Ransquawk Overnight News Summary 23/11/07

Discussion in 'Trading' started by Ransquawk, Nov 23, 2007.

  1. Ransquawk

    Ransquawk ET Sponsor


    Japan's markets closed today to mark labour and thanksgiving day holiday.

    The Chinese economy will grow by around 11.5% in 2007 and CPI will hit 4.5% to 4.6%, pushed up by rising food and oil prices, according to the China statistics chief (RTRS)

    An academic advisor to the Chinese government said a further tightening of monetary policy is necessary to curb inflation, but capital restrictions or more flexibility of the Yuan may new needed to ensure the effectiveness of this tighter policy (Shangahi Securities News)

    The European union may impose anti-dumping measures if China fails to narrow its "unsustainable" trade gap (FT)


    SPREADS - US 2s/10s (0630) 98.11 (100.58 bps at 2100); US 10s/30s (0630) 45.33 bps (45.22 bps at 2100); EURO 2s/10s (0630) Unchanged (39.54 bps at 2100); EURO 10s/30s (0630) Unchanged (45.61 bps at 2100)

    US/GE 10s (0630): 2.15 bps (2.5 bps at 2100)
    UK/GE 10s (0630): Unchanged (52.30 bps at 2100)

    ECB's Trichet: There are risks to EU 2.0% potential growth estimate for 2007, market turbulence adds to downside risk to EU growth (RTRS)**

    French banks are planning to develop a fund to buy securities backed by assets (Les Echos) The banks are BNP Paribas, SocGen, Credit Agricole, Natixis and HSBC France.

    Investors in Europe have suddenly become wary of Italian, Greek, Spanish, and Belgian sovereign bonds, driving spreads over German government bonds to the highest level in six years (Telegraph)

    Italy cancels end-November, Mid-December auctions of BTP, CCT and end-November CTZ auction (RTRS)

    China's Yuan rose sharply against the dollar to a post-revaluation high overnight ahead of the arrival of senior European officials in Beijing next week to discuss economic and foreign exchange issues (RTRS) Elsewhere, the Euro also rose to new record high's overnight at 1.4966.

    Oil climbed back above $97 a barrel in thin trade, buoyed by the unrelenting decline in the USD and signs that some OPEC members are stepping up production ahead of their policy meeting in two weeks (RTRS) At 0630 crude was trading $97.32 up 3c.

    OPEC oil exports, excluding Angola to leap 720k barrels/day in 4 weeks to December 8, according to Oil Movements (RTRS)

    The above commentary was provided by Real-time Analysis & News (R.A.N) Ltd (known to traders as “Ransquawk”) operates from 0630GMT until 2200GMT to incorporate full coverage of the US bond and equity futures markets. Currently R.A.N covers Bond, STIR and Index futures in the US, UK and Eurozone as well as NYMEX crude and Gold. Furthermore, R.A.N has a stand alone Forex service (Ransquawk FX) which covers all the major currency pairs. Coverage is based around the economic calendar for that day but the product finds its value looking at flows, rumours and breaking news and delivers that information to the customer via an internet ‘squawk-box’.

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