AM Dear Dairy: Rangebound
Macro and Cheese | Sep 25, 2012 06:27AM ET
- Asia quiet: Japan +.25%, China -.40%, HK flat, SoKo -.60%
- Japan corporate service price index -.3%, as expected; previous -.3%
- HK exports, imports +.6%, +.9% respectively YoY vs exp -4.8%, -3.5%
- China conducts record reverse repo, injects 190 bio yuan to meet demand
- Europe off slightly: Eurostoxx -.31%, Dax -.39%, FTSE, Spain flat
- German consumer confidence 5.9 as expected, unchanged on month
- France business production expectations -52 vs -44 expected, -44 previous
- Bloomberg reports Spain presses ECB to say how much it will spend on bonds
- EC CDS spreads widen slightly across the board; Spain to 3.64%, +8bp
In an unusually quiet overnight session things have hardly budged, and though bund futures are 0.40 better (a moderate move typically signaling risk-off), the move seems to have happened in a vacuum. There was little news of note apart from the French business survey highlighting French production expectations, at left. Despite the market's euphoria following Draghi's "unlimited" bond buying plan, the real world seems to have given it a pass. It's too early to tell--and not clear exactly when this survey would have been conducted--but stocks are going to want to be seeing some real improvement on the ground, if they are going to hold theirs.
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