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EUROPEAN OPENING NEWS INCLUDING: WTI crude futures continued to decline overnight
January 17 2013, 8:20am
Asia
Japanese Economy Minister Amari said the JPY is still in the process of correcting from excessive strength and hopes the BoJ will understand PM Abe's strong hopes it will adopt a 2% inflation target. (Newswires) He also added that he regrets that his JPY remark on Tuesday was misinterpreted.
10yr JGBs opened lower after yesterday’s rally amid several regional banks seen selling sporadically to take profits. However, a decent bounce has been seen after Japanese participants came back from their morning break (closed up 14 ticks at 144.45). This movement coincided with the Nikkei 225 giving up early gains and plunging into negative territory. However, the index bounced back to minor positive territory (+0.1%) during the last 5 minutes of trade after Japanese economy minister Amari's comments. (RANsquawk)
Societe Generale raised China 2013 GDP growth forecast to 7.9%. (Newswires)
Europe
Spanish Treasury chief said that Spain doesn't need a bailout now; market sentiment has improved. (Newswires) The Treasury chief added that Spain will deliver on its deficit targets.
FX
Overnight, the JPY has weakened following Japanese economy minister Amari's comments ahead of the Bank of Japan’s policy meeting next week. Elsewhere, AUD/USD trended lower throughout the session after the release of the disappointing Australian employment change data, which came at -5.5K vs. Exp. 4.0K (Prev. 13.9K). Meanwhile, safe haven flows have also benefited the USD with EUR/USD giving up its early gains and currently trades in minor negative territory heading into the EU open. (RANsquawk)
Commodities
Heading into the European open, WTI crude futures continued to decline overnight on the back of USD strength and some profit taking. WTI futures trades USD 94.01, down USD 0.23. Last price taken at 0620GMT. (RANsquawk)
US
T-notes traded range-bound for the most part yesterday's session, with the 10s yield oscillating around 1.82% and the 30yr yield marginally above 3.00% following the latest long-end Fed POMO operation in this maturity range. The 30yr yield did fall below the 3.0% level at the pit open however moved higher as treasuries fell in combination with equity strength and risk-on sentiment. 10s BE finished down 2.4bps in reaction to the US CPI data points in early trade despite the flat and in-line reading at 0.0%. At the pit close T-notes settled at 132.09+, up 1 tick. T-notes drifted higher overnight, heading into the European open up 2 ticks at 132.11+. Last price taken at 0620GMT. (RANsquawk)
Fed's Kocherlakota said unclear if Fed openness deferring borrowing and 5.5% unemployment would signal return to normal. (Newswires)
Fed's Fisher said monetary policy impact of Fed bond purchases is declining over time and asset buying becoming less effective. (Newswires) He also added that the debt ceiling is a source of major uncertainty for business.
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