Tips of today morning

Pubblicato il 5 Giugno 2012 da Veronica Baker

  • Eurozone May final services PMI 46.7, touch better than flash read of 46.5. Composite PMI 46.0, also fractionally better than flash read of 45.9. (Lowest read since June 2009 )
  • Eurozone April retail sales -1.0% m/m, -2.5% y/y ( a very weak reading than Reuter’s median forecasts of -0.1%, -1.1% respectively )
  • German April manufacturing orders -1.9% m/m ( a very weak reading again than Reuter’s median forecast of -1.0%., but pay attention , March data revised upwards to +3.2% m/m from previous +2.2% , so nothing really has changed )
  • BAFIN President:  German banks’ exposure to Greece is limited  ( = We have already sold all PIIGS debt  )
  • Riksbank’s Ingves:  Spain needs to recapitalize banks ( Sorry, but this is Pulcinella’s secret , agree with me ? )
  • Spain’s Treasury Minister: At current borrowing costs market door not opened to Spain.  (  = Do you understand the message of the last weeks ? You must open the door to IMF…)
  • OECD’s Gurria : No Reason Spain Should Be Paying 7% Interest When It Is Taking All The Right Decisions ( If you are speaking the truth , you can buy with your money Spanish bonds, sounds like a fantastic opportunity for you, don’t you agree ? )

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