International Market Report 6th August 2010

The benchmark Nikkei dropped 93.27 points to 9,560.65, while the broader Topix declined 0.6 percent to 851.83.

Venezuela will pay back its record-breaking $20bn (£12.6bn) loan from China with daily shipments of oil. This deal marks one of the biggest successes in China’s efforts to leverage its foreign exchange strategy. Analysts have stated that the majority of that programme, will be focused on securing energy. Yesterday, international inspectors applauded Greece’s efforts to exit its debt crisis, endorsing a fresh €9bn (£7.4bn) payment from an EU/IMF bailout scheme. In their most positive assessment so far, the IMF, ECB and European Commission officials said Athens would likely meet this year’s deficit cutting target, however risks remain.

Due for release today is the GBP Manufacturing Production M/m, GBP PPI Input m/m, CAD Employment Change, CAD unemployment Rate, USD Non-Farm Employment Change, USD Unemployment Rate and CAD Ivey PMI.

Tags: China, Greece, International Market, Oil, Venezuela

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