As Gerry mentioned earlier there was M/E buying just above 1.5300 and  i’m told they’ve been in again around the same levels just now EUR/GBP’s back down again around 0.8265 after  a recent high of 0.8283, with Cable sitting around 1.5300

Will update market in Q1. We await the outcome with bated beath. Deterioration of debt metrics and potential for contingent liabilities are pressuring outlook French govt has less room to manoeuvre on public finances than it had in 2008 France’s AAA rating could come under pressure if debt/GDP continues to rise and if euro debt [...]

Affirms “BBB” rating.

The three amigos meet again  (Merkel, Sarkozy and Monti) in Rome on 20th Jan ….

PARIS (MNI) – Prospects for the global economy have deteriorated since late autumn and they depend now more than ever on political leadership to restore confidence, OECD Secretary General Angel Gurria said Monday. With unemployment rising, financial market tensions persisting, the Eurozone apparently already in recession and a resolution of the Greek crisis “now in [...]

Morning all , few bits i’ve picked up so far may be of some use…. EUR/USD:  Offers 1.2680/00, some buy stops  above. More offers 1.2720/30. Bids  1.2600/25 ahead of barrier (1.2600). Sell stops on break of barrier. EUR/JPY: Large bids 97.00/10 ahead of 97.00 barrier, talk of massive stops on a break of it. More barriers [...]

ITALY DATA: Final December HICP rose 0.3% m/m, 3.7% y/y, the same y/y increase as in November. The rise brings the average HICP increase for 2011 to +2.9% y/y, up from +1.6% in 2010 and the highest annual average gain since 2008, ISTAT said. The main domestic index (NIC) rose 0.4% m/m and 3.3% y/y, [...]

Italian 2011 harmonized average annual inflation +2.9

Bet they’re buying some of those Italian ones as well, but don’t have confirmation of that as yet. UPDATE:  Reuters confirming ECB buying Italian bonds as well, 2 to 5 year maturities Didn’t we get it to you in a timely manner No need to thank me

Well that’s the “aim” anyway Confident talks on bond swap will resume reasonably soon, sees mutually acceptable deal in time Says bond swap deal and bailout agreed at euro summit should be sufficient to support Greece financially Greece leaving the euro is not an option

Our cup truly runneth over…… Dutch state treasury agency (DSTA) to auction between 3 and 5 bln t-bills today. Plan to tap 2-3 bln of a 3 month DTC maturing April 27 and 1-2 bln of a 6 month DTC maturing June 29. Results due around 10:40 GMT.  

Not really. That’s just for Lisa’s benefit. She seems to be getting a little excited. We’re up at 1.2655 from around 1.2640 when I arrived.  Middle Eastern buying being reported. Shock horror, who’d have thunk it. Middle Eastern names also seen buying cable down around 1.5300/05. We’re presently at 1.5315.   

Hot on the heels of Fridays’ S&P French downgrade. Agence France Tresor (AFT) to sell between 7.4 and 8.7 bln t-bills including 4-4.5 bln 3 month BTF maturing April 12, 1.8-2.2 bln 6 month BTF maturing July 7 and 1.6-2.0 bln 1 year BTF maturing January 10 next year. Results due around 13:55 GMT.

– Adds Osaka Branch Manager Comments, Background At Bottom TOKYO (MNI) – The Bank of Japan said on Monday that seven out of the nine Japanese regions downgraded their economic views from three months ago, reflecting the global economic slowdown and the drag of the strong yen on exports. The remaining two regions left their [...]

–Adds Schaeuble Comments To Story Sent Sunday At 05:30 EST BERLIN (MNI) – German Chancellor Angela Merkel signaled over the weekend that she would rather accept a downgrade of the European Financial Stability Facility (EFSF) than increase German guarantees for the bailout fund. The EFSF risks losing its AAA rating after France and Austria lost [...]

BERLIN (MNI) – The German Finance Ministry estimates that total public debt fell below 80% of GDP at the end of last year, the daily Frankfurter Allgemeine Zeitung (FAZ) reported Monday. According to ministry calculations, total debt fell to 79% of GDP due to a better-than-expected development of the country’s bad banks, the FAZ cited [...]

GERMANY DATA: December WPI unch m/m, +3.0% y/y; November +4.9% y/y – Germany December WPI: solid fuels/oil products unch m/m – Germany December WPI: ore/iron/steel/non-ferrous metals -0.7% m/m – Germany December WPI: grains/seeds/feed -2.4% m/m – Germany December WPI: fruits/vegetables/potatoes -0.8% m/m – Germany December WPI: data processing/communication +0.3% m/m – Germany December WPI: food/beverages/tobacco [...]

Apparently so, according to a leading forecaster.   Happy Dayz

– See Separate Tables for Details TOKYO (MNI) – Economists have revised down their fiscal 2012 growth forecasts for Japan further as the deepening European debt crisis threatens to hurt global growth, the latest monthly survey by the Cabinet Office’s Economic Planning Association released on Monday showed. The association polled 42 economists and research institutions [...]

German guarantees for EFSF are sufficient On Greek bond scheme, says private investors should not endanger overall goal of debt sustainability with requests for too high interest