Jul 10
13
ECB curbs the rate of bond buying
International Stock Market Report 13th July 2010
The benchmark Nikkei dropped 0.1% or 10.88 points to close at 9,537.23 after earlier rising nearly 1%. The Topix dropped 0.4% to close at 854.39. The Dow Jones rose 18 points to close at 10,216, on the other hand the Nasdaq gained 1 points at 2,198. The S&P 500 was flat at 1,078.
China’s leading credit rating agency has stripped America, Britain, Germany and France of their AAA ratings. The US fell to AA, with Britain and France dropping to AA-. Belgium, Spain, Italy are ranked at A- along with Malaysia. The ECB slowed the pace of its controversial buying of government bonds to a near halt last week, adding weight to suggestions from one of its top policymakers that the program could be phased out. Yesterday, it said it had just €1bn (£838m) worth of bonds last week, taking the overall total to €60bn but bringing new purchases to a virtual standstill.
Due for release today is the GBP CPI y/y/, EUR German ZEW Economic Sentiment, CAD Trade Balance, USD Trade Balance, NZD Retail Sales m/m and RBA Gov Stevens Speaks.
