Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

European Bourses Shake Off Mixed PMI Services Data

By Trade The NewsMarket OverviewNov 06, 2012 06:19AM ET
www.investing.com/analysis/european-bourses-shake-off-mixed-pmi-services-data-142488
European Bourses Shake Off Mixed PMI Services Data
By Trade The News   |  Nov 06, 2012 06:19AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Markets to focus on US elections

Economic Data
(CH) Swiss Oct SECO Consumer Confidence: -17 v -21e

(UK) Oct Halifax House Prices M/M: -0.7% v +0.4%e; 3M/Y: -1.7% v -1.3%e

(CZ) Czech Sept Industrial Output Y/Y: -7.1% v -4.5%e; Construction Output Y/Y: -10.6 v -4.7% prior

(CZ) Czech Sept Trade Balance (CZK): 31.6B v 30.3Be

(EU) ECB: €503M borrowed in overnight loan facility €514M prior; €261.41 parked in deposit facility vs. €261.4B prior

(ES) Spain Oct Services PMI: 41.2 v 40.2e (16th straight month of contraction)

(SE) Sweden Sept Service Production M/M: -0.7% v 0.3%e; Y/Y: -0.2% v 1.1%e

(IT) Italy Oct PMI Services: 46.0 v 44.5e

(FR) France Oct Final PMI Services: 44.6 v 46.2e

(DE) Germany Oct Final PMI Services: 48.4 v 49.3e

(EU) Eurozone Oct Final PMI Services: 46.0 v 46.2e ; PMI Composite: 45.7 v 45.8e (both readings are lowest since July 2009)

(UK) Oct New Car Registrations Y/Y: 12.1% v 8.2% prior

(UK) Sept Industrial Production M/M:-1.7 % v -0.6%e; Y/Y: -2.6% v -1.6%e

(UK) Sept Manufacturing Production M/M: 0.1% v 0.4%e; Y/Y: -1.0% v -0.8%e

(EU) Eurozone Sept PPI M/M: 0.2% v 0.2%e; Y/Y: 2.7% v 2.6%e

Fixed income:
(ZA) South Africa sold total ZAR2.1B vs. ZAR2.1B indicated in 2031, 2036 and 2048 Bonds

(GR) Greece Debt Agency (PDMA) sold €1.3B vs. €1.0B indicated in 26-week Bills; Avg Yield 4.41% v 4.46% prior; Bid-to-cover: 1.7x v 1.6x prior

(AT) Austria Debt Agency (AFFA) sold €1.32B vs. €1.32B indicated in 2019 and 2022 RAGB Bonds

Sold €600M in 1.95% Jun 2019 RAGB; Avg Yield 1.218% v 1.326% prior; Bid-to-cover: 2.21x v 4.1x prior (Oct 2nd

Sold €600M in3.40% Nov 2022 RAGB; Avg Yield 1.888% v 2.360% prior; Bid-to-cover: 2.86x v 2.50x prior

(EU) ECB allotted €79.5B vs. 80Be in 7-Day Main Refinancing Tender at fixed 0.75%

(CH) Switzerland sold CHF803M in 3-Month Bills; Avg Yield -0.170% v -0.229% prior

(HU) Hungary Debt Agency (AKK) sold HUF50B vs. HUF50B indicated in 3-Month Bills; Avg Yield 6.06% v 6.12% prior; Bid-to-cover: 1.70x v 1.50x prior

(UK) DMO sold £3.25B in 1.75% 2022 Gilts; Avg Yield 1.815% v 1.765% prior; Bid-to-cover:1.93 x v 1.87x prior; Tails 0.3bps v 0.1bps prior

(BE) Belgium Debt Agency sold total €2.51B vs. €2.7B indicated in 3-month and 6-month Bills

Sold €1.205B in 3-month Bills; Avg Yield +0.004% v -0.010% prior; Bid-to-cover: 3.39x v 3.12x prior

Sold €1.308B in 6-month Bills; Avg yield +0.021% v +0.017% prior; Bid-to-cover: 2.66x v 2.07x prior

Notes/Observations
RBA surprises market by leaving its Cast Target Rate unchanged at 3.25% citing price pressures and stabilized growth

Greece begins 48 hour strike against austerity. Massive general strike planned for Spain and Portugal Nov 14.

