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Forex Blog - European Market Update forTuesday August 12th: Russia reportedly ceases its military operation in Georgia
Â·*** ECONOMIC DATA ***
- (IN) India Jun Industrial Production YoY: 5.4% v 5.4%e
- (FR) Jul Consumer price index MoM: -0. 2% v -0.2%e , YoY: 3.6% v3.7%e ; CPI
Ex Tobacco: 118.69 v 118.78e
- (FR) Jul CPI EU Harmonized MoM: -0.3% v -0.2%e, YoY: 4.0% v4. 1%e
- (FR) Jun Current Account: -4.4B v -2.5B prior
- (SW) Sweden Jul AMV Unemployment Rate: 2.9% v 3.0%e
- (CZ) Czech Jun Current Account (CZK) - 27.0B v -7.70Be
- (UK) Jul CPI MoM: 0.0 v - 0.2%e, YoY: 4.4% v 4.2%e; Core CPI YoY: 1.9% v
- (UK) Jul PRI MoM: -0.1 v -0.3%e, YoY: 5.0% v 4.9%e; Ex Mortgages YoY: 5.3% v
- (UK) Jul DCLG House Prices YoY: 0.6% v 1.5%e
- (UK) Jul Retail Price Index: 216.5 v 216.2e
Â·*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
- ECB's Bini Smaghi stated that EuroZone could experience a protracted economic
- Korea's Posco stated that it will be cutting Stainless steel prices by 10%
- - ECB confirms that drained â‚¬21B in quick tender operation. ECB also alloted
â‚¬176B in its weekly refi operation. The benchmark allotment was â‚¬156B with a
marginal rate at 4.37%.
- In equities; UBS [UBSN.SZ]: Reported a Q2 Net loss CHF358M v CHF281M loss
expected; UBS stated that it will be separate its investment bank from private
bank, and did not mention any planned asset sales; The bank noted that its Q2
Global Asset Management outflows amounted to CHF24.5B; The firm added that it
did not see any improvement in financial market trends.
Rheinmetall [RHM.GE]Reported H1 EBIT â‚¬102M v â‚¬56Me; Rev â‚¬1.89B v â‚¬985Me; the
company also Confirmed its FY targets.
- In energy, the IEA Aug report noted that Global oil market fundamentals have
"Eased" and revised their 2008 global demand lower by 100K bpd. IEA
stated that oil market fundamentals could ease in H2 of 2008 and at the start
of 2009. IEA forecasted an average 2009 global oil supply of 87.8M BPD, up by 890K BPD. They also saw an average 2009 global
demand at 87.8M BPD, which is up 70K BPD from prior reports. Lastly July OPEC crude output was seen at
32.8M BPD, up 145K BPD.
- British Petroleum stated that it was trying to verify rumors that Russia attacked a BTC pipeline in Georgia prior to Russia halted its military operation in the
region. BP stated that they were unaware of such attacks at this time. Georgia claimed that Russia aircraft attacked pipelines In Georgia -
- In currencies, the USD continued to benefit from lower commodity prices.
EUR/USD tested the 1.4820 during Asian. Dealer did note that some sovereign
names returned to buying Euros. EUR/USD holding around the 1.49 level as the NY
morning approached. The GBP/USD saw a 1.89 handle since November 2006.
Â·*** NOTES ***
-The European equities recovered from session lows and both oil and gold sold
off on news that Russian President Medvedev reportedly issued a halt to its
military Operation against Georgia. Front month crude fell $2 per barrel to
tested $112.50 while gold was off over $21/oz to approach the $800 area.
European equities rallied from session lows but remain in negative territory
for the session. Medvedev stated that its goal of peace keeping had been
achieved. The Russian President stated that he would continue to place the Russian
army on army on alert to retaliate if further provoked. Markets remained weary
that fighting could resume. Both oil and gold rebounded from session lows after
claims that Russia aircraft attacked pipelines in Georgia - Tbilisi area.
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