Recap 4-08-13




  • The Portuguese constitutional court rejected some of the 1.3bn in planned austerity measures. Yields on Portuguese debt opened 25 basis points higher but the anticipated demand of Japanese investors moving from local markets to foreign yield has bonds rallying back to flat.
  • Bank of Canada Senior Loan Officer Survey declined to -5.8 vs -3.4 prev. This means that a net 5.8% of respondents reported easing credit conditions.
  • Canada Business Outlook on Future Sales improved to +24 in 1Q vs +15 exp and +16 prev. This is the best print since 1Q last year. However, more respondents reported tighter credit conditions than easier conditions, the first such instance since 2Q last year.

Upcoming Data:

  • Tue: Swiss Unemployment, German Trade Balance, Swiss CPI, Canada Housing Starts, Building Permits,
  • Wed: China Money Supply, Trade Balance, Australia Employment,
  • Thu: US Jobless Claims, Canada New House Price Index