European Commission to forecast a bleak outlook for Spain in its autumn update this week

European PMI Services data mixed with better peripheral readings and weaker core countries

Equities
Indices: FTSE 100 +0.50% at 5,866, DAX +0.50% at 7,363, CAC-40 +0.60% at 3,468, IBEX-35 +0.30% at 7,843, FTSE MIB +0.50% at 15,625, SMI +0.20% at 6,721, S&P 500 Futures +0.25% at 1,415

European equity markets opened the session mixed, but have since moved higher, as services PMI data out of Italy and Spain exceeded market expectations. However, PMI data from Germany and France missed consensus views, amid some concerns that the impact of the debt crisis has spread to the core euro zone countries. Most European banks are trading higher, led by Commerzbank and Lloyds. Resources related firms are broadly higher, tracking the gains in commodity prices.

In the UK, retailer, Marks & Spencer [MKS.UK] has traded higher as the firm reported better than expected H1 profits. Metric Property Investments [METP.UK] is higher by over 10% on its plan to explore a merger with London & Stamford [LSP.UK]. Energy company Bowleven [BLVN.UK]has gained over 15%, as the company disclosed a strategic agreement with Petrofac [PFC.UK]. Shares of Babcock International [BAB.UK] have lost over 2.5%, following the release of the firm's H1 earnings report. Construction company Morgan Sindall [MGNS.UK] has moved lower by over 6%, after disclosing a profit warning. Swiss staffing firm Adecco [ADEN.CH] has gained over 2% on better than expected Q3 results.

In Germany, BMW [BMW.DE] has moved between gains and losses after reporting better than expected Q3 results. In Q3, the German automaker reported an EBIT margin for its auto unit of 9.6% vs 10.9% for the 9-month period. In the chemicals space, shares of Lanxess [LXS.DE] have lost over 1%, as the firm made cautious comments about its FY EBITDA outlook. Volkswagen [VOW3.DE] is down over 1.5%, after disclosing a plan to sell convertible debt. Shares of Fraport [FRA.DE] have gained over 1.5% on better than expected quarterly results. Also, HannoverRe [HNR1.DE] is higher by more than 3.5%, after reporting Q3 profits above consensus forecasts. Dutch bank SNS Reaal [SR.NL] has traded lower by over 6%, after releasing its Q3 results.

FTSE 100 movers (ARM Holdings +5%, Resolution +4.7%, G4S +2.8%, Kingfisher +2%, Lloyds +1.8%; Babcock International -3.5%, Admiral Group -2%)

CAC-40 movers (STMicroelectronics +2.2%, Schneider Electric +1.9%, Veolia Environmental +1.8%, Credit Agricole +1.7%, Accor +1.5%)

DAX movers (ThyssenKrupp +2.3%, Commerzbank +1.9%, Infineon +1.8%, Lufthansa +1.6%, SAP +1.3%; Volkswagen -2.5%)

IBEX-35 movers (Sacyr +1.8%, Ferrovial +1.5%, Tecnicas +1.1%; Abengoa -1.2%)

FTSE MIB movers (Fiat +2.9%, Lottomatica +1.4%, Banca Monte dei Paschi +1.5%, Mediaset +1.3%, Impreglio +1.2%; Tenaris -2.3%)

SMI movers (Adecco +3%, ABB +1.7%, UBS +1.7%, Credit Suisse +1.3%, Swiss Re +1.1%)
European Bourses Shake Off Mixed PMI Services Data
 

Related Articles

Anna Coulling
Another False Dawn For Doctor Copper By Anna Coulling - Oct 27, 2021

It’s been another false dawn for copper, which continues to remain restricted to trading in a narrow range as each rally falters and weakens before reversing on the daily chart....

European Bourses Shake Off Mixed PMI Services Data

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: All information provided by Trade The News, referred to as TTN or WE hereafter, is for informational purposes only. TTN does not provide investment advice nor is anything on our site a recommendation to Buy or Sell securities from TTN. Our community, which is a real-time interactive mesh of all many mediums of communications spans over 100 countries and always taken from sources deemed reliable. No guarantees or assurances can be made to the accuracy of any information provided.
Continue with Google
or
Sign up with Email