G3 Recap 7-13-11

Main Items:

  • Bernanke’s testimony did not surprise the market much. The Fed appears to be on hold for the foreseeable future.
  • US Import Price Index increased 13.6% YoY in June vs 13.2% exp and 12.5% prev
  • Both chambers of the Italian parliament agreed to vote in favor of austerity measures this week, about 4 weeks ahead of schedule.
  • ECB official Jens Weidmann reiterates that Greek paper should no longer be accepted as collateral if it gets downgraded to default – Reuters
  • Fitch downgrades Greece to CCC from B+
  • Late in the day, Moody’s placed US’ Aaa government bond rating on review for possible downgrade.

Overseas:

  • UK Claimant Count Rate increased to 4.7% in June as exp vs 4.6% prev.
  • UK Jobless Claims increased 24.5k in June vs 15k exp and 19.6k prev
  • South Korea UE declined to 3.3% in June vs 3.4% exp and prev
  • Australia Westpac Consumer Confidence Index declined to 92.8 in July vs 101.2 prev.
  • Chinese Data for June/2Q:
  1. GDP rose 9.5% YoY vs 9.2% exp and 9.7% prev
  2. Retail Sales rose 17.7% YoY vs 17.0% exp and prev
  3. IP rose 15.1% YoY vs 13.1% exp and 13.3% prev
  4. Fixed Assets Investments growth slowed to 25.6% vs 25.7% exp and 25.8% prev

Commentary:

  • None
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