Posted yesterday monthly Ifo Institute survey of more than 4 000 companies showed that 45.1% of German companies in July, TG noted the limited access to credit instruments. This is the maximum value of this indicator in March 2006 The previous month the rate was 42.4%. In compiling the review was attended by industry, construction, retail and wholesale companies.

Among the published in the last weeks of macroeconomic indicators, the statistics, perhaps most clearly demonstrates the low elasticity of anti-crisis measures ECB, the need to revitalize the leading European Central Bank action associated with the policy of quantitative easing, and perhaps a further reduction in their base interest rates.

Against this background rate EUR /USD on Wednesday fell to 1.4000 marks and stores near the medium-term prospects of further weakening.
However, the situation in the area of relatively high-risk assets to continue to be able to meaningfully constrain the process of reducing the relative value of European currencies in the international market.

information that the indicator changes in U.S. orders for durable goods in June TG was -2.5% (m /m) with an average forecast of equal in this case only -0.7% and the value of the previous month, revised down to 1.3% versus 1.8% previously.

However, it is important to note that without the traditionally relatively unstable data trends in demand for transportation equipment specified indicator showed markedly higher than the value predicted by analysts. It was 1.1% (m /m) against the expected, on average, zero-market changes of the indicator and revised with a relatively small deterioration - up to 0.8% versus 1.1% previously - indicator index for the previous billing period.

In addition, orders for capital equipment, excluding defense goods and aircraft industry, demonstrated in June TG second consecutive increase, which usually means a total increase of investment in the U.S. economy in the period.
Judging from the dynamics of world stock market quotes, currency exchange sector trends carry trade, the market in the last hours, apparently, began otygryvat, these additional factors in the analysis released Wednesday of information.

U.S. macroeconomic statistics, received in recent weeks in the risky investment sector, is still, in general, are favorable for the bulls in nature. Of course, significant risks weakening the flow of investment into this area of investment associated with the expected in the coming years, the relatively slow growth of global GDP, are saved.

fee is, in part, a fundamentally sound development, would, perhaps, too large for the world economy, the structure of which is in dire need of strengthening the recapitalization of the corporate balance sheets, reducing their dependence on debt load.

Against this background, the strengthening of administrative support to the investment sector in terms of excess monetary liquidity and increase competition in the capital markets, can provide significantly more active than, apparently, it is expected now that the restoration of international financial segment in the medium and long term.

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