Cyrrus (Cyrrus)
Markets  |  November 12, 2012 10:17:51

Joint Stock breakfast 12.11 - Asia, Greece, U.S. fiscal cliff

Overview of the main events for Monday, the 12th November 2012



Fiscal reef major theme


Macros below expectations


Greece approves 2013 budget





Upcoming Events

15:00 De Guindos speech before the European Parliament


  • Finally, the index remained above zero due to improved consumer confidence
  • Concerns over the fiscal cliff, but persist. This week, Obama will meet with leaders Democrats and Republicans in Congress
  • U.S. plans major parties differ in that the Republicans do not agree with raising taxes and planning a different structure savings


Asian macros

  • Japan's GDP fell by 3.5% yoy (est. -3.4%, min. +0.7%), A 0.9% quarterly
  • Reason for the decrease in exports and domestic consumption
  • Next quarter, GDP should also decline, Japan will probably recession (the third since 2008), which increases pressure on the central bank to carry out further stimulus

  • New loans in China fell by 14% yoy and were lower than the estimates
  • Again casts a bad light on China's recovery



  • The budget for 2013 finally approved
  • 167 for, 128 against, 4 abstained
  • The budget allows for 4.5% drop in GDP next year vs. 3.8% decline this year
  • It was another one of the conditions for the release of the next tranche of bailout
  • The first was the approval of austerity measures from 8.11 (For 153 of the 300 deputies)
  • Today (at 17:00) finance ministers meet EZ and will discuss developments in Greece
  • Probably would not be a rescue package, but on how to help Greece repay EUR 5 billion in vouchers payable 16.11
  • The standard for the next release of the report will assist the Troika
  • Then it will have to approve the national parliaments
  • The game is still a two-year extension of the term to achieve the objectives of reducing the deficit and the buyback of Greek debt
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Akciová snídaně 12.11. - Asie, Řecko, US fiskální útes

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