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European Market Update

Published 09/18/2012, 07:39 AM
Updated 01/01/2017, 02:20 AM
UK100
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DE40
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DE
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Equity markets decline amid the continued lack of clarity out of Spanish regarding a bailout and mixed German ZEW data

Economic Data

(DE) GERMANY SEPT ZEW ECONOMIC SENTIMENT: -18.2 V -20.0E; CURRENT SITUATION: 12.6 V 18.0E

(ES) SPAIN JULY BANK BAD LOAN RATIO: 9.9% V 9.4% PRIOR (fresh record high); DEPOSITS Y/Y -7.8% V -6.6% PRIOR

(GR) GREECE JULY CURRENT ACCOUNT: +€642M V -€274M PRIOR

(UK) AUG CPI M/M: 0.5% V 0.5%E; Y/Y: 2.5% V 2.5%E; CORE CPI Y/Y: 2.1% V 2.1%E

Fixed Income
(BE) Belgium sells total €2.97B vs. €3.2B indicated in 3-month and 12-month Bills

(CH) SWITZERLAND TO SELL CHF756.3M IN 3-MONTH BILLS, AVG YIELD -0.221% V -0.300% PRIOR

(DK) DENMARK SELLS DKK6.4B IN 2.5% 2016 AND 1.5% 2023 BONDS

(ES) SPAIN DEBT AGENCY (TESORO) SELLS TOTAL €4.58B VS. €3.5-4.5B INDICATED RANGE IN 12-MONTH AND 18-MONTH BILLS

(HU) Hungary Debt Agency (AKK) sells HUF55B vs. HUF45B indicated in 3-Month Bills; Avg Yield 6.69% v 6.71%; Bid-to-cover: 1.86x v 1.44x prior

(GR) GREECE DEBT AGENCY (PDMA) SELLS €1.3B VS.€1.0B INDICATED IN 13-WEEK BILLS; AVG YIELD 4.31% V 4.43% PRIOR; BID-TO-COVER: 1.98X V 1.36X PRIOR

(ZA) South Africa sells total ZAR2.1B vs. ZAR2.1B indicated in 2023, 2041 and 2048 bonds

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Notes/Observations
USD broadly firmer amid equity and commodity declines

AUD weaker, Australia 10-yr bond yields down over 9bps on RBA minutes

In Asia, Shanghai stocks continue to underperform, as property prices rise on a m/m basis in Aug for the 3rd straight month.

China Aug banking system had net fx sales, indicating possible outflows in the month.

Greece's July current account moves into surplus, amid recent signs that euro zone outflows have eased

Spain continues to consider conditions related to the ECB's OMT bond buying program

Spain 10-yr yield moves above 6% (2-week high), amid concerns among bond investors and EU officials about the government's reluctance to make a decision on a bailout.

Spanish banks bad loan ratios hit another record high in July

Equities
Indices: FTSE 100 -0.80%, DAX -1.2% at 7,317, CAC-40 -1.3% at 3,506, IBEX-35 -2% at 7,987, FTSE MIB -2.3% at 16,083, SMI -0.40% at 6,527, S&P 500 Futures -0.30% at 1,449

European equity markets are trading lower across the board, tracking the declines seen in the US and Asia markets. Banks are broadly lower, and underperformers in the sector include Barclays, Intesa, RBS and Unicredit. Miners are trading lower, tracking the declines in commodity prices.

In the UK retailer, Debenhams [DEB.UK] has lost over 0.50%, after issuing its trading update. Galliford [GFRD.UK] is higher by over 1%, following the release of FY results. Platinum miner Lonmin [LMI.UK] is lower by over 2.5%, as the company continues to hold wage talks with the workers at its Marikana mine. Akzo Nobel [AKZA.NL] is lower by over 4%, after announcing that its CEO would take a temporary leave of absence. Arkema [AKE.FR] has lost over 3%, as the company reiterated its FY16 sales target and reiterated its preference to remain an independent company. In Italy, RCS MediaGroup [RCS.IT] has gained over 10% on speculation that shareholder Diego Della Valle is seeking to raise his stake. Telecom Italia Media [TME.IT] is higher by more than 11% amid ongoing takeover speculation.

Euro Stoxx 600 movers (Unilver +0.70%, SAP +0.50%, Sanofi +0.40%, L'Oreal +0.40%, Anheuser-Busch +0.20%; Intesa -4.2%, Deutsche Bank -3.9%, AXA -3.9%, Generali -3.5%, SocGen -3.3%)

FTSE 100 movers (British American Tobacco +1.5%, Diageo +1.3%, Arm Holdings +1.1%, Bunzl +1.1%, United Utilities +1%; Aviiva -4.1%, Barclays -3.9%, RBS -3.8%,Vedanta -3.6%, Kazakhmys -3.2%)

CAC-40 movers (Pernod Ricard +1.8%, L'Oreal +0.40%, Sanofi +0.40%, Danone +0.50%, Essilor +0.30%)

DAX movers (Henkel +1.5%, Beiersdorf +1%, Lufthansa +1%, SAP +0.50%, Linde +0.40%; Deutsche Bank -3.9%, Commerzbank -3.1%, Thyssenkrupp -2.1%, Infineon -3.4%, Volkswagen -2.3%)

IBEX-35 movers (Sacyr +1.9%, Tecnicas +0.80%, Enagas +0.30%, Abengoa +0.24%, Amadeus +0.20%; Obrascon -2.9%, Acerinox -2.8%, BBVA -2.7%,Bankia -2.2%, Banco Popular -1.9%)

FTSE MIB movers (Ansaldo +1.6%, Salvatore Ferragamo +1.5%; Intesa -4.2%, Fiat -3.6%, Mediolanum -3.5%, Generali -3.5%, Mediaset -3.2%)

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