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Monday June 3, 2013 - 05:42:26 GMT
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***Major Points*** >PMI data for China was released over the weekend China May Manufacturing PMI came in at 50.8 v 50.0e with Non-Manufacturing PMI being recorded at 54.3 v 54.5 prior. China May HSBC Manufacturing PMI was 49.2 v 49.6e. ECB's Draghi said the single supervisory mechanism for banks will take effect in June after noting a "few signs of possible stabilization" in euro zone economy. Speaking at the International Monetary conference in Shanghai over the weekend, Draghi noted that the baseline scenario is for a very gradual recovery later during the year. He added that introduction of OMT which was designed to maintain yields below panic levels has helped increase deposits in stressed nations by 200B since its announcement. RIO is looking to raise capital Over the weekend the press reported Rio may spin off its diamond division in a deal valued as much as $5B and that both Glencore and Blackstone are looking at taking a possible stake in their Canada iron-ore unit valued up to $4.0B. ***Press Summary*** >EU - (EU) ECB's Draghi: Sees a "few signs of possible stabilization" in euro zone economy, but vulnerabilities remain - Int'l Monetary Conf (Shanghai) -(EU) ECB's Coeure said the easing measures by global central banks must not lead to a rise in protectionism - financial press -(EU) RBS economist: Not likely for the ECB to take deposit rates below zero at its upcoming policy decision this Thursday - financial press; says "numerous members of the governing council continue to sound unconvinced of the merits."; Report citing ECB's Nowotny, Constancio, Asmussen, and Noyer all expressing opposition to sub-zero rates over past few weeks. - (EU) EU President Van Rompuy: Funding for small and medium-sized firms (SMEs) are one of the biggest obstacles to economic recovery; EIB and ECB to develop proposals before the June summit to help small and medium sized firms. -(EU) German chancellor Merkel: Opposed to giving EU wider powers; Would prefer more integrated cooperation among the 27 EU nations - German press -Bank of International Settlements (BIS) Cecchetti: Bond yields will go up as recovery takes hold; Shakeout in bonds is a sign of things to come Germany -(DE) About 5K protesters marched in Frankfurt, Germany to voice opposition to European austerity measures - financial press Greece -(GR) IMF completes latest review of Greece program, approves disbursement of $2.26B aid tranche -(GR) EFSF transfers 7.2B to Greece for bank recapitalizations -(GR) Greece Fin Min Stournaras: Confident Greece will grow starting next year- Les Echoes -(GR) Greece property market is attracting interest from foreign institutional investors; Strong interest from US and UK in hotel and tourism assets - Greek press Italy -(IT) Italy PM Letta: Expects to present an Italy jobs plan ahead of the EU Council meeting in June Portugal -(PT) Portugal Apr YTD tax revenue is running well below forecast; If no improvement is seen, Portugal will fail to meet Troika targets- Jornal de Negocios Spain -(ES) Spain PM Rajoy: unemployment figures due out on June 4 will be "clearly encouraging" -(ES) Spain Fin Min de Guindos: Spain is on the way out of the crisis; have not seen any unusual investment emanating from Japan; There is no currency war, Yen devaluation risk has not materialized. -(ES) Bank of Spain calls for the suspension of the minimum wage to boost employment- El Pais UK -(UK) BOE Gov King expected to reiterate his preference for more easing at this week's MPC policy meeting, which is his last before stepping down - UK press -(UK) Co-operative is considering a rescue plan for its banking unit - FT - (UK) UK DMO planning four index-linked auctions and 11 Gilt auctions in Q3 US -(US) Treasury confirms to implement extraordinary measures to avoid debt ceiling limit; will suspend reinvestment of assets in the Govt pension fund; allowing $160B in borrowing capacity -(US) NY Fed releases tentative Outright Treasury Operation Schedule for June; will purchase $45B in treasury securities Asia -(CN) CHINA MAY HSBC MANUFACTURING PMI: 49.2 V 49.6E -(CN) CHINA MAY MANUFACTURING PMI: 50.8 V 50.0E; 8th consecutive month of expansion -(KR) South Korea Fin Min Hyun: More needs to be done at the G8 level to counter the impact of Abenomics - FT -(JP) JAPAN Q1 CAPITAL SPENDING: -3.9% V -6.0%E (2nd consecutive decline); CAPITAL SPENDING EX-SOFTWARE: -5.2% V -5.5%E - (JP) Nikkei News report noting the unexpected increase in May Tokyo core CPI was due in part to higher prices for TVs and apparel - (JP) BoJ is reportedly considering plans to offer two-year funds in open market operations - financial press; Currently the longest period offered by the BoJ in fixed-rate operations is one year; The plan may be discussed at the next BoJ policy review on June 10-11. - Source


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