Economic Data
(JP) Japan July Eco Watchers Current Survey: 44.2 v 43.2e; Outlook Survey: 44.9 v 44.0e
(CH) Swiss July SECO Consumer Confidence: -17 v -4e
(FI) Finland May GDP Indicator: 0.3 v 0.4% prior
(DE) Germany Jun Current Account: €16.5B v €€11.9Be; Trade Balance: €17.9B v €14.6Be; Exports M/M: -1.5% v -1.3%e; Imports M/M: -3.0% v -2.0%e
(AU) Australia July Foreign Reserves: A$46.8B v A$47.2B prior
(FR) Bank of France July Business Sentiment: 90 v 90e
(FR) France Jun Trade Balance: -6.0B v -€5.0Be
(CZ) Czech July Unemployment Rate: 8,3% v 8.3%e
(HU) Hungary Jun Preliminary Trade Balance: €761.7M v €580.0Me
(ES) Spain Jun Industrial Output WDA Y/Y: -6.3% v -6.2%e; Industrial Output NSA Y/Y: -6.9% v -5.7% prior
(TR) Turkey Jun Industrial Production WDA M/M: -2.0% v 0.9% prior; Y/Y: 2.7% v 5.9% prior; Industrial Production NSA Y/Y: 2.7% v 2.8%e
(ZA) South Africa Jun Gold Production Y/Y: -4.0% v -2.9% prior; Mining Production Y/Y: 4.2% v 0.8% prior
Fixed Income
(IN) India sold total INR120B vs. INR120B indicated in 3-month and 6-month Bills
(EU) ECB allotted $7.0B in 7-Day USD liquidity Tender at fixed 0.64% vs. $7.0B prior
(DE) Germany sold €3.4B in 1.75% Jun 2022 Bunds; Avg Yield 1.42% v 1.31% prior; Bid-to-cover: 1.8x v 1.5x prior
Notes/Observations
S&P cuts Greece's sovereign outlook to negative.
Spain said it would not seek aid beyond current banking sector agreements if it came with further conditions attached.
BOE inflation report not as dovish as financial press made it out to be.
Germany 10-year Bund auction results seen as solid.
Equities
FTSE 100 -0.40% at 5818, DAX -0.50% at 6934, CAC-40 -0.60% at 3431, IBEX-35 -2% at 7069, FTSE MIB -0.70% at 14,548, SMI -0.40% at 6434, S&P 500 Futures -0.30% at 139
European equity indices are trading lower, led by weakness in the Spanish IBEX-35, which has tracked the decline in Spanish 2-year note prices. Banks are mostly in negative territory and underperformers include Spanish financials, Credit Agricole, ING and Deutsche Bank. Mining firms are trading higher, supported by better than expected earnings from Rio Tinto.
Dutch bank ING [INGA.NL] is lower by over 1% on weaker than expected Q2 results. The company noted that its earnings were hurt by its banking unit, which had y/y declines in its ROE and net interest margins. Additionally, the banking unit had a y/y increase in loss provisions. Swisscom [SCMN.CH] has declined by ~1%, as the company's cut its FY sales forecast citing the strength in the Swiss Franc.
In London, Rio Tinto is trading higher, after the company reported better than expected H1 net profits, driven by the iron ore unit. Standard Chartered [STAN.UK] has rebounded by over 3%, following the sharp losses seen on yesterday session, amid reports that NY regulators are investigating alleged transaction related to Iran. Small cap pharmaceutical company BTG [BTG.UK] is lower by over 7%, after announcing disappointing Phase II data on its sepsis treatment (partner AstraZeneca has lost over 1%).
Shares of Aquarius Platinum [AQP.UK] are lower by more than 3% on weaker than expected FY results. In other UK movers, Old Mutual [OML.UK] is trading slightly lower (issued H1 results), while Cobham [COB.UK] is lower by over 4% (reported H1 results). UK companies being weighed down by ex-dividend factors include Barclays, BP and Royal Dutch Shell.
German steelmaker Kloeckner [KCO.DE] is lower by more than 3%, as the company cut its FY outlook. Shares of Fraport [FRA.DE] have declined by over 1.5% after the company reported a weaker than expected H1 operating profit. Axel Springer [SPR.DE] is lower by over 3%, as the firm issued Q2 sales which missed market expectations.
