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1. FED

1) Kasman, Hubbard Say Fed Inflation Lenience May Hurt Credibility

“The Fed has to be clear about what its medium-term objectives are,” Kasman, chief economist at JPMorgan Chase & Co. said today at the Bloomberg Markets 50 Summit in New York. Raising the Fed’s target to 4 percent annual inflation from 2 percent “will have consequences in terms of its credibility, in terms of the way economic decisions are made in the U.S., which over time will do an awful lot of damage.”

2. Euro zone Crises

1) Euro Set for Weekly Gain as ECB Plan Eases Banks’ Funding Woes

The euro was set for its first weekly gain against the greenback in three weeks on prospects costs for dollar funding will drop after the European Central Bank said it will lend U.S. currency to euro-area banks.

The ECB said it will lend dollars to banks in the euro zone in a series of three-month loans. The Frankfurt-based bank said it will coordinate with the Federal Reserve and other central banks to conduct three separate dollar liquidity operations to ensure banks have enough of the currency through the end of the year.

The cost of converting euro payments into dollars, measured by the three-month cross-currency basis swap, declined 16.5 basis points yesterday.

Analyst Comment: The announcement helped bolster risk sentiment and sent the euro up quite a bit. Potentially it will ease those funding pressures further.

Good news is the banks get their dollar funding. Bad news is that the situation has gotten this dire.

2) Trichet Urges Euro Officials to Get ‘Ahead of Curve’ in Crisis

European Central Bank President Jean-Claude Trichet pressed euro-area governments to take decisive action to halt the debt crisis, after the ECB bought them more time by extending an emergency lifeline to lenders.

“We are not back to ‘business as usual’ as some thought some months ago,” Trichet said late yesterday in Wroclaw. “We call all authorities to implement swiftly all decisions and to be constantly ahead of the curve.”

3) Correlation Bets Climbing as Europe Overwhelms Earnings: Options

U.S. options traders see almost no chance that earnings, dividends or buybacks will influence stock prices through the end of 2011, instead placing record bets that equities move in lockstep in reaction to Europe’s debt crisis.

Analyst Comment: Europe is a big macro issue and it’s so pervasive that at the top of investors’ minds, there’s nothing to do with individual companies. There’s been no individual stock selection going on. I’m just buying stocks or I’m selling stocks, versus buying IBM and selling Hewlett-Packard.

4) Spanish Bonds Decline Before Debt Auction; Bunds Little Changed

Spanish 10-year government bonds declined before the sale of as much as 4 billion euros ($5.5 billion) of debt, testing demand for the securities after the European Central Bank started buying them last month.

German two-year notes erased a decline after UBS AG, Switzerland’s largest bank, said it made a trading loss of about $2 billion, underpinning demand for the safest assets. Spain plans to sell debt maturing in 2019 and 2020 today, while France auctions as much as 9.8 billion euros of debt. Yields on two-and 10-year German bunds fell to euro-era records this week as speculation Greece may default boosted safety demand.

Analyst Comment: The primary focus is on the Spanish and French auctions. There should be some concession before that. We’re still in an environment where the potential for upset is rife.

5) Germany Overtakes Spain in Debt Wagers Amid Crisis: Euro Credit

Bets on German credit quality overtook those on Spain for the first time in a year as the mounting cost of bailing out the region’s most indebted nations infects Europe’s largest economy.

Germany has provided the biggest share of the rescue packages for Greece, Ireland and Portugal, and Chancellor Angela Merkel is struggling to maintain taxpayer support after a string of election defeats. Attempts to end the two-year-old crisis failed to stop the rot spreading to Italy and Spain, which now risk missing deficit-reduction targets.

Analyst Comment: It’s an acknowledgement that the pressure is moving into the core. The more the dithering, the bigger the cost.

6) Billionaire Cisneros Seeking to Buy Spanish Assets Amid Crisis

As the crisis deepened, Cisneros said he decided to “look at Spain again. It’s a natural market for us. These are good companies, especially companies that export to Latin America.”

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关键词：PART ART EWS NEW Top economic percent annual target terms

喜欢你的这个top news

我是学金融的，对银行很关注，尤其是央行，这个top news 我很感兴趣 刚刚去彭博社去找了一下，没有看到这个top news  你能给我一个链接么？ 小弟万分感谢。

muhouxiaotian 发表于 2011-9-18 15:51
我是学金融的，对银行很关注，尤其是央行，这个top news 我很感兴趣 刚刚去彭博社去找了一下，没有看到这个 ...

这个是从彭博上总结的，没有链接，有彭博终端机的话，除了可以用Top这个功能，还可以看NI FED, NI USECO等

songfang17 发表于 2011-9-19 09:36
这个是从彭博上总结的，没有链接，有彭博终端机的话，除了可以用Top这个功能，还可以看NI FED, NI USECO等 ...

免费看不到

songfang17 发表于 2011-9-19 09:36
这个是从彭博上总结的，没有链接，有彭博终端机的话，除了可以用Top这个功能，还可以看NI FED, NI USECO等 ...

