clustered 1.2940/50.  Guess they’ll be buy stops close above there, but no confirmation of such as yet.

Spain October retail sales -9.7% y/y Posted: 28 Nov 2012 12:03 AM PST Better than Reuter’s median forecast of -11.5% Thank heavens for small mercies, I guess…..

BOE’s Bean: UK economy ‘growing weakly at best’ Posted: 27 Nov 2012 11:54 PM PST Bloomberg reporting. Low productivity ‘can’t go on for much longer’ Business uncertainty limiting QE effectiveness 4Q UK GDP will be dampened by temporary factors 4Q will be weak, UK GDP decline is possible UK domestic inflation ‘not too much of a concern’ BOE hasn’t closed the door to further asset purchases

Bankia shares suspended in Madrid – DJ Posted: 27 Nov 2012 11:09 PM PST Spain regulator gives no reason for Bankia shares suspension. UPDATE:  Bankia due to present strategic plan later Wednesday (guess that would be reason then)

European stocks seen opening marginally lower Posted: 27 Nov 2012 11:04 PM PST Eurostoxx 50 futures fall -0.4% early, DAX and CAC 40 futures both down -0.3%

USD/JPY trades lower in Asia Posted: 27 Nov 2012 11:01 PM PST Presently down at 81.80 having been as low as 81.71. Talk of sell stops through 81.70 before buy orders clustered 81.50/60. More sell stops below there.

ECB’s Nowotny: Greek debt deal better solution than any alternatives Posted: 27 Nov 2012 10:15 PM PST Right about now market doesn’t appear overly impressed with the Greek debt deal, EUR/USD trading at session low 1.2918. Greek debt haircut is now off the table Greece enacted massive reforms but not yet enough Greece privatisation must be speed up Official speaking on Austrian radio. Reports have buy orders running down to 1.2900. Some sell stops just below there, but sounds like better stops through 1.2890.

Francois Hollande shows true colours with threat to nationalise ArcelorMittal Posted: 27 Nov 2012 10:12 PM PST Love him or loathe him, latest from AEP at The Telegraph.

ECB’s Coeure: ‘Confident’ EU leaders can agree on final features of single supervisory mechanism (SSM)for banking system in December Posted: 27 Nov 2012 10:03 PM PST EU is committed to implementing Basle rules Delayed implementation by  major jurisdictions would cast serious doubts on financial reform effort Reuters reporting

Heads I win, tails you lose on the Mighty Aussie Posted: 27 Nov 2012 10:00 PM PST The only way to be able to claim a record of successful currency forecasting is to stick to a very wide band, so to suggest the Aussie is likely to trade between about US95¢ and US115¢ might be the way to go. Most forex forecasts are just extrapolations of whatever the latest trend might be. Thus there are plenty of suggestions that the Aussie’s current rally will continue. Gotta say i kind of lean towards this view myself… A view from Michael Pascoe in today’s Sydney Morning Herald

Today’s option expiries Posted: 27 Nov 2012 09:43 PM PST For the 28 Nov 2012 @ 1000 NY/1500 GMT cut:   EUR/USD: 1.2875, 1.2900, 1.2925, 1.2935, 1.2940, 1.2945, 1.3000, 1.3100 (there’s also a 1.2625-1.3160 DNT rolling off today ) USD/JPY: 81.50, 81.55, 82.00, 82.25, 83.50 AUD/USD: 1.0340, 1.0450,   Doubtless there will be more to add, which i’ll update later

‘The Euro Will Blow Up Europe Instead Of Bringing It Together’ Posted: 27 Nov 2012 09:33 PM PST Thoughts from  ex CDU Stephan Werhahn who left the party after 40 years in protest over Angela Merkel’s bailout policies, and who plans to run against her in next years elections as a ‘Free Voter’ More ... Business Insider

Ideas corner- 28 Nov 2012 Posted: 27 Nov 2012 09:07 PM PST Good morning all, from Europe Please post any bright ideas or comments you’d like to share with your fellow readers here…

China’s Commerce Minister Chen: Non-financial outbound investment to exceed $70B in 2012 Posted: 27 Nov 2012 09:07 PM PST

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