Economic Data
(EU) ECB: €1.4B borrowed in overnight loan facility v €1.9B prior; parked in deposit facility (fresh record high) vs. €455.3B prior
(IT) ECB Dec funding to Italian banks m/m: €210B v €153B prior
(ZA) South Africa Dec Net Reserves: $47.9Bv $48.6B prior; Gross Reserves: $48.9B v $48.8Be
(CH) Swiss Dec Unemployment Rate: 3.3% v 3.2%e v 3.1% prior; Unemployment Rate Seasonally Adj: 3.1 v 3.1%e
(DE) Germany Nov Current Account: €14.3B v €11.0Be; Trade Balance: €16.2B v €12.0Be; Exports M/M:+2.5% v +0.5%e; Imports M/M: -0.4% v +0.5%e
(FR) France Nov Trade Balance: -€4.4B v -€6.0Be
(CZ) Czech Dec CPI M/M: 0.4% v 0.5%e; Y/Y: 2,4% v 2.5%e
(CZ) Czech Dec Unemployment Rate: 8.6% v 8.5%e
(CZ) Czech Nov Retail Sales Y/Y: +0.5% v -1.0%e
(DK) Denmark Nov Current Account (DKK): 12.6B v 9.1Be; Trade Balance (ex-shipping): 7.1B v 7.0Be
(HU) Hungary Nov Preliminary Trade Balance: €666.0M v €790.0Me
(TU) Turkey Nov Industrial Production WDA M/M: -2.5% v +4.2% prior; Y/Y: 7.2% v 7.4% prior; Industrial Production NSA Y/Y: 8.4% v 10.0%e
(TW) Taiwan Dec Total Trade Balance: 2.3B v $2.7Be; Total Exports Y/Y: 0.6 v 3.7%e; Total Imports Y/Y: -2.7 v -1.0%e
(CH) Swiss Nov Real Retail Sales Y/Y: +1.8% v +0.2%e
(SE) Sweden Nov Service Production M/M: 0.1% v 0.0%e; Y/Y: 2.6% v 2.3%e
(NO) Norway Nov Credit Indicator Growth Y/Y: 6.6% v 6.8%e
(SG) Singapore Dec Foreign Reserves: $237.7B v $241.0B prior
(EU) Euro Zone Jan Sentix Investor Confidence: -21.2 v -24.0 prior
(GR) Greece Nov Industrial Production Y/Y: -7.8% v -12.3% prior
(BR) Brazil Dec FGV Inflation IGP-DI: % v -0.2%e v -0.2% prior
Fixed Income:
(NO) Norway sold NOK6.0B vs. NOK6.0B indicated in 6.5% 2013 Bonds; Yield 1.390%
(SO) Slovakia Debt Agency (ARDAL) sold €237.1M in 3-month Bills, Avg Yield 1.4313% v 1.8010 prior; bid-to-cover: 2.04x vs. 2.09x prior
(HU) Hungary Debt Agency (AKK) sold HUF40B vs. HUF40B targeted in 6-Week Bills; Avg Yield 7.77% v 7.34% prior; Bid-to-cover: 3.71x
(DE) Germany sold €3.9B in 6-month Bubills; avg yield -0.122% v +0.0005% prior; Bid-to-cover: 1.8x v 3.8x prior
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
Moody's: Spain Fiscal Slippage In 2011 Is Credit Negative
Germany Chancellor Merkel to meet French President Sarkozy later today and then INF chief Lagarde on Tuesday
Equities:
FTSE 100 flat at 5648, DAX -0.30% at 6041, CAC-40 +0.10% at 3141, IBEX 35 +0.90% at 8365, FTSE MIB flat at 14,652, SMI -0.10% at 6007
European shares edged higher ahead of the Merkozy meeting today in Berlin. The two leaders are expected to discuss the future of the Eurozone and markets are up with optimism that the leaders will pave the way to a solution and prepare for next summit of January 30th.
Individual shares traded mixed during the session. Unicredit [UCG.IT] fell in the red before the shares were halted and resumed trading again, lower by 7% as investors are monitoring and trading bank's capital increase. Glaxosmithkline [GSK.UK] also traded lower after reporting mixed clinical results for its Relovair asthma drug. BMW [BMW.DE] rose after reporting record high vehicle sales for 2011.