- UK Retails Sales disappoint
- Rampant speculation about what the BoJ will announce on Tuesday Notes/Observations
- China economic data was all largely as expected; 2012 GDP at 7.8% was lowest annual pace since 1999
- Rumors rampant ahead of Tuesday's BOJ rate decision with open ended options on everything; BoJ may scrap 0.1% rate paid on excess reserves; pledge open ended asset purchases
- Japan Gov advisor Hamada: Would only worry with USD/JPY above the 110 level
- Nikkei225 Index ends session higher by almost 3%; largest percentage gain since March 2011 and produces longest weekly winning streak since 1987 of 10 aid with Japanese currency at a fresh 2-1/2 year low
- Bank of Spain Nov Bad Loan Ratio rises to fresh record level of 11.4%
- UK Dec Retail Sales come in negative and well below market expectations
- (RU) Russia Narrow Money Supply w/e Jan 14th (RUB): 7.64T v 7.96T prior
- (ES) Spain Nov NSA Industrial Orders Y/Y: -4.0% v +5.3% prior
- (EU) ECB: €900M borrowed in overnight loan facility vs. €0.0M prior; €179.1B parked in deposit facility vs. €173.3B prior
- (IT) Italy Nov Industrial Orders M/M: 0.5% v 0.1% prior; Y/Y: -6.7% v -0.1% prior
- (IT) Italy Nov Industrial Sales M/M: -0.2% v -0.2% prior; Y/Y: -5.4% v -4.7%
- (CZ) Czech Nov Current Account Monthly (CZK): -2.0B v -8.0Be
- (ES) Bank of Spain Nov Bad Loan Ratio 11.4% v 11.2% prior (record)
- (UK) Dec Retail Sales Ex Auto Fuel M/M: -0.3% v +0.1%e; Y/Y: 1.1% v 2.0%e
- (UK) Dec Retail Sales w/Auto Fuel M/M: -0.1% v +0.2%e; Y/Y: 0.3% v 1.0%e
- (IN) India sold total INR120B vs. INR120B indicated in 2017, 2026 and 2030 bonds
- (ZA) South Africa sold total ZAR210M in I/L 2025, 2038 and 2050 Bonds
- FTSE 100 +0.30% at 6,150
- DAX -0.20% at 7,721
- CAC-40 +0.10% at 3,746
- IBEX-35 +0.20% at 8,646
- FTSE MIB -0.30% at 17,536
- SMI -0.40% at 7,402
- S&P 500 Futures flat at 1,475.50
- UK movers [Spectris +5.5% (Q4 sales update),Kentz Corporation +3.5% (trading update),Evraz +1.5% (Q4 production update),Meggitt +1.5% (broker commentary);Home Retail -1.8% (profit-taking), Sainsbury -1% (broker commentary), Bovis Homes -0.50% (trading update)]
- Germany movers [Praktiker +8.5% (broker commentary), Commerzbank +1% (renewed job cut speculation); Metro -1.9% (broker commentary), ThyssenKrupp -1% (AGM comments)]
- France movers [Renault +3% (FY12 sales),BNP +1.4% (cost cut speculation) ArcelorMittal +1.1% (broker commentary); Saint Gobain -1.5% (broker commentary), Air France -1.5% (broker commentary)]
- Italy Movers [Mediaset +8% (broker commentary); Telecom Italia Media +3% (ongoing takeover speculation), Ansaldo STS +2.5% (broker commentary)]
- Switzerland movers [Credit Suisse +0.50% (broker commentary); Santhera -22% (negative opinion related to RAXONE)]
Equities
Indices:
European indices opened the session broadly higher, as U.S. equities on Thursday's session hit highs not seen since late 2007. Resources related firms are gaining, amid the release of GDP and industrial production data out of China. Currently indices are mixed. The Swiss SMI, Italian FTSE MIB and German DAX have underperformed, while the FTSE 100 hit fresh multi-year highs earlier in the session. In terms of US corporate earnings for today's session, the main companies due to report include GE and Morgan Stanley.
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