免费看不到

muhouxiaotian 发表于 2011-9-19 14:22
免费看不到

你可能在网页上看的～那上面还是有挺多的，我是直接从终端机上看新闻然后总结的，应该有些不涵盖吧～～

3. ECO

1) Bollard’s ‘Downbeat’ View May Extend New Zealand Rate Pause

New Zealand’s central bank may delay its next interest-rate increase until next year, economists said after Governor Alan Bollard signaled growing global risks are a threat to the nation’s export-driven economy.

Swaps markets indicated a 76 percent chance Bollard will hold the cash rate at 2.5 percent for the rest of the year.

Analyst Comment: Not only did the Reserve Bank stay on hold, it produced a more downbeat statement about the state of the world. We find it hard to fault in these uncertain times.


2) Singapore Exports Unexpectedly Rise on Sales of Ships, Boats

Singapore’s exports unexpectedly rebounded in August as sales of ships, boats and optical apparatus countered a slump in electronics caused by weakening global growth.

Non-oil domestic exports rose 5.1 percent from a year earlier, after a 2.8 percent drop in July. The median of 14 estimates was for a decline of 6.5 percent.

Analyst Comment: The broader trend of easing Chinese purchasing managers’ index and U.S. Institute for Supply Management readings points to continued weakness for Singapore’s exports.


3) Ackman Sees Hong Kong CPI, Property Aiding Bet: Chart of the Day

“Reducing inflation and the risk of asset bubbles” would be enough to justify a revaluation of Hong Kong’s currency, according to William Ackman, founder of the Pershing Square Capital Management LP hedge fund.

Hong Kong’s consumer price index rose 7.9 percent in July from a year earlier. The increase was the biggest since 1995.

Ackman predicted the Hong Kong Monetary Authority will increase the currency’s peg to HK$6 to the U.S. dollar from HK$7.80, maintained since 1983, before shifting the peg to the Chinese yuan in three to six years. The de facto central bank “has no plan or intention to change the system,” according to its e-mailed reply to questions from Bloomberg News.


4. FRX

1) Yen Rally Seen Ending as Fed Twist Widens Spread: Japan Credit

Japanese Prime Minister Yoshihiko Noda’s wish for a weaker currency may be answered next week on prospects changes to the Federal Reserve’s bond purchases will increase short-term U.S. interest rates relative to yen debt.

Bank of Japan Governor Masaaki Shirakawa has said there is a “relatively high” correlation between the two-year yield gap and the value of the yen, which surged to a postwar record against the dollar last month.

Analyst Comment: The dollar is bottoming out against the yen. Two-year Treasury yields are holding up because the Fed is likely to sell the securities if it adopts Operation Twist.


2) Philippines Said to Plan Higher Capital Requirement on Peso Bets

The Philippine central bank may ask lenders to set aside more capital to cover non-deliverable currency forwards to temper gains in the peso and reduce the risk of market losses, a proposal circulated among bankers says.

Emerging-market policy makers have been tightening regulation of capital flows as their bond yields and economic growth rates are higher than in developed nations.


5. Stock Market

1) Asian Stocks Rise, Paring a Weekly Loss, on ECB Liquidity Plan

Asian stocks rose, paring the regional benchmark index’s decline this week, after the European Central Bank and international policy makers coordinated to lend euro-area banks U.S. dollars, increasing confidence the region’s debt crisis may be contained.

Japanese and Australian stock futures advanced as well.

Analyst Comment: What these authorities are trying to do here is preempt any panic over banks’ access to short-term funding. Anything that suggests they will act proactively to avoid another Lehmans-style crisis will help equities, commodities and other risk assets because of how oversold they are, and how bearishly everybody is positioned.

The move takes the risk of a sudden bankruptcy among the banks off the table. The market has become too cautious and this may make investors less risk averse.

This is akin to a lender-of-last-resort-type facility for banks that increases their flexibility to deal with any potential funding gap. It’s an additional form of liquidity globally that’s not necessarily a catalyst for global growth but may arrest declines.


2) U.S. Stocks Rise as ECB Offers Loans to Banks to Tame Crisis

U.S. stocks rose for a fourth day as the European Central Bank and international policy makers coordinated to lend dollars to banks to tame the credit crisis, offsetting concern spurred by signs unemployment is worsening.

Analyst Comment: The central bank coordinated action is rather significant. Given their willingness to provide liquidity to European banks, it probably signals that the Fed is going to provide additional liquidity for the U.S. economy.


6. Commodity

1) Oil Heads for Fourth Weekly Gain in New York on European Outlook

Oil headed for a fourth week of gains in New York, the longest winning streak since July, as investors speculated that a coordinated international plan to contain Europe’s debt crisis will support economic growth and boost fuel demand.

Analyst Comment: News about a boost to European bank funding eased concerns about a slowing global economy.


2) Gold May Gain on Physical Buying, Europe Concern, Survey Shows

Gold may gain as increased physical purchases and concern about Europe’s debt crisis spur demand for the metal, a survey found.

Analyst Comment: We do not expect the price of gold to drop much under the $1,800 an ounce mark, though, as the market develops a strong physical buying interest in gold at around this level. Uncertainty persists.


