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European Market Update

By Trade The NewsStock MarketsNov 02, 2012 06:25AM ET
www.investing.com/analysis/european-market-update-142094
European Market Update
By Trade The News   |  Nov 02, 2012 06:25AM ET
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Greek concerns intensify ahead on parliament votes on austerity set for next week; US payrolls eyed for potential impact on outcome of the US Presidential election

Economic Data
  • (RU) Russia Narrow Money Supply w/e Oct 29th (RUB): 7.19T v 7.27T prior
  • (EU) ECB: €408M borrowed in overnight loan facility €7.8B prior; €258.3B parked in deposit facility vs. €271.1B prior
  • (ES) Spain Oct PMI Manufacturing: 43.5 v 44.1e; lowest level since July
  • (AT) Austria Oct unemployment rate: 6.7% v 6.1% prior
  • (IT) Italy Oct PMI Manufacturing: 45.5 v 45.5e; 15th straight month of contraction
  • (FR) France Oct Final PMI Manufacturing: v 43.5e; 8th straight month of contraction but off 41 month lows
  • (GE) Germany Oct Final PMI Manufacturing: 46.0 v 45.7e
  • (EU) Euro Zone Oct Final PMI Manufacturing: 45.4 v 45.3e (15th straight month of contraction)
  • (ZA) South Africa Oct Naamsa Vehicle Sales Y/Y: % v 1.4% prior
  • (NO) Norway Oct Unemployment Rate: % v 2.4% prior
  • (UK) Oct PMI Construction: 50.9 v 49.0e (first expansion since July)
Fixed Income:
  • (IN) India sold total INR130B vs. INR130B indicated in 2017, 2026 and 2030 bonds
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Notes/Observations
  • U.S. jobs data eyed for potential impact on the outcome of the US Presidential election Tuesday
  • Green spouts aid growing optimism over the global economy
  • European Manufacturing PMIs confirm bounce from 3+ year lows
Equities
  • Indices: FTSE 100 -0.10% at 5855, DAX -0.10% at 7327, CAC-40 -0.25% at 3466, IBEX-35 -0.20% at 7870, FTSE MIB -0.60% at 15,704, SMI +0.10% at 6668, S&P 500 Futures -0.10% at 1421
European equity indices are trading mixed ahead of the release of the monthly U.S. payrolls data. Most of the final European manufacturing PMI figures were slightly above expectations, although the indices continued to show contraction. Spain's Oct manufacturing PMI was weaker than expected, as the figure hit the lowest level since July.

In the UK, PMI data for the construction sector, which has been a drag on the economy, showed expansion for the first time since July. European banks are mostly lower and underperformers include Deutsche Bank. Resource related companies are mixed, amid the declines being seen in commodity prices.

In the UK, shares of RBS [RBS.UK] have traded between gains and losses, as the firm reported better than expected Q3 results, driven by revenue growth in the fixed/income and currencies unit. Bumi PLC [BUMI.UK] is higher by over 5% on speculation that shareholder Nat Rothschild could present the firm with a proposal to counter the offer from Bakrie. Motor insurance provider Admiral Group [ADM.UK] has moved lower by over 4%, following the release of its interim management statement. In Germany, Beiersdorf [BEI.DE] has gained over 6%, as the company raised its FY sales forecast. BMW [BMW.DE] has outperformed the DAX index, after the firm reported that its Oct US vehicle sales rose by 21% y/y. Commerzbank [CBK.DE] has outperformed most of its European peers, amid reports that the firm could be removed from the list of systemically important financial institutions (SIFIs). In France, Alcatel-Lucent [ALU.FR] is lower by over 5% on weaker than expected Q3 results.
  • FTSE 100 movers (Aberdeen Asset Management +1.9%, Tullow Oil +1.6%, Schroders +1.3%, IAG +1.1%, Land Securities +1%; Admiral Group -5%, Pennon Group -2%, Croda -1.8%, Glaxo -1.6%, Weir Group -1.5%)
  • CAC-40 movers (Alcatel-Lucent -6.5%, Veolia Environmental -1.5%, Sanofi -1.5%, EADS -1.2%, Bouygues -1%)
  • DAX movers (Beiersdorf +6%, Henkel +1.7%, BMW +1.6%, Continental +1.2%, Siemens +1.2%; Deutsche Telekom -3.5%, K+S -1.7%, Deutsche Bank -1.2%, E.ON -1%)
  • IBEX-35 movers (Sacyr +1.8%, Gamesa +1.3%; Acciona -1.9%, Telefonica -1%)
  • FTSE MIB movers (Autogril +1.5%,; Mediaset -2%, Telecom Italia -1.9%, Fiat Industrial -1.5%, Enel Green Power -1.4%)
  • SMI movers (UBS +1.9%, SGS +1.2%, Swatch +1.1%)
European Market Update
 

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European Market Update

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