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RBA Delivers, Is the Riksbank Next?

October 02, 2012
The Reserve Bank of Australia delivered a 25 bp rate cut earlier today. While the ECB, BOE and BOJ meet later this week, expectations are low for additional action. Sweden's Riksbank meets on October 25 and could be the next central bank to cut rates.
The Riksbank cut the repo rate 25 bp in early September to 1.25%. Recent data has been ex…
RBA Delivers, Is the Riksbank Next? RBA Delivers, Is the Riksbank Next? Reviewed by Marc Chandler on October 02, 2012 Rating: 5
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Great Graphic: 150 Years of Spain's Ups and Downs

October 02, 2012
This Great Graphic was posted on Zero Hedge.  The graph is of a rolling 5-year real growth of the Spanish economy.  There is a bit of editorializing that distracts from the chart, like attributing the latest leg down in a 40-45 year-old decline as a consequence of Spain's entry into the euro zone.  For example, if we made the chart, we would …
Great Graphic: 150 Years of Spain's Ups and Downs Great Graphic: 150 Years of Spain's Ups and Downs Reviewed by Marc Chandler on October 02, 2012 Rating: 5
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Three Noteworthy Developments

October 02, 2012
The global capital markets are mostly quiet and the dollar is mixed, but mostly softer.  There are three developments we direct your attention to:  the RBA rate cut, Spain and aid, and the US block of a Chinese acquisition.

The  euro has been confined to about a half cent range in the upper end of yesterday's range.  Resistance is seen in the …
Three Noteworthy Developments Three Noteworthy Developments Reviewed by Marc Chandler on October 02, 2012 Rating: 5
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Spinning Spain

October 01, 2012
Spanish bonds and stocks have advanced today, but we remain profoundly skeptical of claims that the country has turned a corner. Shortly after announcing what the EU's Ollie Rehn suggested was an austere budget that went above EU recommendations, Spain revised its 2012 budget deficit.
Recall that the 2011 deficit was recently revised to 9.4%…
Spinning Spain Spinning Spain Reviewed by Marc Chandler on October 01, 2012 Rating: 5
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Market Drivers in the Week Ahead

October 01, 2012
The US dollar began Asia on a firm note, but quickly succumbed to selling pressure.  The euro initially fell to almost $1.28, its lowest level since Sept 11, but rebounded smartly in late Asia and through the European morning.  The other major and emerging market currencies have generally followed suit.  That said, the short-term momentum indicato…
Market Drivers in the Week Ahead Market Drivers in the Week Ahead Reviewed by Marc Chandler on October 01, 2012 Rating: 5
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