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Germany -Euro Zone Worries to Last for another 2 Years says German Fin Min

German's Schaeuble said that euro zone market turmoil surrounding the euro zone crisis could last another 12 to 24 months. He also urged Greeks to decide whether they wished to stay in the single currency.
Quotes
"It's up to Greek politicians to explain the reality to their people and not make false promises,"
"We want Greece to stay in the euro but meet its commitments and that's a decision that's up to the Greeks."
German Finance Minister Wolfgang Schaeuble.


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Uk Banks can Tackle Contagion from Potential Greek Exit says Michael Cohrs

BoE's Michael Cohrs said that UK banks are well prepared to tackle any potential contagion from Greek crisis.
Quotes
"They have thought about their direct exposures to Greece and they have marked them to appropriate levels, their liquidity is strong and they have enough capital to withstand shocks from Greece,"
"If it goes further it's not clear, and that is why we have been encouraging them to raise more capital because nobody knows where it will stop or it won't stop,"
"I really want to hammer home this point; it was why we're urging British financial institution to prepare themselves and strengthen their capital,"
Published:


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China to Speedup Infra-Investments to Boost Growth

China is planning to speed up infrastructure related investment in order to push up growth in construction without creating bubble in property sector according to newspaper reports. It has asked parties to submit project proposals by end of June and even considering advancing projects. Paper also said that infrastructure investment related projects are approved much faster this year.


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Uk's Clegg Ready Sail With the Wind, Favors Growth Over Austerity - Ft

UK's Deputy PM Nick Clegg is ready to move with new idiom among European politician by siding with growth based austerity according to his interview with FT. The move will focus credit infusion housing and infrastructure and would also focus on small businesses. However, finance ministry doesn't fully share views on proposed "massive amplification" of existing credit-easing schemes.
Quotes
"I think there are people about who will be nervous - even neurotic - about any kind of innovation in this area for fear that it somehow would be criticised by people in the markets,"
"We're not austerity fanatics for the hell of it - we've actually got some very creative initiatives on growth, which we've already launched, which can be supplemented and will be supplemented,"
Nick Clegg to FT.


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France's Hollande Presents His Case, Realizes Ground Realities at European Summit

France's Hollande presenred his case for Growth and joint euro bonds along with use of structural funds to shore up Greek growth but realised that there were not many takers for it at the summit of European leaders. He agreed with other leaders to urge Greece to continue walking on the agreed path which not many people in Greece believes in according to results of latest elections


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German Gfk Consumer Sentiment Remains steady in June Despite Turmoil

The forward looking GfK consumer sentiment for Germany stayed at 5.7 in June as expected, after 5.6 in May. Business cycle expectations in May jumped to 19.6 from 8.5 defying all the bad news the Willingness to spend increased in May to 32.0 from 27.6 in the previous month
Quotes
On outlook
"Consumers seem unfazed by the increased turbulence in the euro zone recently. The elections in France and Greece, which above all have unsettled the markets, have not damaged business cycle sentiment,"
"An important prerequisite for a sustained positive development of private consumption remains a robust labour market and here the signal is, as before, on green,"
On risk
"The present uncertain situation of the debt crisis poses a potential risk for Germany's domestic economy,"
"Should the events involving Greece and other euro zone countries intensify further or even escalate, this could quickly bring the positive trend in consumption to a standstill,"
GfK


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Finnish Trade Gap Narrows Sharply In April

Finland's unemployment rate decreased significantly in April, data released by the National Customs Board showed Thursday.
The trade deficit dropped to EUR80 million in April from EUR160 million in March. In April 2011, the trade balance was a deficit of EUR350 million.
Export of goods increased 2 percent annually to EUR4.695 billion in April. Shipments to the European Union states and Eurozone countries decreased 1 percent each during the month.
The value of imports, meanwhile, decreased 3 percent annually to EUR4.775 billion in April. Arrivals from the European Union decreased 5 percent year-on-year, while imports from the Eurozone dropped 8 percent.
In the January-April period, the trade balance was a deficit of EUR1.115 billion. Exports edged up 1 percent year-on-year during the four-month period, while imports remained broadly unchanged, data showed.
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French Business Sentiment Drops For Second Month

French business sentiment weakened for the second straight month in May, survey results from Bank of France showed Friday.
The corresponding index came in at 93, in line with forecast, but down from the prior month's reading of 94. Likewise, confidence in services dipped to 92 from 93.
The bank lowered its economic outlook. Gross domestic product is expected to contract 0.1 percent in the second quarter, revised downward by 0.1 percentage point.
Forecasts are that industrial activity will slightly improve in the short term. Service sector activity is also expected to improve over the coming weeks.
According to the survey, industrial activity declined, largely reflecting weakness in the automotive and metalworking sectors. While order books diminished due to lower demand, inventories are perceived as being slightly above targeted levels.


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Sweden Inflation Expectations Fall: Survey

Inflation expectations among Sweden's labour market parties, purchasing managers and money market players have eased in June from March, results of a survey carried out by the market research firm TNS SIFO Prospera revealed Wednesday.
All survey participants expect annual inflation to be 1.5 percent in the first year, which is less than 1.7 percent forecast in March. The expected figure for the second year was 1.9 percent, lower than 2 percent seen earlier. In five years, inflation is seen at 2.1 percent, down from 2.2 percent expected in March.
The expectations on GDP growth was also lower in the latest survey. The GDP growth forecast for the first year was lowered to 1.4 percent from 1.6 percent. In the second year, the economy is seen expanding 2 percent, slower than the 2.3 percent expected earlier.
Expectations on wage growth was unchanged from the March survey at 2.8 percent. The participants continue to expect the central bank to cut the benchmark interest rate, which is the repo rate, to 1.4 percent in 3-months time.
They do not expect further easing in the policy rate in 12 months, but expect the central bank to raise it to 1.5 percent.
The survey, which is commissioned by the Sveriges Riksbank, was carried out among 255 organisations.
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European Economics Preview: SNB Rate Decision Due

The Monetary Policy Assessment of the Swiss National Bank is set to dominate the scene on Thursday, headlining a busy for the European economic news.
At 2.00 am ET, the Federal Statistical Office is scheduled to publish German wholesale price data for May. In the meantime, Finland's consumer price figures are due. Annual inflation is seen unchanged at 3.1 percent in May.
The Swiss National Bank is set to announce its rate decision at 3.30 am ET. The central bank is likely to retain the interest rate close to zero. Also, the SNB is expected to maintain the minimum exchange rate of CHF 1.20 per euro.
In the meantime, Dutch retail and external trade balance figures are due. Retail sales were up 2.2 percent year-on-year in March.
At 4.00 am ET, the European Central Bank is set to release its monthly report for June. The ECB had maintained its key refi rate at a record low 1 percent at the meeting held on June 6.
Eurostat is slated to release Eurozone final inflation data at 5.00 am ET. According to flash estimate, annual inflation fell to 2.4 percent in May from 2.6 percent in April. Eurozone first quarter labor cost data is also due.
Italy's BTP auction results are due at 5.10 am ET. The government aims to raise between EUR 4 billion and EUR 6 billion.
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