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Intra-day Market Moving News
9 Dec 2016 08:55 News fm Reuters, China's Xi says: 
 
-certain that China will complete its key economic targets for 2016
9 Dec 2016 08:46 EUR/USD - 1.0615... News fm Reuters, ESM's Regling says: 
 
-Italy is far away fm having a country-wide problem 
-fund has instruments available 
 
Reuters later reported the euro zone bailout fund is not preparing financial support for Italy, though some individual Italian banks have problems and need to raise capital, the head of the fund said on Friday. 
 
"There are lots of rumours ... but this is not the case, we have not been approached by the Italian government (for help)," ESM head Klaus Regling told reporters in the Finnish capital Helsinki. 
 
Italy does not have a nationwide problem with its banking sector, despite the need of some individual banks to raise more capital, he said. "This is not at all like in 2009 or 2010 when we had several countries with countrywide banking problems. Italy is not in that situation today," Regling added. 
 
9 Dec 2016 07:39 GBP/USD - 1.2566.. More on early Brexit news. Reuters reported Britain's Brexit minister David Davis is "not really interested" in a transitional deal to cushion the country from the effects of leaving the European Union, he told a private meeting with the City of London Corporation, the Financial Times reported, citing a memo of the meeting.  
 
The FT, citing a memo of the mid-November meeting made by an unidentified City of London Corporation representative, said Davis would consider a transitional deal only in order to "be kind" to the EU. 
 
British companies have argued the government should agree a transition period after Britain leaves the bloc and before new trade terms are finalised, during which current arrangements stay in place. 
 
Davis also told the City of London Corporation that the EU's "inflexible approach" on immigration meant it was unlikely the UK would achieve access to the single market, the FT said, citing the memo. 
 
The Department for Exiting the EU said the FT account of the meeting did "not properly reflect government policy or Mr Davis's view," the FT said. It was not immediately available for comment on the report. 
 
9 Dec 2016 07:38 EUR/USD - 1.0625.. Reuters then reported the Bundesbank raised its German growth forecast for this year and next, arguing that the "solid upturn" was continuing, even though increasing labour market bottlenecks could constrain growth and lead to wage inflation. 
 
The German central bank raised its GDP growth projection to 1.8 percent in both 2016 and 2017 but warned that this was above the economy's potential so the labour market bottleneck could intensify, exacerbated by unfavourable demographic trends such as the ageing of the population. 
 
The bank added that the German budget is likely to keep generating surpluses in the coming years without new spending measures and the government debt to GDP ratio could fall back to 60 percent in 2019. 
 
9 Dec 2016 07:30 EUR/USD - 1.0623... News fm Reuters, Bundesbank raises German GDP growth forecasts for 2016 n 2017, sees expansion at 1.8% both years; cuts 2017 German inflation projection to 1.4% fm 1.5%, sees inflation at 1.7% in 2018; sees increasing labour mkt bottlenecks, limiting employment growth, dampening consumption growth.
9 Dec 2016 07:15 EUR/USD - 1.0617... News fm Reuters, ECB's Coeure says: 
 
-slower pace of bond purchases a sign of confidence in eurozone economy 
-does not see risk of banking crisis in Europe 
 
Reuters later reported The European Central Bank's decision this week to slow the pace of its asset purchases is a sign of confidence in the economy, though it still needs protection heading into a busy electoral year, ECB Executive Board member Benoit Coeure said. 
 
"There are political risks everywhere, inside and outside of the euro zone. It's not up to the ECB to manage political risks, that's for the politicians to do," Coeure said on French radio Europe 1. 
 
"But it's up to us to draw the economic consequences and the euro zone will still need financial protection to get through 2017, which will be very risky," he said, adding that he did not see a risk of banking crisis. 
 
9 Dec 2016 07:13 GBP/USD - 1.2583... News fm Reuters, citing source fm FT, which quoted comments fm an unidentified City of London representative, who said: 
 
-Brexit Min Davis told City of London Corporation he was "not really interested" in transitional Brexit deal 
-Davis told City of London Corporation it was unlikely that UK will achieve access to single mkt after Brexit
9 Dec 2016 03:01 EUR/USD - 1.0600.. Euro languishes near Thur's 1.0598 low in relatively subdued Asian trading on Fri after swinging wildly b4 tumbling in NY session. 
 
Despite extending this week's winning streak to 1.0805 in European morning n then a brief but sharp jump to a 3-week high of 1.0875 after ECB announced the central will extend its QE programme but will reduce its stimulus measure. Shorts abv 1.0810 were tripped but euro bears quickly returned with a vengeance after market interpreted ECB's latest move as being 'dovish'. Euro tanked fm 1.0875 to 1.0687 n intra-day decline continued during ECB Draghi's press conference n when he said tapering was not discussed by the Governing Council members, euro fell further to 1.0598 near NY midday.  
 
Although euro fell marginally below said yd'ay's 1.0598 low to 1.0589 on stop hunting, lack of follow-through selling quickly lifted the pair, suggesting range trading is in store ahead of European open. Offers are noted at 1.0625/45 area n more abv with stops touted abv 1.0700. Some bids are noted at 1.0580-60 area n more below with fairly large stops below previously mentioned option barrier at 1.0500 (but this lvl is unlikely to be challenged today). 
 
