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  • 2015-10-05 09:22

    By Simon Marks

    LUXEMBOURG (MNI) - Europe's Commissioner for Economic Affairs, Pierre Moscovici, heaped praise on the Greek government Monday for moving ahead swiftly with the commitments inside its recently agreed upon bailout programme worth E86 billion, though he underlined that Europe remained vigilant regarding the rescue package's full implementation.

    His comments came as finance ministers from the Eurozone convened in Luxembourg for their monthly meeting during which they will be updated about the progress being made in Greece so that the next two tranches of its bailout money totalling E3 billion can be transferred later this month.

    "Since the middle of July when the agreement that was made, there has been a positive dynamic between the Eurozone and Greece.

  • 2015-10-05 08:52

    --Philly Fed: ON RRP Cap Could Hinder MonPol Implementation

    WASHINGTON (MNI) - The following are top events and news reported Monday morning ET by MNI in the global financial system:

    * The U.S. Trade Representatives Office Monday set a 9 a.m. ET news conference to announce the Trans-Pacific Trade pact has been settled, clearing the way for expanded trade between the United States and 11 other nations - most in Asia but including Canada - but not China. The agreement, which was expected to be announced Saturday in Atlanta, took more time to straighten out key last-minute details. Congress must still approve and the pact has become a politically charged document with opponents on both ends of the ideological spectrum.

  • 2015-10-05 08:35

    --Higher Supply Could Put Downward Pressure on Fed Funds Rate
    --But Find FFR Drops Out of Range Only in 'Extreme Conditions'
    --Rosengren Says ON RRP May Need Tinkering, But Confident It Will Work

    WASHINGTON (MNI) - While new research from the Federal Reserve Bank of Philadelphia finds the tools the Fed plans to use to raise the fed funds are likely adequate, it raises questions about a cap set on the overnight reverse repo facility.

    The research, published online Friday, finds that when taken together, the interest on excess reserves and the ON RRP facility "can be used to keep rates in the target range, which appears to be a top priority."

    An ON RRP facility without limitations on volume "would provide an effective floor for interest rates and assist pol

  • 2015-10-05 05:39

    By Silvia Marchetti

    ROME (MNI) - Italy's government plans to exploit EU budget rule flexibility to present a fiscal plan that mixes tax cuts and investment schemes it hopes will accelerate domestic demand and build on the country's recent economic momentum, several top government officials told MNI.

    "We aim to use both the structural reforms clause and the investments clause," a Treasury source said of the 2016 budget plans, which must be approved and sent to the European Commission by October 15.

  • 2015-10-05 04:56

    - UK Services PMI 53.3 vs 55.6 August - UK All-Sector PMI Lowest Since April 2013 - CIPS/Markit - UK Services PMI 53.9 From 55.4 August

    LONDON (MNI) - The UK Services Purchasing Managers Index weakened in September, dragging broader growth in the UK economy down to its weakest rate since early 2013.

    The CIPS/Markit September Services PMI slipped to 53.3, down from 55.6 in August, hitting its weakest level since Q2 2013. That reading is still above the 50 breakeven level but suggests growth in the dominant sector of the UK has slowed markedly.

    The all-sector PMI fell to 53.9 from 55.4 in August, its lowest reading since April 2013.

  • 2015-10-05 04:13

    By Martin Baccardax

    LONDON (MNI) - Eurozone economic activity in September slowed marginally from the preliminary estimate from Markit Economics, data published Monday indicated, but the overall growth trajectory for the third quarter appears to remain intact even as questions for the final three months of the year persist.

    Markit's benchmark final Composite PMI reading of private sector activity was measured at 53.6 for the month, down from a flash estimate of 53.9 and a final August reading of 54.3.

  • 2015-10-04 21:30

    --Japan Aug Total Avg Wages +0.5% Y/Y, 2nd Straight Rise
    --Japan Aug Real Avg Wages +0.2% Y/Y, 2nd Straight Rise
    --Japan Aug Average Base Wages +0.5% Y/Y, 6th Straight Rise
    --Japan Aug Overtime Pay +1.5% Y/Y, 2nd Straight Rise
    --Japan Aug Bonuses, Special Pay +0.6% Y/Y, 2nd Straight Rise

    TOKYO (MNI) - Preliminary average wages data from the Ministry of Health, Labour and Welfare released Monday.

    FACTORS: The total average monthly cash earnings per regular employee in Japan stood at Y272,382 in August, up 0.5% from a year earlier for the second straight rise but the pace of increase decelerated from +0.9% in July.

  • 2015-10-04 15:24

    By Jack Duffy

    PARIS (MNI) - Portugal's ruling centre-right coalition was on track to win Sunday's legislative elections, exit polls showed, with close to a majority in parliament.

    Polls showed the Forward Ahead coalition led by Prime Minister Pedro Passos Coelho winning 38% and 43% of the vote vote, compared with 30% to 35% for the opposition Socialists led by former Lisbon mayor Antonio Costa.

    The coalition was projected to win 108 to 116 seats in Portugal's 230 assembly, according to exit polls, conducted by Catolica University and RTP television. That compares with 80 to 88 seats for the Socialists.

  • 2015-10-03 11:36

    --Regulators Better Placed to Handle Financial Crisis Than In Past
    --Did Not Comment on Current Economic Conditions, Monetary Policy
    --Fragmentation of US Regulatory Structure Could Impede Timely Implementation

    BOSTON (MNI) - While financial regulators are better placed to handle a crisis than in the past, New York Federal Reserve Bank President Bill Dudley warned Saturday that macroprudential tools in the U.S.

  • 2015-10-02 17:38

    --'Reject' Russia Approach to Syria

    WASHINGTON (MNI) - President Barack Obama, saying "at some point we have to pass bills," Friday said he is refusing to sign another stop-gap budget bill when the current on runs out Dec. 11.

    In a late-day news conference, Obama also said "I reject" the Russian approach to Syria, bombing everyone who opposes Bashar Assad, rather than drawing a distinction between moderate rebels backed by the U.S.