Eurogroup To Discuss Possible Extension Of Greek Bailout Conditions

By Trade The NewsMarket OverviewNov 12, 2012 06:14AM ET

www.investing.com/analysis/eurogroup-to-discuss-possible-extension-of-greek-bailout-conditions-143198

Eurogroup To Discuss Possible Extension Of Greek Bailout Conditions

By Trade The News | Nov 12, 2012 06:14AM ET

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Economic Data

(IN) India Sept Industrial Production Y/Y: -0.4% v +2.8%e

(IN) India Oct CPI Y/Y: 9.8% v 9.7% prior

(JP) Japan Oct Preliminary Machine Tool Orders Y/Y: % v -2.8% prior

(DE) Germany Oct Wholesale Price Index M/M: -0.6% v 1.3% prior; Y/Y: 4.6 v 4.2% prior

(ES) Spain Sept House transactions Y/Y: 0.9% v 3.0% prior

(DK) Denmark Oct CPI M/M: -0.1% v 0.0%e; Y/Y: 2.3% v 2.4%e

(DK) Denmark Oct CPI EU Harmonized M/M:-0.1% v 0.0%e; Y/Y: 2.3% v 2.4%e

(EU) ECB: €881M borrowed in overnight loan facility €572M prior; €248.5B parked in deposit facility vs. €257.8B prior

(NL) Netherlands Sept Trade Balance: €3.6B v €2.1B prior

(CN) China M2 Money Supply Y/Y: 14.1% v 14.5%e; M1 Money Supply Y/Y: 6.1% v 7.1%e; M0 Money Supply Y/Y: 10.5% v 12.9%e

(CZ) Czech Sept Current Account (CZK): -7.1B v -6.3Be

Fixed Income
(IN) India sold total INR100B vs. INR100B indicated in 3-month and 12-month Bills

(SK) Slovakia Debt Agency (ARDAL) sells €94.2M in floating Nov 2016 Bonds; Avg Price 97.8091 v 94.0115 prior, bid-to-cover: 2.44x

(DE) Germany sold €3.52B in 6-Month BuBills; Avg Yield -0.116% v -0.218% prior; Bid-to-cover: 2.0x v 2.3x prior

Notes/Observations
US bond markets closed Monday for Veterans Day.

China trade data better-than-expected; New CNY Loans data below expectations

India's economic growth is expected to slow to ~6% due to a number of domestic issues

Greek Parliament approves its 2013 budget by a comfortable majority of 167 deputies

Eurogroup meeting of European finance ministers today; could announce the 2-year extension of Greek bailout conditions

Equities
Indices: FTSE 100 +0.20% at 5,782, DAX +0.20% at 7,177, CAC-40 -0.10% at 3,418, IBEX-35 -0.60% at 7,594, FTSE MIB +0.10% at 15,200, SMI -0.10% at 6,705, S&P 500 Futures +0.24% at 1,379

European equity indices are trading mixed, as traders focus on the upcoming Eurogroup meeting related to Greece and mixed economic data out of China. Spain's IBEX-35 has underperformed, amid the rise being seen in the country's government bond yields. European banks are mostly lower, led by declines in Credit Agricole and Banco Santander. Resource related firms are trading mixed, following data out of Japan and China.

In the UK, aerospace/defense equipment firm Cobham [COB.UK] is lower by over 7%, as the firm made cautious comments regarding the outlook for the US defense/security market. Homebuilder Bovis Homes [BVS.UK] has traded marginally higher following the release of its interim management statement. Shares of industrial services firm Cape plc [CIU.UK] are lower by over 25%, after the company disclosed a profit warning.

Xstrata [XTA.UK] and Glencore [GLEN.UK] have underperformed the FTSE 100 amid concerns that the structure of the shareholder vote related to their proposed merger could put the transaction at risk. In Spain, shares of Banco Popular [POP.ES] have moved higher by over 2%, after the company disclosed additional details related to its planned €2.5B capital raise. Telecom Italia [TIT.IT] has advanced by over 3% on speculation that Naguib Sawiris is mulling an investment in the company. In France, advertising services firm Publicis [PUB.FR] has gained over 2%, as the company said that its Oct organic sales rose by more than 7%.

FTSE 100 movers (Admiral Group +2.9%, WPP +2.2%, Lloyds +2%, InterContinental +1.4%, Associated Briitsh Foods +1.3%; Anglo American -1.2%)

CAC-40 (Publicis +2.8%, Alcatel-Lucent +1.4%; Credit Agricole -1.4%, Lafarge -1.3%, EADS -1.2%, STMicroelectronics -1%)

DAX movers (Commerzbank +2.1%, Siemens +1.2%, Lufthansa +1.1%, Henkel +1%)

IBEX-35 movers (Obrascon -2%, Sacyr -1.9%, Gamesa -1.7%, Grifols -1.5%, Santander -1.4%; Banco Popular +4%)

FTSE MIB movers (Telecom Italia +4.5%, Pirelli +1.2%, Atlantia +1.1%; Banca Popolare -2.2%, Banca Monte dei Paschi -1.9%, Davide Campari -1.5%, Buzzi Unicem -1.4%, Fiat -1%)

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Eurogroup To Discuss Possible Extension Of Greek Bailout Conditions

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