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European Political Situation Drags Japanese Equities and Yields Lower
Results of Greek and French elections fuelled suspicion about EU's ability to implement tough austerity and dragged Japanese markets down by 266 pts of 2.80 pct to 9,113.57. Results of US non farm payrolls also added further woes to investors concerned about global growth prospectus. Japanese yields for 10 and 20 yr yields hit their lowest level since October 2010. South Korea's Kospi also shed 1.70 pct at market open on same worries
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Now Is Not the Time to Abandon Flexible Inflation Policies says Boc's Mark Carney
Now is not the right time to part with flexible inflation policies* with "low -fo-long" said BoC's Carny to FT
He said that perusing a policy of temporary higher inflation is an uncertain and extreme response
He did not mention any C bank* while referring to targeting infaltion
Quotes
"Moving temporarily to a higher inflation target risks un-anchoring inflation expectations and squandering the hard-won gains of entrenched price stability"
"Higher and more uncertain inflation raises risk premiums and real interest rates, and worsens debt dynamics,"
"Central banks are most effective when they operate with clear and stable objectives." *
"The pursuit of temporarily higher inflation could only work if policy were anchored to a new target, such as nominal gross domestic product - total output at market prices, unadjusted for inflation,"
BoC's Mark Carney
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China Expands Qfii Investment Products, Relax Rules
Chinese authorities have relaxed rules for QFII investor by allowing them to apply for separate QFII status while remaining under the same financial group which will enable number of funds for investment. The scheme will now expand to allow more investments in structure products. Authorities will also relax the ratio for investing in bonds, stocks and cash
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Business Investment stalled French Economy to Zero Growth in Q1 As Expected
French preliminary GDP growth was reported neutral in Q1. Business investment was down by 1.4 pct while household and Public investment declined by 0.2 pct and 0.1 pct each. Household consumption (+ 0.2 pct) and Public consumption (+0.5 pct) however supported the economy. Economists also expected a zero growth for the economy however some expected it to decline by 0.3 pct as well. Other European economies going to report their GDP growth are Germany (poll 0.1 pct q/q), Italy (poll -0.6 pct q/q ), Dutch (poll -0.2 pct q/q). Euro zone as a whole expected to report shrinkage of 0.2 pct in q/q terms
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Greece Worries Hits Nikkei, S. Korea's Kospi Tumbles
Worries about possibility of Greece leaving euroz one hit Nikkei hard as Japanese Benchmark Index lost 1.1 pct at mkt close. South Korea's KOSPI tumbled very sharply by 3.08 pct at mkt close with losers like Samsung Electronics (- 6.2 pct) amd SK Hynix (-8.9 pct). IMF's Lagarde said yesterday that Greece could exit in orderly fashion, but even that could have impact beyond imagination because of possible contagion
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Japan's Noda Wants Bold Action from Boj, Shirakawa Remains Cautious
Japan's PM Noda said that BoJ should take bold and appropriate action to beat deflation and tackling stronger yen. However BoJ's Shirakawa remained cautious on the issue and said it quite clearly that monetary policy alone can't beat deflation and could backfire with unwarranted consequences in the markets. However he admitted that Japanese economy in severe state and BoJ would do utmost to ensure economic growth and price stability. Both of them where speaking at lower house parliamentary session on Japan's social welfare and tax reforms.
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Germany -Euro Zone Worries to Last for another 2 Years says German Fin Min
German's Schaeuble said that euro zone market turmoil surrounding the euro zone crisis could last another 12 to 24 months. He also urged Greeks to decide whether they wished to stay in the single currency.
Quotes
"It's up to Greek politicians to explain the reality to their people and not make false promises,"
"We want Greece to stay in the euro but meet its commitments and that's a decision that's up to the Greeks."
German Finance Minister Wolfgang Schaeuble.
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Uk Banks can Tackle Contagion from Potential Greek Exit says Michael Cohrs
BoE's Michael Cohrs said that UK banks are well prepared to tackle any potential contagion from Greek crisis.
Quotes
"They have thought about their direct exposures to Greece and they have marked them to appropriate levels, their liquidity is strong and they have enough capital to withstand shocks from Greece,"
"If it goes further it's not clear, and that is why we have been encouraging them to raise more capital because nobody knows where it will stop or it won't stop,"
"I really want to hammer home this point; it was why we're urging British financial institution to prepare themselves and strengthen their capital,"
Published:
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China to Speedup Infra-Investments to Boost Growth
China is planning to speed up infrastructure related investment in order to push up growth in construction without creating bubble in property sector according to newspaper reports. It has asked parties to submit project proposals by end of June and even considering advancing projects. Paper also said that infrastructure investment related projects are approved much faster this year.
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Uk's Clegg Ready Sail With the Wind, Favors Growth Over Austerity - Ft
UK's Deputy PM Nick Clegg is ready to move with new idiom among European politician by siding with growth based austerity according to his interview with FT. The move will focus credit infusion housing and infrastructure and would also focus on small businesses. However, finance ministry doesn't fully share views on proposed "massive amplification" of existing credit-easing schemes.
Quotes
"I think there are people about who will be nervous - even neurotic - about any kind of innovation in this area for fear that it somehow would be criticised by people in the markets,"
"We're not austerity fanatics for the hell of it - we've actually got some very creative initiatives on growth, which we've already launched, which can be supplemented and will be supplemented,"
Nick Clegg to FT.
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