Recap 7-08-13

Commentary:

None

Notable:

  • Aggregate unrealized gains in bank securities portfolios have declined from ~$40B at the start of the year to just ~$6B at the present moment. Losses in these portfolios will deplete equity capital. FT.
  • Der Spiegel writes that ECB members clashed over interest rates at last week’s policy meeting with ECB economist Praet proposing to cut rates by 25bp. The article also hinted that ECB head Mario Draghi had supported Praet’s proposal, but with seven board members, including Jens Weidmann, Klaas Knot and Joerg Asmussen, arguing sharply against a cut.
  • Japan Eco watchers Outlook Survey declined to 53.6 in June vs 55.7 exp and 56.2 prev
  • Canada Building permits increased 4.5% MoM in May vs -5.2% exp and 10.5% prev
  • BoC Loan Officers Survey showed a net 12.7% of respondents eased conditions in 2Q vs a 5.8% reading in 1Q.

Upcoming Data:

  • Mon: NAB Business Conditions, China CPI
  • Tue: Canada Housing Starts
  • Wed: FOMC minutes, Bernanke speaks, Australia Employment
  • Thu: BoJ, US Jobless Claims
  • Fri: UMichigan Confidence, JPM and WFC reports
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