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Euro Maintains Steady Tone Despite Weaker Eurozone IP Data

By Trade The NewsMarket OverviewJan 14, 2013 06:54AM ET
Euro Maintains Steady Tone Despite Weaker Eurozone IP Data
By Trade The News   |  Jan 14, 2013 06:54AM ET
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China Shanghai Composite surges over 3% in session after CSRC stated it could increase by 10 times the level of RQFII (Renminbi Qualified Foreign Institutional Investor) and QFII investment as a means to develop the market.

China sets up a new unit (SAFE Co Financing unit) to help diversify FX reserves.

Japan PM Abe: BOJ to support a non-binding medium-term 2% "inflation target" as part of a joint statement with the govt at its upcoming Jan 22nd decision.

US Corp earnings kick into a higher gear with key financial reporting this week. [GS JPM BAC MS]

India Wholesale Price Index hits an 11-month low at 7.2%.

Euro Zone November Industrial Production data registers weakest YOY reading in over three years; Italian IP data comes in below expectations.

Fed kills idea of issuing $1 trillion coin.

Dealers eyeing Fed's Bernanke speech later today at University of Michigan.

Economic Data

(IN) India Dec Monthly Wholesale Prices Y/Y: 7.2% v 7.4%e (11-month low)

(DE) Germany Dec Wholesale Price Index M/M: 0.0% v -0.7% prior; Y/Y: 3.2% v 3.2% prior

(FI) Finland Dec CPI M/M: 0.1% v 0.2%e; Y/Y: 2.4% v 2.3%e

(FI) Finland Nov Final Retail Sales Volume Y/Y: 1.4% v 1.7% prior

(ES) Spain Nov House transactions Y/Y: -6.1% v +12.8% prior

(EU) ECB: €151M borrowed in overnight loan facility vs. €192M prior; €222.6B parked in deposit facility vs. €231.5B prior

(IT) Italy Nov Industrial Production M/M: -1.0% v -0.2%e; Y/Y: -7.6% v -0.3% prior; Industrial Production wda Y/Y: -7.6% v -6.0%e

(ES) Spain Banks Dec Net borrowings from ECB: €313.1B v €340.8B (4th straight decline)

(IT) Italy Nov General Government Debt: €2.021T v €2.015T prior

(EU) Euro-Zone Nov Industrial Production M/M: -0.3% v +0.2%e; Y/Y: -3.7% v -3.1%e; weakest YoY reading since Nov 2009)

Fixed Income:

(IT) Italy Debt Agency (Tesoro) to sell new 15-year BTP bond subject to market conditions -



Indices: FTSE 100 +0.20% at 6,133, DAX +0.80% at 7,777, CAC-40 +0.60% at 3,728, IBEX-35 +0.60% at 8,714, FTSE MIB +1% at 17,679, SMI +0.50% at 7,225, S&P 500 Futures +0.20% at 1,470

Equity markets in European are broadly higher, led by gains in Italy's FTSE MIB. The UK's FTSE 100 has hit yet another multi-year high on today's session and the DAX has traded just below a new 2013 and multi-year high. The Greek Athens Stock Exchange (ASE) has hit highs not seen since Aug 2011. European banks are broadly higher, led by gains in the French banking sector and Commerzbank. Resource related firms are mixed, despite the gains seen in commodity prices. Focal points for markets during the current week include Fed commentary (Bernanke to speak later today), US corporate earnings (to be dominated by banks and industrials) and Q4 GDP data out of China (to be released on Thursday Jan 17th).

Germany movers - Tom Tailor +4% (2013 outlook), Sky Deutschland +3% (capital raise, reaffirmed targets), MunichRe +1.5% (broker commentary), Fresenius Medical Care +1% (broker commentary) Continental flat (FY12 sales, FY13 guidance); Dialog Semi -4.5% (underperforms overall market)

UK movers - Optimal Payments +9.5% (raised FY12 forecasts),Shanks +3% (contract award),Greene King +1.5% (sales update), G4S +1% (broker commentary), Taylor Wimpey flat (trading update); New World Resources -4.5% (trading update), Big Yellow Group -2.5% (Q3 update),Sage Group -1.5% (broker downgrade)

France movers - Peugeot +5% (confirmed financing agreement), Cap Gemini +4% (broker commentary),EDF +3.5% (compensation agreement with French government), Saint-Gobain +3% (asset sale), SocGen +3% (broker commentary); Dassault Systems -0.75% (broker commentary), Axa -0.70% (broker commentary)

Switzerland movers - Swatch +3.5% (acquisition),Novartis +0.80% (Phase III data for BEXSERO)

Dutch movers - TNT Express -42% (UPS withdrew offer)

Italy movers - Generali -0.50% (strategy update)
Euro Maintains Steady Tone Despite Weaker Eurozone IP Data

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Euro Maintains Steady Tone Despite Weaker Eurozone IP Data

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