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European Market Update

By Trade The NewsStock MarketsOct 05, 2012 08:16AM ET
European Market Update
By Trade The News   |  Oct 05, 2012 08:16AM ET
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Price Action Subdued Ahead Of Key U.S. Jobs Report

Economic Data
  • (RU) Russia Central Bank (CBR) leaves Refinancing Rate unchanged at 8.25%; As expected
  • (RU) Russia Narrow Money Supply w/e Oct 1st (RUB): 7.11T v 7.19T prior
  • (ZA) South Africa Sept Net Reserves: $48.8B v $48.3B prior; Gross Reserves: $51.0B v $50.0B prior
  • (HU) Hungary Sept Foreign Currency Reserves: €34.6B v €35.2B prior
  • (ES) Spain Aug Industrial Output WDA Y/Y: -3.2% v -5.5%e; Industrial Output NSA Y/Y: -3.1% v -2.7% prior
  • (CH) Swiss SNB Sept foreign currency reserves (CHF): 429.3B v 418.4B prior
  • (CZ) Czech Aug Retail Sales Y/Y: -0.8% v -0.9%e
  • (DK) Denmark Aug Industrial Production M/M: -2.3% v -2.7%e; Industrial Orders M/M: -27.5% v +23.4% prior
  • (HU) Hungary Aug Preliminary Industrial Production M/M: +2.6% v -1.2% prior; Y/Y: +1.4% v -1.5%e
  • (AT) Austria Sept Wholesale Price Index M/M: 0.4% v 1.9% prior; Y/Y: 4.2% v 4.5% prior
  • (SE) Sweden Aug Service Production M/M: +0.3% v -0.2%e; Y/Y: 1.2% v 1.0%e
  • (SE) Sweden Sept Budget Balance (SEK): 2.8B v 11.1B prior
  • (CZ) Czech Sept International Reserves: $40.5B v $40.0B prior
  • (NO) Norway Aug Industrial Production M/M: +0.3% v -4.5% prior; Y/Y: 1.9% v 2.6% prior
  • (NO) Norway Aug Manufacturing Production M/M: +0.9% v -0.3%e; Y/Y: 5.6 v 7.6% prior
  • (TW) Taiwan Sept Foreign Exchange Reserves: $398.0B v $394.2B prior
  • (IT) Bank of Italy (BOI) Sept Balance-Sheet Aggregates: ECB funding to banks in Italy: €276.7B vs. €280.7B prior
  • (EU) Euro Zone Q2 GDP y/y revised lower from -0.5% to -0.9%
  • (DE) Germany Aug Factory Orders M/M: -1.3% v -0.5%e; Y/Y: -4.5% v -4.3%e
  • (IE) Ireland Aug Industrial Production M/M: 0.0% v 0.3% prior; Y/Y: -0.6% v +4.2% prior
Fixed Income
  • (IN) India sold total INR130B vs. INR130B indicated in 2020, 2025 and 2041 bonds
  • (ZA) South Africa sold total ZAR570M in I/L 2025, 2038 and 2050 Bonds
  • (UK) DMO sold combined £2.5B in 1-month, 3-mnth and 6-month Bills

  • BOJ keeps rates unchanged as expected but again lowers its economic assessment
  • IMF said to be cutting 2012 and 2013 global outlook
  • French Stats Agency INSEE sees Quarterly growth stuck at Zero
  • Markets remain cautious ahead of US Jobs report
  • Italy PM Monti, Spain PM Rajoy and France President Hollande to meet in Malta later today
Indices: FTSE 100 +0.25% at 5,842, DAX +0.30% at 7,328, CAC-40 +0.60% at 3,420, IBEX-35 +0.60% at 7861, FTSE MIB +0.40% at 15,573, SMI +0.10% at 6,639, S&P 500 Futures flat at 1,456

Following the slightly higher open, equities have remained in positive territory ahead of the later today US payrolls report. The Athens Stock Exchange (ASE) has outperformed on merger speculation in the banking sector. Banks are mostly higher, led by French and Spanish financials. Resource related companies are gaining despite mixed commodity prices.

In Greece, shares of National Bank of Greece [ETE.GR] and Eurobank [EUROB.GR] have risen by over 5% on merger speculation. In France, Sanofi [SAN.FR] has outperformed the overall CAC-40, as the company presented data on its Lantus treatment. Air Berlin [AB1.DE] has moved slightly higher following the release of its September traffic figures. Fiat [F.IT] has declined by over 0.50%, amid speculation that the firm could seek to enter into a transaction with Opel. Swiss Re [SREN.CH] has lost over 0.50%, after disclosing that its Chief Investment Officer(CIO) would resign.
  • FTSE 100 Movers (Vedanta +3%, ENRC +2.5%, IMI +2.3%, Rio Tinto +2.1%, Rexam +2%; United Utilities -1.4%, British Land -1.3%, Johnson Matthey -1.2%, Smith & Nephew -1.2%, Next -1.1%)
  • CAC-40 Movers (Technip +2.7%, SocGen +1.7%, BNP Paribas +1.6%, Vallourec +1.5%, STMicroelectronics +1.2%; Bouygues -2%, EDF -1.2%, GDF Suez -1%)
  • DAX Movers (SAP +1.1%, Volkswagen, BMW +1%, Lanxess -1.2%)
  • IBEX-35 Movers (Grifols +1.7%, Acciona +1.2%, Indra Sisemas +1.1%, Santander +1.1%; Bankia -4%, Gas Natural -1%)
  • FTSE MIB Movers (Parmalat +3.6%, Eni +1.1%; Mediaset -1.9%, Lottomatica -1.2%, Fiat -1%)
  • SMI Movers (Givaudan +1.8%, Swiss Re -1.2%)
European Market Update

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