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EUROPEAN OPENING NEWS INCLUDING: Fitch says the risks of Britain losing it AAA status are clearly increasing.

January 16 2013, 8:17am
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Asia

Chinese Actual FDI (Dec) Y/Y -4.5% Vs. Exp. -2.0% (Prev. -5.4%) (Newswires)

World Bank sees 2013 China growth at 8.4%. (Newswires)

LDP's secretary general said a weaker JPY may trouble some industries. (Nikkei)

Despite a lacklustre 5yr auction with a lower bid/cover ratio, 10yr JGBs held on to decent gains as the yield fell to 0.755% to hit its lowest level since December 21st, 2012. This coincided with the Nikkei 225 falling at it's fastest pace since May last year, to close down 2.6%. (RANsquawk)

Europe

EU's Juncker said yesterday that EUR exchange rate is dangerously high. (Newswires)

Spanish PM Mariano Rajoy has ruled out an aid request from the ECB, saying "I am absolutely convinced that Spanish financial institutions will not require any more funds than were given already". Rajoy also said that expansionary policies are not now possible in Spain and has called on Germany and other creditor countries in the eurozone to do more to stimulate growth, arguing that a switch to a more expansionary policy would boost an economic recovery across the single currency area. (FT - More) 

UK

Fitch says the risks of Britain losing it AAA status are clearly increasing. Fitch warned it could downgrade the UK if the country's budget in March shows debt levels continuing to rise. (Newswires)

FX

Overnight, JPY was strengthening against most of its major counterparties for a second consecutive day amid comments from Japanese ruling party LDP secretary general saying that the weaker JPY may be worrisome for some local industries and firms. Meanwhile, early gains in AUD/USD, which was supported by the release of better than previous Australian Westpac Consumer Confidence SA (Jan) M/M 0.6% (Prev. -4.1%) and New Motor Vehicle Sales (Dec) M/M 2.2% (Prev. 0.0%), have now been pared. Finally, EUR/USD is trading in negative territory heading into the European open. (RANsquawk)

Commodities

US API Crude Oil Inventories (Jan 11) W/W 46K vs. Prev. 2362K 

US API Gasoline Inventories (Jan 11) W/W 4086K vs. Prev. 7931K

US API Distillate Inventory (Jan 11) W/W -568K vs. Prev. 5854K

US API Cushing Crude OK Inventory (Jan 11) W/W 1780K vs. Prev. 332K (Newswires)

Heading towards the European open, WTI crude futures trended higher during the overnight session, paring part of losses seen yesterday. Participants now are focusing on DOE data set for release at 1530GMT/0930CST. WTI crude futures trades USD 93.43, up USD 0.16. Last price taken at 0620GMT. (RANsquawk)

US

T-notes pulled off session highs hit in early trade following the pit open with CTA buying, aided by disappointing Empire Manufacturing data. After the open the 10yr yield fell below 1.81% although finished shy of 1.83% after equity markets recovered early losses, drawing flows away from FI. Today’s Fed POMO bought in the belly, purchasing USD 0.927bln in Feb'23 - Feb'31 which saw out-performance in this sector although 10s pulled off following the operation. At the pit close T-notes settled at 132.08+, up 7+ ticks. T-notes made gains overnight amid a generally negative tone in Asian equity markets and ahead of key US earnings due later today. T-notes last trade up 3 ticks at 132.11+. Last price taken at 0620GMT. (RANsquawk)

Fed's Rosengren says an unemployment drop to 7.25% would constitute substantial improvement in labour markets that could halt asset purchases. (Newswires) Sees Fed capacity to enlarge purchase program; sees scope to enlarge QE if there is no progress in the jobless rate. 

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