Market Commentary - 09/12/2012

• The U.S. trade deficit likely widened to $44 billion in July as a slowing global economy limited demand for American goods, 8:30 a.m.
• Hiring plans among U.S. corporations in the fourth quarter are little changed, Manpower said, indicating scant improvement in the labor market.
• Germany’s top constitutional court rejected a bid to delay a case over the European Stability Mechanism, clearing the way for a ruling tomorrow.
• Hungary may reach an agreement with the IMF on a loan at the end of this year, said the country’s chief aid negotiator.
• Canadian-employer hiring plans fell for a third straight quarter, according to a survey by Manpower. The share of companies planning to hire between October and December exceeded those forecasting cutbacks by 10 percentage points after adjusting for seasonal variations.
• U.K. trade deficit narrowed to 7.2 billion pounds in July from 10.1 billion pounds in June. Exports rose 9.3 percent, while imports fell 2.1 percent.
• Russia’s trade surplus fell to $11.1 billion in July from $14 billion in June.
• Turkey’s current-account deficit narrowed to $3.9 billion in July from $5.4 billion a year earlier.
• China’s new lending was 703.9 billion yuan last month, the highest of any August on record and compared with 540 billion yuan in July. M2 rose 13.5 percent in August from a year earlier after a 13.9 percent gain in July.
• Philippine exports rose 7.8 percent in July from a year earlier after a 4.3 percent advance in June.
• An index of Australian business confidence dropped to minus 2 in August from 3 in July, National Australia Bank said. The business conditions gauge improved to 1 from minus 3.
• New Zealand will introduce tougher capital adequacy requirements for banks starting Jan. 1as it moves to adopt Basel III rules, the Reserve Bank said.
• South Africa’s current-account deficit widened to 6.4 percent of GDP in the second quarter from 4.9 percent in the first quarter.