Atlanta, GA 7/20/12 (StreetBeat) – Stocks were mostly weaker in Asian trade. The Nikkei was among the worst with a 1.4% loss, Shanghai was down three quarters of a percent and Australia lost a slight fraction. The Hang Seng stood out with a gain of 0.4%. European indexes are down this morning, with the Dax and Footsie both down a bit more than a half percent. US stock futures are lower by a half percent or so as I write.
*Euro Zone Fin Mins completed the agreement on Spain’s bank bailout during a Euro Group conference call today.
*Maybe the Euro Group can schedule another conference call to discuss not Spain’s banks, but Spain’s regional governments; Reuters is reporting that Spain’s Valencia region says it will seek central government help in repaying its debt.
*None of this is helping the euro currency, today it has set record lows against the Aussie and Loonie and it is not far from the two year low against the greenback that was hit a week ago.
*The June reading of Germany’s Producer Price Index is -0.4%, twice the expected monthly decline. The annualized PPI is +1.6%, also a couple of tenths under the estimate and down five tenths from the level seen in May.
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