Week of July 29, 2012 thru August 4, 2012

China Economic Data Calendar


All figures year-over-year percent changes unless otherwise specified.

Date Time For Event Previous Local/GMT

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01 Aug 0900/0100 Jly Purchasing Manager's Index (CFLP) +50.2 01 Aug 1030/0230 Jly Purchasing Manager's Index (HSBC) +48.2 02 Aug 0945/0145 Jly MNI China Consumer Sentiment Indicator +101.6 09 Aug 0930/0130 Jly CPI (% y/y, % ytd y/y) +2.2/+3.3 09 Aug 0930/0130 Jly PPI (% y/y, % ytd y/y) -2.1/-0.6 09 Aug 1330/0530 Jly Fixed-Asset Investment (%ytd) +20.4 09 Aug 1330/0530 Jly Retail Sales (% y/y, % ytd y/y) +13.7/+14.4 09 Aug 1330/0530 Jly Industrial Output (%

Repeat: No Major Announcements Seen For Geithner Germany Trip


--Repeating Updated Story Published 16:57 ET Friday

WASHINGTON (MNI) - Amid signs of a more concerted European push for crisis action, Treasury Secretary Tim Geithner is visiting both the German finance minister and the head of the European Central Bank Monday, the Treasury Department confirmed Friday.

A Treasury Department official said no major announcements are expected during the trip.

Having warned this week of a Europe at the edge of "the abyss," Geithner will travel first to the North Sea resort island of Sylt to visit German Finance Minister Wolfgang Schaueble at his vacation spot and then will go to Frankurt to talk to European Central Bank President Mario Draghi.

The U.S. Treasury Department waited until the U.S.

US News Events Calendar


--Meetings & Events of Interest to Subscribers

DATE GMT / ET EVENT

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31-Jul -- First day of two-day FOMC meeting.

31-Jul 1400/1000 Consumer Financial Protection Bureau Director Richard Cordray testifies on the Bureau's semiannual report to the Senate Banking Committee.

31-Jul 2000/1600 Treasury Secretary Tim Geithner participates in a "moderated conversation" with Los Angeles World Affairs Council President Terry McCarthy.

01-Aug 1815/1415 Federal Open Market Committee issues statement on its lates

UPDATE: No Major Announcements Seen For Geithner Germany Trip


--Updating 13:48 ET Story With Treasury Announcement

WASHINGTON (MNI) - Amid signs of a more concerted European push for crisis action, Treasury Secretary Tim Geithner is visiting both the German finance minister and the head of the European Central Bank Monday, the Treasury Department confirmed Friday.

A Treasury Department official said no major announcements are expected during the trip.

Having warned this week of a Europe at the edge of "the abyss," Geithner will travel first to the North Sea resort island of Sylt to visit German Finance Minister Wolfgang Schaueble's at his vacation spot and then will go to Frankurt to talk to European Central Bank President Mario Draghi.

The U.S. Treasury Department waited until the U.S.

TheFXSpot: And In This Corner ECB Mario Draghi Weighs In At


NEW YORK, July 27 (MNI) - European Central Bank President Mario Draghi will likely be in for the fight of his life next Thursday, as he tries to convince other ECB members that more "unconventional" monetary policy measures will need to be taken, and taken soon, in order to contain peripheral borrowing costs and save the euro.

US Hill Reacts In Partisan Ways To Admin's Budget Update


--Democrats Say Report Shows Need For Balanced Deficit Reduction Plan
--Republicans Say OMB Report Shows Flaws in Admin's Fiscal Policy
--Senate Budget Chief Conrad: Need 'Comprehensive' Deficit Cut Plan
--GOP Sen. Sessions: U.S. Is On 'Dangerously Unsustainable Debt' Path

WASHINGTON (MNI) - Congress reacted in a partisan way Friday to the White House's mid-session economic and budget report, with Democrats saying the report shows the need for a balanced, long-term deficit reduction plan while Republicans argued that it underscores the failures of President Obama's fiscal policies.

US Debt Offering, Auction Calendar for Tsy and Agency Issues


July 27

Source: U.S. Treasury, Fannie Mae, Freddie Mac Amounts in billions of U.S.

FXWRAP: Dollar Notches Slight Gains After Choppy Session


NEW YORK, July 27 (MNI) - The dollar was able to score modest gains as the week wound down Friday, the dollar lifting slightly against the euro but scoring better gains against the yen after modestly upbeat data bolstered risk-appetites.

Euro-dollar was changing hands at $1.2300 in choppy afternoon dealings Friday, the single currency in the lower reaches of the day's $1.2270-1.2390 range after beginning the day around $1.2310.

Dollar-yen meantime was also holding the upper reaches of its Y78.08/68 range after beginning the day at Y78.10.

Credit Default Swaps: More Compression, IG At 2-1/2 Month Tight


CHICAGO, July 27 (MNI) - Risk assets performed for the third consecutive session Friday amid hopes that central bankers will quickly deliver.

Credit Default Swaps: More Compression, IG At 2-1/2 Month Tight


CHICAGO, July 27 (MNI) - Risk assets performed for the third consecutive session Friday amid hopes that central bankers will quickly deliver.

In late trade, the euro currency pressed to new highs after a Bloomberg story said ECB President Mario Draghi has reached out to other council members for consensus on a proposal that could include bond buys, rate cuts and or a new LTRO.

Additionally, bond spreads for Italy and Spain narrowed in the wake of a Le Monde story, but conflicting headlines still crossed newswires.

One wire is saying that Le Monde says the EFSF could first be used to buy Italian and Spanish bonds on the primary market and then ESM takes over from September.