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EUROPEAN OPENING NEWS INCLUDING: Heading into the European open, WTI crude futures continued to decline

January 15 2013, 8:23am
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Asia

Japanese Economic Minister Amari says an excessively weak JPY has negative effects on livelihoods and is not good for the economy. (Newswires) He added that companies must be able to overcome some forex disadvantages.

BoJ have downgraded the assessment of 8 regions for the second straight release within the quarterly Sakura report due to the global slowdown and lower assessments of production. (Newswires)

Overnight, 10yr JGBs have been on a steady rise since the open with the yield sliding to 0.78% for the first time since 26th December amid expectations of further monetary easing in BoJ’s next meeting. JGBs closed up 39 ticks at 144.14, with the Nikkei closing up 0.7%. (RANsquawk) 

Europe

S&P affirmed Netherlands, Finland and Luxembourg at AAA. S&P affirmed the Netherlands outlook at negative and revised both Finland's and Luxembourg's outlook to stable from negative. (Newswires)

UK

UK RICS House Price Balance (Dec) M/M 0% vs. Exp. -8% (Prev. -9%), highest since June 2010. RICS said that the confidence in the housing market does appear to be improving, helped in part by the impact of the Funding for Lending Scheme.

FX

Strength in JPY was seen across the board after comments by Japanese economy minister Amari who said an excessively weak JPY has negative effects on livelihoods and is not good for the economy. EUR/USD trended lower throughout the session with the USD index rising heading into the European open. (RANsquawk)

Commodities

Heading into the European open, WTI crude futures continued to decline due to the USD strength and some mild profit taking as a result of yesterday’s steep gains. WTI trades down USD 0.34 at USD 93.80, last price taken at 0620GMT. (RANsquawk)

US

T-notes settled in minor positive territory yesterday, opening higher on the back of weaker equity markets. However the strength attracted profit taking and downside pressure was observed, but the move was tempered by intensified risk off sentiment prompted by President Obama’s press conference on the debt ceiling with T-notes retracing some of their losses. In later trade, resistance was seen at Wednesday’s high of 132.04. Yields decreased across the curve with outperformance seen in the belly particularly the 10y yield which declined by 1.8bps. At the pit close today T-notes finished at 132.01, up 2 ticks. Heading into the European open, T-notes trade with gains of 4+ ticks with Japanese fixed income markets rallying overnight. T-notes trade at 132.05+, last price take at 0620GMT.

Fed Chairman Bernanke said we need to think about long-term debt sustainability and the federal budget must be brought under control. (Newswires) He added that fiscal cuts too sharp may weaken economy and he saw a bit of progress in the recent fiscal deal.

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