Market Commentary - 09/13/2012

• The Federal Reserve is likely to announce a third round of bond purchases tomorrow, while extending its zero-interest-rate policy into 2015, economists predict.
• U.S. import prices probably climbed 1.5 percent in August from a month prior, when they unexpectedly fell 0.4 percent, 8:30 a.m.
• Germany’s top constitutional court cleared the way for ratification of the 500 billion-euro ESM rescue fund. The EU unveiled plans for bank oversight that require unprecedented cooperation between the ECB and national regulators; EU’s Barnier holds press conference, 8 a.m.
• France’s inflation rate climbed to a four-month high of 2.4 percent in August from 2.2 percent in July. Consumer prices rose 0.7 percent in the month.
• The French current-account deficit shrank to 2.5 billion euros in July from a revised 4.8 billion euros a month earlier, a separate report showed.
• German inflation climbed in August for the first time in six months. The inflation rate, calculated using a harmonized EU method, accelerated to 2.2 percent from 1.9 percent in July, the Federal Statistics Office said. Consumer prices gained 0.4 percent in the month.
• Sweden’s unemployment rate limbed to 4.8 percent in August from 4.6 percent the previous month, the Public Employment Service said today.
• Spain’s core inflation rate, which excludes energy and fresh foods, was 1.4 percent in August, unchanged from a month prior, the National Statistics Institute said today. This was in line with analysts’ forecasts. Prices rose 0.2 percent from July.
• Slovakia’s inflation rate remained at 3.7 percent in August, unchanged from July, and in line with forecasts. Consumer prices rose 0.1 percent month-on-month.
• Japanese machine orders climbed 4.6 percent in July from the previous month, after gaining 5.6 percent in June. The median estimate of economists in a Bloomberg survey was for a 2 percent rise. Orders gained 1.7 percent annually.
• Australian consumer confidence rose 1.6 percent to 98.2 in September on the Westpac sentiment index.
• Indian industrial production climbed 0.1 percent in July from a year earlier, after a 1.8 percent slide in June. The median estimate of 33 analysts in a Bloomberg survey was for a 0.5 percent gain
• Indian industrial output rose less than forecast in July.