Cyrrus (Cyrrus)
Markets  |  September 03, 2012 10:23:25

Breakfast-stock 3.9 - The door to QE3 still open, waiting for the ECB, PMI

Overview of the main events for Monday, the 3rd September 2012


Jackson Hole leaves the door open


Increasing the likelihood of intervention


Expectations Thursday output from the ECB


VW, Fresenius, Lufthansa, Commerzbank



Upcoming Events

9:45 PMI Italy
9:50 PMI France
9:55 PMI Germany
10:00 Manufacturing PMI EZ
15:30 Draghi speech about union bank before the EU Parliament
18:00 Speech Schaeubleho


Jackson Hole

  • Not bring any change in Bernanke's rhetoric
  • We will continue to monitor the economy as events come up as needed
  • What worried him still doing the job market
  • Even prior QE failed to reduce the n-st below 8%


  • Index growth due to worse macros, which in turn increases the probability of any central bank intervention

China PMI

  • I have a government number below 50 points



  • 24 hours before the meeting will be circulated to all members of the Board a summary of the options to purchase the bonds (ie 4th 9th, The 5th session of the 9th and 6th Draghi has TK 9)
  • The game is capping bond yields or the spread to German bundům or purchases of various assets, not just government bonds
  • Draghi worked on proposals over the weekend, why not go even to Jackson Hole
  • With declining distrust grows over time, it will be necessary to plan the details really introduced
  • Rather, it is possible that Draghi wait until the decision of the German Constitutional Court on the legality of the ESM (12 9)



  • The unions are planning another strike
  • On Tuesday, in more places and should be longer than the Friday


  • According to German journalists plans further savings program
  • Dismissal of Cu-interference and branches
  • Supervisory Board plan should be presented in mid-September

Fresenius x Rhoen Klinikum

  • announces completion of purchase order RK
  • currently holds a 5% share of RK and plans to slightly increase
  • Since interest RK recedes due to Asklepios Kliniken, which blocks the negotiations to participate in RK


  • Should inform their suppliers, in the autumn are expected to reduce production by 10%
  • VW is worried about a possible economic slowdown, and thus reduce the demand re-
  • Again, information from unnamed sources
  • VW spokesman described it as a speculation that the next months will be "a challenge"
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Akciová snídaně 3.9. - dveře ke QE3 stále otevřené, čekání na ECB, PMI

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