3) Commodities May Dip to Lowest Since November: Technical Analysis

Commodities may drop to the lowest level since November after failing to breach key resistance levels, according to technical analysis by Commerzbank AG.

The S&P GSCI Total Return Index of 24 commodities has failed at the downtrend and 200-day moving average resistance at 5,090 and 5,150.

“We favor failure here and will maintain a negative bias,” Jones wrote. “Failure here should initiate a slide back to the August 19th low of 4,723 and then the August low at 4,530.”

7. Credit Market

1) Treasury 10-Year Yields Set for Biggest Weekly Rise in 11 Weeks

Treasury 10-year note yields were poised for the biggest five-day advance in 11 weeks on optimism European leaders meeting today will step up efforts to halt the euro region’s debt crisis, damping demand for the safest assets.

Analyst Comment: The good news is that there seems to be more of a political commitment toward Greece to prevent a default and that’s really what was gnawing at the market. The U.S. economy is recovering, inflation has accelerated sharply. There are so many reasons to see yields continue to rise.


2) Bond Sale Revival Falters as Buyers Shun Europe: Credit Markets

Corporate bond sales worldwide are struggling to rebound from the worst month in more than a year as investors shunned debt of financial and European borrowers.

Analyst Comment: We know where the U.S. is in terms of the economy, rates, yields and the currency. There’s a huge amount of uncertainty in Europe in terms of the viability of the euro so it’s more difficult to make a judgment call and hence there’s only tentative signs of a reopening of the primary market.


3) Tata Power Risk Surges Most Since 2009 on Delays: India Credit

The cost of insuring Tata Power Ltd.’s bonds against default is rising at the fastest pace since 2009 as India’s biggest electricity projects face delays in acquiring land and arranging fuel supplies.

Analyst Comment: The power sector is definitely no longer as fancy as it used to be for banks and its vulnerability in debt servicing has increased manifold. Developments in the industry have made us cautious about increasing our exposure and there is no reason to believe the situation will improve in the immediate future.


8. US Latest Economic Data: Market Comment

1) Industrial Production

Industrial production in the U.S. unexpectedly rose in August, while economists had forecast no change, signaling manufacturing will support the world’s largest economy.

Overseas demand and capital spending by American companies may keep assembly lines busy and boost manufacturing, which led the recovery from the recession. At the same time, unemployment above 9 percent and the lack of jobs is limiting sales, one reason factories may find it harder to gain speed.

Analyst Comment: Business equipment investment is holding up. Manufacturing will still contribute to the U.S. recovery. The bounceback in autos is providing a cushion.


2) Jobless Claims

Applications for U.S. unemployment benefits unexpectedly rose last week to the highest level since the end of June, underscoring the risk of further weakness in the labor market.

Unemployment stuck around 9 percent may prompt consumers to keep cutting back, hurting sales at companies like Best Buy Co. and prompting Federal Reserve Chairman Ben S. Bernanke to consider additional measures to spur growth when central bankers meet next week.

Analyst Comment: Job growth is moving sideways, which is problematic. We really need the labor market to improve to generate the wages to support consumer spending.


3) U.S. Current-Account

The current-account deficit in the U.S. unexpectedly narrowed in the second quarter, reflecting an increase in exports and a record income surplus.

The 4.7 percent drop in the dollar in the past year has resulted in American-made goods becoming cheaper for overseas buyers, helping to fuel exports. At the same time, the balance of payments deficit is a reminder the world’s largest economy will remain dependent on foreign investors for funding.

Analyst Comment: With the rise in exports, our trade position has improved, which is helping to lower the current-account gap. There’s no doubt we’ll continue to need financing from overseas, and we’ll continue to get that financing. U.S. assets are still one of the safest in the world.


4) Consumer Price Index

The cost of living in the U.S. climbed more than forecast, battering the confidence of Americans squeezed by stagnant wages and higher prices of food, housing and energy.

Analyst Comment: The inflation numbers have to raise concern but growth is going to be any policy maker’s main concern right now. The recovery is just north of stagnant.


5) Empire Manufacturing

The Empire State Manufacturing Survey indicates that conditions for New York manufacturers worsened for a fourth consecutive month in September.

The indexes for both prices paid and prices received moved up in September after retreating sharply over the prior three months—evidence that price increases picked up their pace.

Future indexes were generally positive, suggesting that respondents expect business activity to improve in the months ahead, but optimism was well below levels observed earlier this year.


6) Philadelphia Fed. Business Outlook Survey

Responses to the Business Outlook Survey this month suggest that regional manufacturing activity is continuing to contract, but declines are less widespread than in August.

The percentage of firms reporting increases in prices for their own manufactured goods (18 percent) was about the same as the percentage reporting price decreases (17 percent).

On balance, employment was slightly higher at reporting firms this month. The broadest indicators for future growth improved notably this month, suggesting that firms expect a recovery in activity over the next six months. Responses to special questions, however, suggest that the firms expect further weakening in their rate of production growth during the fourth quarter.