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Danske Daily: Spanish House Prices Down, G20 Meeting To Begin

ByDanske Markets
Published 07/19/2013, 07:46 AM
Updated 05/14/2017, 06:45 AM
In terms of data releases there is a relatively thin calendar today.

Spanish house prices could attract some attention on a day with few other relevant releases. Spanish house prices are down close to 30% from the peak in 2008. The consumer confidence indicator from Belgium is one of the first July releases and so worth keeping an eye on. The indicator has increased for three months in a row but remains at a subdued level.

The G20 meeting for central bank governors and finance ministers will start today in Moscow. On the agenda are the developments in the global economy and financial regulation. BoJ's aggressive QE and other monetary stimuli are also likely to be discussed, but according to a communiqué from Russia, it is unlikely there will be any critique of these expansive measures. The meeting ends Saturday, see agenda.

On Sunday there are upper house elections in Japan. The LDP-led coalition is far ahead in the polls and it is relatively safe to say that it will win a clear majority in the upper house. However, it will be virtually impossible to win a two-third supermajority with only half of the seats up for election. With a clear majority for the government in both the lower house and the upper house and no election scheduled until late 2016, it appears that Japan is finally entering a phase of political stability. The implication of this is that the government will gradually shift focus from stimulus to facing some of Japan's longer-term challenges including structural economic reforms and improving public finances. As the outcome is quite certain, we do not expect any major market impact on Monday.

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