Date: Monday 02 Jul 2012
-UBS cuts S&P 500 target to 1,375 from 1,475
-Morgan Stanley upgrades European equities to neutral
-Banks deposit €772.9bn overnight at ECB
-China looking at Spanish assets
-Some analysts want more detail on Europe bail-out
-Chinese and Japanese data slightly better than expected
Stoxx 600: 0.91%
The major European equity benchmarks are holding higher on the first day of trading of the new quarter, following through on Friday´s advance in risk assets.
That on a week in which the Bank of England is expected to move on monetary policy, with the European Central Bank following in its wake.
Acting as a backdrop, there was a fair bit of commentary this morning regarding the need for European authorities to flesh out the details of last week´s summit. Some observers also seem worried that Spain may "low-ball" its estimate of how much additional capital its banks need.
Important economic indicators are due for release this afternoon Stateside. As well, data out overnight in China and Japan came in slightly ahead of forecasts.
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