Euro area eco. calendar is pretty light with German export, import n trade data n then France's industrial output. 
 
9 Dec 2016 02:48 USD/JPY - 114.40.. Dlr continued its y'day's strg gain n easily penetrated Thur's 114.37 high to 114.57 after meeting renewed buying at 114.01 at Tokyo open as gains in the Dow, S&P 500 and the Nasdaq to record highs boosted risk appetite, the N225 index also climbed to a 1-year peak of 18975, suggesting dlr may inch higher ahead of European open. 
 
Having said that, as dlr is expected to remain confined inside recent broad range of 114.83-112. 
88, offers are tipped at 114.70/80 n more near 115.00, strg gain is unlikely to be seen. Bids are noted at 114.30-20 n more below with stops below 113.90. So buying dlr on dips is the way to go, profit shud be taken on upmove. 
 
Later today, U.S. will release University of Michigan consumer sentiment (confidence), street forecast is for Dec index to come in at 94.5 vs prev. reading of 93.8, then Oct wholesales data. 
 
9 Dec 2016 00:55 Continues from previous update... 
 
On Wednesday, parliament overwhelmingly voted to back a motion supporting her timetable, which government lawyer James Eadie said was highly significant and "legally relevant". 
 
"The House of Commons has given specific approval to the government to give (Article 50) notice and indeed has called on them to do so by a particular date," he said. 
 
Echoing comments made by her lawyer to the Supreme Court on Wednesday, lead challenger Miller said she did not believe the motion in parliament had any bearing on the case. 
 
"Our case has nothing to do with politics ? it concerns legal process and the constitution. It is not about if we leave the EU, it is about how we leave the EU," she said. 
 
9 Dec 2016 00:54 Continues from previous update... 
 
The challengers argue that triggering Article 50 would inevitably mean citizens would lose rights granted by parliament and so only lawmakers could take these away. 
 
The Scottish and Welsh governments and lawyers for Northern Irish challengers all joined the case against the government. Scotland's nationalist executive, which opposes Brexit, argued that the Scottish parliament should be consulted. 
 
"(Brexit) is almost the most divisive political event that has happened over the last several decades," Richard Gordon, law officer for the Welsh government, told the court on Thursday.  
 
"Who is going to judge what happens next? According to law ... it must be parliament." 
 
If May wins, she can follow her planned timetable for invoking Article 50. If she loses, she might need to bring in a parliamentary bill, albeit one containing just a single line.  
 
9 Dec 2016 00:53 Continues from previous update... 
 
The case could potentially hamper May's Brexit plans, and investors believe involving lawmakers would lessen the chances of a "hard" Brexit, where Britain gives up access to the single European market in order to impose tighter immigration controls. 
 
Pro-Brexit critics have cast the legal battle as an attempt by a pro-EU establishment to thwart the result of June's referendum, when Britons voted by 52-48 percent to leave the EU. 
 
The judges in the High Court case were dubbed "enemies of the people" by one newspaper while Gina Miller, the investment manager who brought the challenge, has received death threats and a torrent of online abuse.  
 
The government's argument is essentially that under Britain's unwritten constitution, it can make or leave international treaties without parliamentary assent. 
 
9 Dec 2016 00:52 GBP/USD - 1.2583.. A piece of Brexit news worth noting. Reuters reported Britain's Supreme Court will decide as quickly as possible whether Prime Minister Theresa May can trigger Britain's exit from the European Union by the end of March without parliament's assent, its president said on Thursday. 
 
Last month, the High Court decided that May could not invoke Article 50 of the Lisbon Treaty, the EU's exit clause, using executive powers known as the "royal prerogative". 
 
"We are not being asked to overturn the result of the EU referendum," Supreme Court President David Neuberger said at the end of a four-day appeal in which the government sought to overturn the High Court ruling. 
 
"The ultimate question in this case concerns the process by which that result can lawfully be brought into effect," he said. 
 
9 Dec 2016 00:50 Continues from previous update... 
 
Normally, Japanese exporters would welcome a weak currency because it boosts overseas revenues, but the BSI survey suggests companies think the yen could easily reverse course. 
 
The BSI measures the percentage of firms that expect the business environment to improve from the previous quarter minus the percentage that expect it to worsen. 
 
Japan's economy grew much more slowly in the third quarter than initially estimated, revised data showed, as capital expenditure dried up and companies ran down inventories. 
 
9 Dec 2016 00:49 Continues from previous update... 
 
The joint survey by the Ministry of Finance and the Economic and Social Research Institute, an arm of the Cabinet Office, recorded a business survey index (BSI) of sentiment among large manufacturers at plus 7.5 in October-December from plus 2.9 in July-September. 
 
Large manufacturers expect their sentiment index to worsen to plus 4.6 in January-March, the survey published on Friday showed. 
 
Japanese companies plan to raise capital expenditure by 2.5 percent in the fiscal year that started in April, down from their previous projection of a 4.9 percent increase. 
 
While campaigning, Trump regularly suggested he would enact protectionist trade polices, which could potentially harm Japan's export-dependent economy. 
 


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