Price action dominated over renewed rumors of potential Spanish bailout request and China RRR cuts
Economic Data
Notes/Observations
Indices: FTSE 100 -0.30% at 5,811, DAX -0.50% at 7,244, CAC-40 -0.50% at 3,397, IBEX-35 +0.20% at 7,745, FTSE MIB -0.40% at 15,569, SMI -0.20% at 6,643, S&P 500 Futures +0.10% at 1,430
European equity indices are trading mixed. Spain's IBEX-35 has been the outperformed, as Spain's bond yields have moved lower on the session. Banks are mostly higher, ahead of Q3 earnings from JP Morgan. The sector has been supported by a broker upgrade. Commodity related firms are mixed, amid the release of weaker than expected Chinese monthly loan data.
In the UK, technology materials firm, Morgan Crucible [MGCR.UK] has lost over 12%, as the company warned on its outlook. Travis Perkins [TPK.UK] is lower by more than 2%, following the release of its Q3 sales report. Akzo Nobel [AKZA. NL] has lost over 3%, amid speculation that the firm's CEO could extend his leave of absence. In Italy, Geox [GEO.IT] is higher by more than 4%, as the company announced a partnership agreement in China.
Economic Data
- (RU) Russia Narrow Money Supply w/e Oct 6th (RUB): 7.14T v 7.11T prior
- (CN) China Sept New Yuan Loans (CNY): 623.2B v 680.0Be
- (IN) India Aug Industrial Production Y/Y: 2.7% v 1.1%e
- (FI) Finland Aug Final Retail Sales Volume Y/Y: 1.0% v 1.2% prelim
- (FR) France Aug Current Account: -€4.0B v -€2.6B prior
- (HU) Hungary Aug Final Industrial Production M/M: 2.6% v 2.6% prelim; Y/Y: 1.4% v 1.4% prelim
- (EU) ECB: €867M borrowed in overnight loan facility v €748M prior; €243.17B parked in deposit facility vs. €242.9B prior
- (NL) Netherlands Aug Trade Balance: €2.1B v €3.0B prior
- (IT) Italy Sept Final CPI (NIC incl. tobacco) M/M: 0.0% v 0.0%e; Y/Y: 3.2% v 3.2%e
- (IT) Italy Sept Final CPIEU Harmonized M/M: 2.1% v 2.1%e; Y/Y: 3.4% v 3.4%e
- (UK) Aug Construction Output Y/Y: -11.6% v -10.1% prior
- (EU) Euro Zone Aug Industrial Production M/M: +0.6% v -0.4%e; Y/Y: -2.9% v -4.1%e
- (IE) Ireland Aug Trade Balance: €4.9B v €3.9B prior
- (IN) India sold total INR130B vs. INR130B indicated in 2017, 2022 and 2030 bonds
- (ZA) South Africa sold total ZAR345M in I/L 2025, 2038 and 2050 Bonds
Notes/Observations
- China PBoC Vice Gov Liu expressed concerned about rebound in bad loans with worsening loan quality linked to China economy.
- Singapore Central bank surprises markets and to maintain gradual appreciation of SGD with no change to width or midpoint of policy
- Rumor-plagued session drives price action
- European Union wins Nobel Peace Prize
Indices: FTSE 100 -0.30% at 5,811, DAX -0.50% at 7,244, CAC-40 -0.50% at 3,397, IBEX-35 +0.20% at 7,745, FTSE MIB -0.40% at 15,569, SMI -0.20% at 6,643, S&P 500 Futures +0.10% at 1,430
European equity indices are trading mixed. Spain's IBEX-35 has been the outperformed, as Spain's bond yields have moved lower on the session. Banks are mostly higher, ahead of Q3 earnings from JP Morgan. The sector has been supported by a broker upgrade. Commodity related firms are mixed, amid the release of weaker than expected Chinese monthly loan data.
In the UK, technology materials firm, Morgan Crucible [MGCR.UK] has lost over 12%, as the company warned on its outlook. Travis Perkins [TPK.UK] is lower by more than 2%, following the release of its Q3 sales report. Akzo Nobel [AKZA. NL] has lost over 3%, amid speculation that the firm's CEO could extend his leave of absence. In Italy, Geox [GEO.IT] is higher by more than 4%, as the company announced a partnership agreement in China.
- FTSE 100 movers (Hargreaves Lansdown +2.5%, Standard Chartered +2.3%, Barclays +1.9%, Lloyds +1.6%; GKN -3.2%, IMI -2.7%, Kazakhmys -2.3%, Melrose Plc -2.1%, Antofagasta -2%, Meggitt -1.7%)
- CAC-40 movers (Alcatel-Lucent +4.4%, Credit Agricole +2.3%, Solvay +1.7%, SocGen +1.6%, Axa +1.1%; Legrand -2.5%, Safran -2.1%. EADS -1.5%, Carrefour -1.4%, Cap Gemini -1.3%)
- DAX movers (Commerzbank +1.8%; Lanxess -3.4%, Deutsche Telekom -1.3%, Merck KGaA -1%, Bayer -1%)
- IBEX-35 movers (Iberdrola +1.6%, Obrascon +1.1%; Grifols -1.9%)
- FTSE MIB movers (Mediaset +4.2%, UBI +1.6%, Banca Popolare dell'Emilia +1.5%, A2A +1.5%, Azimut +1.4%, Unicredit +1.1%; Saipem -3.2%, Prysmian -1%)
- SMI movers (Julius Baer -1.6%, Adecco -1.4%, Syngenta -1.2%)