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Daily Report: Markets Steady ahead of Italian Senate Vote

ByActionForex
Published 11/11/2011, 04:31 AM
Updated 03/09/2019, 08:30 AM
TAHS
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Markets are generally steady today as Italian Senate's vote on austerity measures is awaited today while the approval by lower house is expected on Saturday. Current prime minister Silvio Berlusconi is expected to promised to resign after the austerity packages are passed by both houses. And at the moment, former European Commissioner Mario Monti appears to be the frontrunner to replace Berlusconi. Another focused country, Greece, will have newly appointed Prime Minister Lucas Papademos, a former ECB Vice President, will name his interim cabinet today, which will run the government before election next February.

There were rumors that S&P would downgrade France's credit rating after some S&P rating subscribers got a release under the title "DOWNGRADE" with a link to France ratings. Nevertheless, S&P quickly clarified that as a technical error. S&P affirmed France's ratings at AAA with a stable outlook. French Finance Minister Francois Baroin said in a statement that he has asked the European and French market regulators to investigate the error.

On the data front, Japan Tertiary Industry Index dropped -0.7% mom in September, domestic CGPI rose 1.7% yoy in October. UK PPI will be the main focus in European session. PPI input is expected to dropped -0.3% mom, rise 14.6% yoy in October. PPI output is expected to rise 0.2% mom, 5.9% yoy in October. PPI output core is expected to rise 3.6% yoy. From US, U of Michigan consumer sentiment is expected to be steady at 61 in November.

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