Markets Await Results From Key European Meetings For Greece And Spain

(RU) Russia Narrow Money Supply w/e Aug 20th (RUB): 7.23T v 7.17T prior

(FI) Finland July PPI M/M+0.1 v -0.7% prior; Y/Y: 0.2 v 0.5% prior

(FI) Finland July Preliminary Retail Sales Volume Y/Y: 0.0% v 2.3% prior

(CZ) Czech Aug Business Confidence: 2.4 v 2.3 prior; Consumer Confidence: -27.3 v -28.3 prior; Composite: -3.6 v -3.8 prior

(HU) Hungary Jun Retail Trade Y/Y: -1.7 v -2.3%e

(ES) Spain July Producer Prices M/M: +0.8 v -0.5% prior; Y/Y: 2.6 v 2.5% prior

(AT) Austria June Industrial Production M/M: -1.6% v +0.7% prior; Y/Y: 0.3% v 2.6% prior

(RO) Romania July Money Supply Y/Y: 10.8% v 10.4% prior

(PL) Poland July Retail Sales M/M: 1.3% v 1.3%e; Y/Y: 6.9% v 7.0%e

(PL) Poland July Unemployment Rate: 12.3% v 12.3%e

(TW) Taiwan July M1 Money Supply Y/Y: 2.9% v 3.2% prior; M2 Money Supply Y/Y: 3.8% v 4.2% prior

(UK) Q2 Preliminary (second reading) GDP Q/Q: -0.5% v -0.5%e; Y/Y: -0.5% v -0.6%e

(UK) Q2 Private Consumption: -0.4% v -0.2%e; Government Spending: 0.0% v 0.3%e; Gross Fixed Capital Formation: -3.2% v -0.6%e; Exports: -1.7% v -0.9%e; Imports: 1.4% v 0.4%e

(UK) Q2 Preliminary Total Business Investment Q/Q: -1.5% v +0.3%e; Y/Y: 1.7% v 3.6%e

(UK) June Index of Services M/M: -1.7% v -1.8%e; 3M/3M: -0.1% v 0.0%e

Fixed Income
(IN) India sold total INR150B vs. INR150B target in 2017, 2022, 2030 and 2036 bonds

(ZA) South Africa sold total ZAR800M in I/L 2025, 2038 and 2050 Bonds

Notes/Observations
Singapore July Industrial Production declines more than expected.

US Republicans said to eye a return to gold standard.

UK Q2 GDP second reading in line with expectations and revised slightly higher from its advanced reading.

Germany maintains hawkish rhetoric ahead of Merkel-Samaras meeting.

Spain said to be presenting a revamping of Fund for Orderly Bank Restructuring (FROB).

Equities
Indices:FTSE -0.10% at 5772, DAX -0.20% at 6934, CAC-40 -0.30% at 3421, IBEX-35 -0.40% at 7252, FTSE MIB -0.30% at 14,906, SMI +0.20% at 6464, S&P 500 Futures flat 1400.00.

European equity indices have traded mixed, amid the slight rise being seen in Spanish bond yields and the Shanghai Composite having its lowest daily close since early March of 2009. European banks are trading mixed, with French banks under performing (notably SocGen). Resource related firms are broadly lower tracking the weakness in commodity prices.

Overall indices have traded cautiously into the weekend and ahead of the Spanish government's cabinet meeting. Additionally, German Chancellor Merkel and Greek PM Samaras are due to meet later today. In terms of the US, July durable goods orders are due to be released.

Shares of RBS [RBS.UK] have traded lower by over 1.5%, amid overall losses in the banking sector. Additionally, UK Labour MP Mann has suggested that the firm's potential fine related to the Libor scandal could exceed prior expectations, as the firm may have to pay more than the £290M paid by Barclays. There has been prior speculation in the press that traders from Barclays, RBS and UBS may have played a central role in the manipulation of Libor.

In late July, the FT reported that UK officials were seeking to complete their probe into Libor by the end of Sept. Stove manufacturer Aga Rangemaster [AGA.UK] has traded lower by over 10%, as the company reported y/y declines in its H1 profits and sales. Shares of platinum miner Lonmin [LMI.UK] are lower by more than 2%, after the company disclosed that its current CFO would become the new acting CEO. Iron ore miner African Minerals [AMI.UK] is down over 11%, as the company revised its FY production forecast. Dutch oil terminal operator Vopak [VPK.NL] has gained over 1% on better than expected H1 results.