(JP) Japan July Eco Watchers Current Survey: 44.2 v 43.2e; Outlook Survey: 44.9 v 44.0e
(CH) Swiss July SECO Consumer Confidence: -17 v -4e
(FI) Finland May GDP Indicator: 0.3 v 0.4% prior
(DE) Germany Jun Current Account: €16.5B v €€11.9Be; Trade Balance: €17.9B v €14.6Be; Exports M/M: -1.5% v -1.3%e; Imports M/M: -3.0% v -2.0%e
(AU) Australia July Foreign Reserves: A$46.8B v A$47.2B prior
(FR) Bank of France July Business Sentiment: 90 v 90e
(FR) France Jun Trade Balance: -6.0B v -€5.0Be
(CZ) Czech July Unemployment Rate: 8,3% v 8.3%e
(HU) Hungary Jun Preliminary Trade Balance: €761.7M v €580.0Me
(ES) Spain Jun Industrial Output WDA Y/Y: -6.3% v -6.2%e; Industrial Output NSA Y/Y: -6.9% v -5.7% prior
(TR) Turkey Jun Industrial Production WDA M/M: -2.0% v 0.9% prior; Y/Y: 2.7% v 5.9% prior; Industrial Production NSA Y/Y: 2.7% v 2.8%e
(ZA) South Africa Jun Gold Production Y/Y: -4.0% v -2.9% prior; Mining Production Y/Y: 4.2% v 0.8% prior
Fixed Income
(IN) India sold total INR120B vs. INR120B indicated in 3-month and 6-month Bills
(EU) ECB allotted $7.0B in 7-Day USD liquidity Tender at fixed 0.64% vs. $7.0B prior
(DE) Germany sold €3.4B in 1.75% Jun 2022 Bunds; Avg Yield 1.42% v 1.31% prior; Bid-to-cover: 1.8x v 1.5x prior
Notes/Observations
S&P cuts Greece's sovereign outlook to negative.
Spain said it would not seek aid beyond current banking sector agreements if it came with further conditions attached.
BOE inflation report not as dovish as financial press made it out to be.
Germany 10-year Bund auction results seen as solid.
Equities
FTSE 100 -0.40% at 5818, DAX -0.50% at 6934, CAC-40 -0.60% at 3431, IBEX-35 -2% at 7069, FTSE MIB -0.70% at 14,548, SMI -0.40% at 6434, S&P 500 Futures -0.30% at 139
European equity indices are trading lower, led by weakness in the Spanish IBEX-35, which has tracked the decline in Spanish 2-year note prices. Banks are mostly in negative territory and underperformers include Spanish financials, Credit Agricole, ING and Deutsche Bank. Mining firms are trading higher, supported by better than expected earnings from Rio Tinto.
Dutch bank ING [INGA.NL] is lower by over 1% on weaker than expected Q2 results. The company noted that its earnings were hurt by its banking unit, which had y/y declines in its ROE and net interest margins. Additionally, the banking unit had a y/y increase in loss provisions. Swisscom [SCMN.CH] has declined by ~1%, as the company's cut its FY sales forecast citing the strength in the Swiss Franc.
In London, Rio Tinto is trading higher, after the company reported better than expected H1 net profits, driven by the iron ore unit. Standard Chartered [STAN.UK] has rebounded by over 3%, following the sharp losses seen on yesterday session, amid reports that NY regulators are investigating alleged transaction related to Iran. Small cap pharmaceutical company BTG [BTG.UK] is lower by over 7%, after announcing disappointing Phase II data on its sepsis treatment (partner AstraZeneca has lost over 1%).
Shares of Aquarius Platinum [AQP.UK] are lower by more than 3% on weaker than expected FY results. In other UK movers, Old Mutual [OML.UK] is trading slightly lower (issued H1 results), while Cobham [COB.UK] is lower by over 4% (reported H1 results). UK companies being weighed down by ex-dividend factors include Barclays, BP and Royal Dutch Shell.
German steelmaker Kloeckner [KCO.DE] is lower by more than 3%, as the company cut its FY outlook. Shares of Fraport [FRA.DE] have declined by over 1.5% after the company reported a weaker than expected H1 operating profit. Axel Springer [SPR.DE] is lower by over 3%, as the firm issued Q2 sales which missed market expectations.