Trade The News | Sep 26, 2012 07:13AM ET
Economic Data
Asian equity markets are taking a lead from the final hour sell-off on Wall st, falling moderately across the board. Images of increasingly violent marches on the streets of Madrid reminiscent of those early days of discontent in Athens sent risky assets lower, prompting further financial press speculation on whether PM Rajoy would turn to international lenders and under what conditions. About 60 people were said to be injured in the scuffles between "indignados" marching on Spanish Congress and riot police, with rubber bullets said to have been fired into the crowds. Late in the Asian session, euro currency moved to 2-week lows below $1.2870, as stops triggered below $1.2890 exacerbated an otherwise quiet FX market session. Commodity majors AUD and NZD were off by over 0.2% against the greenback, with the former falling to session lows as well below $1.0370
Regional Japanese automakers continued to curb their production in China in the wake of recent tensions, as management perceived little progress in the talks among respective diplomats on the sidelines of the UN summit. Foreign ministers finally held formal talks but stuck to their guns, with China diplomats vocally opposing the purchase of disputed islands by Japanese govt. In turn, Japan's foreign min remarked that bilateral ties with China are not good. Tokyo stand-off with China will likely spill out into the political arena later today when Japan's opposition LDP party holds leadership elections with the victor said to be highly likely to unseat PM Noda in the coming months. Shinzo Abe, who served as Japan's PM some 5 years ago, is increasingly viewed as the likely candidate to retake the reins. USD/JPY was little changed, holding US session lows around ¥77.70.
Fixed Income/Commodities
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