Recap 2014-06-26

Commentary:

NB: No updates through next week.

Notable:

  • France Consumer Confidence improved to 86 vs 85 exp and prev
  • US Jobless Claims was stable at 312k vs 310k exp
  • Personal Income was stable at 0.4% as exp vs 0.3% prev
  • The UK Financial Policy Committee said lenders must limit the proportion of mortgages at 4.5 times income to no more than 15% of their new home loans. Banks must also decline loans to borrowers who fail a new stress test that assumes an immediate 3 percent increase in the benchmark rate
  • China’s chief auditor discovered 94.4 billion yuan ($15.2 billion) of loans backed by falsified gold transactions, adding to signs of possible fraud in commodities financing deals. Twenty-five bullion processors made a combined profit of more than 900 million yuan by using the loans to take advantage of the difference between onshore and offshore interest rates, and the appreciation of Chinese currency, according a report on the National Audit Office’s website.
  • For years, a “zero problems with neighbors” policy helped make Turkey a much-admired example of Islamic democracy and economic growth. It benefited heavily from the opening of Iraq’s market, exporting $12 billion worth of goods last year, second only to Turkey’s exports to Germany. That number could drop by one-quarter, or even more if the fighting spreads, said Atilla Yesilada, a Turkey analyst at GlobalSource Partners. – NYT

Upcoming:

  • Fri: Germany CPI, UMichigan Confidence
  • Weekend: New ZealandBuilding Permits, Business Confidence, Japan Housing Starts,
  • Mon: Month End, EU Money Supply, CPI, UK Mortgage Approvals, Canada GDP, ChicagoPMI, US Pending Home Sales, AustraliaMfg PMI, China Mfg PMI
  • Tue: RBA, EU PMI, Employment, US ISM, Australia Trade Balance
  • Wed: UK House Prices, US ADP Employment, China PMIs, Australia Retail Sales, Building Approvals,
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