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Friday's European Market Update

Published 03/22/2013, 07:47 AM
Updated 01/01/2017, 02:20 AM
  • German IFO registers first MoM decline in five months
  • Cyprus Parliament set to meet on solutions to determine its fate
Notes/Observations
  • Eurogroup Statement: Eurogroup expects Cyprus to submit new rescue proposal quickly; Troika analysis needed on new proposal; Eurogroup prepared to continue talks after Troika analysis
  • Cyprus Fin Min Sarris: Cyprus did not get requested financial support from Russia; plans to return to Cyprus today
  • Turkey will challenge Cyprus claims on natural gas reserves if they are pledged in bailout
  • S&P downgrade Cyprus 1 notch to CCC from CCC+; Outlook negative
  • Italy President Napolitano: Will announce decision on next step in efforts to form a govt on Friday; likely PD's Bersani was until March 26th to try to form govt
  • German IFO registers first MoM decline in 5 months as it retraces from 10-month highs
Economic Data
  • (RU) Russia Narrow Money Supply w/e Mar 18 (RUB): No est v 7.48T prior
  • (FR) France Q4 Final Wages Q/Q: 0.2% v 0.2% prelim
  • (FR) France Mar Business Confidence Indicator: 90 v 91e; Production Outlook Indicator: -42 v -26e; Own-Company Production Outlook: 0 v 4 prior
  • (CZ) Czech Jan Export Price Index Y/Y: -0.5% v -0.7% prior; Import Price Index Y/Y: -1.4% v -0.6% prior
  • (EU) ECB: €148M borrowed in overnight loan facility vs. €686M prior; €132.2B parked in deposit facility vs. €130.5B prior
  • (NL) Netherlands Jan Consumer Spending Y/Y: -2.3 v -1.0% prior
  • (NL) Netherlands Mar Producer Confidence: -4.8 v -3.8e
  • (DE) Germany Mar IFO Business Climate: 106.7 v 107.8e; Current Assessment: 109.9 v 110.8e; Expectations Survey: 103.6 v 105.0e
  • (NO) Norway Mar Unemployment Rate: 2.7% v 2.6%e
  • (PL) Poland Feb Retail Sales M/M: -2.6% v -1.3%e; Y/Y: -0.8% v +0.7%e
  • (PL) Poland Feb Unemployment: 14.4% v 14.5%e
  • (IC) Iceland Feb Wage Index M/M: 2.3% v 0.3% prior; Y/Y: 5.2% v 5.0% prior
Fixed Income
  • None seen
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities
Indices FTSE 100 +0.20% at at 6,385, DAX -0.30% at 7,909, CAC-40 -0.50% at 3,756, IBEX-35 -0.60% at 8,298, FTSE MIB +0.10% at 15,956, SMI -0.40% at 7,730, S&P 500 Futures flat at 1,539

European equity markets are mixed, amid continued uncertainty related to Cyprus and weaker than expected IFO data out of Germany. European banks are mostly lower, although shares of Deutsche Bank have outperformed. Resource related firms are trading mixed. Shares of BP have gained over 2% on the firm's buyback announcement, while metals firms are mostly lower.
  • UK movers [Phoenix Group +5% (FY12 profits rose y/y, raised dividend), BP +2% (buyback); Mulberry -15% (profit warning), Homeserve -8% (profit warning), Burberry -3.5% (tracking declines in shares of Mulberry)]
  • Germany movers [Gagfah +4% (new CEO), E.ON +0.50% (broker commentary);MAN SE -4% (Volkswagen squeeze out proposal), Hochtief -3% (tracks weakness in shares of Leighton Holdings]

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