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European Market Update

By Trade The NewsMarket OverviewJan 17, 2013 06:43AM ET
www.investing.com/analysis/european-market-update-151334
European Market Update
By Trade The News   |  Jan 17, 2013 06:43AM ET
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  • Spanish bond auction results has growing confidence in its ability to finance itself for now
  • JPY weakens as Japanese officials backtrack on recent comments
Notes/Observations
  • Singapore exports register largest drop in 14 months
  • Australia Dec employment change comes in below expectations with first negative reading in four months; worst two-month job growth since 1997. Shares hit 20 month highs on RBA rate cut hopes.
  • Dealers focus on China GDP set for release on Friday
  • IMF approves both Greece and Portugal tranches as progress is made
  • Boeing 787 Dreamiliner grounded indefinitely
  • Japan Econ Min Amari clarifies his JPY currency remarks from earlier this week; says he was misinterpreted; Niikei225 rallies on close
  • Spanish bond auction results has growing confidence in its ability to finance itself for now
Economic Data

  • (EU) ECB: €0.0 borrowed in overnight loan facility vs. €589M prior; €173.3B parked in deposit facility vs. €230.5B prior
  • (CH) Swiss Dec Producer & Import Prices M/M: 0.1% v 0.1%e; Y/Y: 1.0% v 0.9%e
  • (NL) Netherlands Dec Unemployment Rate: 7.2% v 7.0% prior
  • (HK) Hong Kong Dec Unemployment Rate: 3.3% v 3.4%e
  • (BR) Brazil Jan FGV Inflation IGP-10 M/M: 0.4% v 0.6%e
  • (EU) Euro Zone Nov Construction Output M/M: -0.4% v 0.0% prior; Y/Y: -4.7% v -3.3% prior
Fixed Income
  • (ES) Spain Debt Agency (Tesoro) sold total €4.505B vs. €3.5-4.5B indicated range in 2015, 2018 and 2041 Bonds
  • Sold €2.409B in 3.75% Oct 2015 Bono Bond; Avg Yield 2.713% v 3.358% prior; Bid-to-cover: 2.02x v 4.80x prior; Maximum Yield 2.770% v 3.389% prior; Tail 5.7bps v 3.1bps prior
  • Sold €1.584B in Jan 4.5% 2018 Bono Bond; Avg Yield 3.770% v 3.988% prior; Bid-to-cover: 2.32x v 2.59x prior; Maximum Yield 3.808% v 4.033% prior; Tail 3.8bps v 4.5bps prior
  • Sold €512M in 4.70% July 2041 Bono bond; Avg Yield 5.696% v 6.002% prior; Bid-to-cover: 2.00x v 1.97x prior; Maximum Yield 5.705%; Tail 0.9bps
  • (FR) France Debt Agency (AFT) sold total €7.99B vs. €7.0-8.0B indicated range in 2015, 2017 and 2018 Oats
  • Sold €2.35B in 2.5% 2015 BTAN; Avg Yield 0.24% v 0.12% prior; Bid-to-cover: 2.86x v 3.02x prior
  • Sold €1.585B in 3.75% Apr 2017 Oats; Avg Yield 0.74% v 2.42% prior; Bid-to-cover:2.79 x v 4.40x prior
  • Sold €4.05B in new 1.0% 2018 Oat; Avg Yield 1.06% v 0.76% prior; Bid-to-cover: 1.90x v 2.56x prior
  • (IE) Ireland Debt Agency (NTMA) sold €500M in 3-month bills; Avg Yield 0.200% v 0.550% prior; Bid-to-cover: 3.79x v 4.12x prior
  • (UK) DMO sold £1.0B in 0.125% 2029 I/L Gilt; Real Yield -0.367% v -0.025% prior; Bid-to-cover: 2.02x v 1.84x prior
  • (HU) Hungary Debt Agency (AKK) sold HUF60B vs. HUF50B indicated 12-Months Bills; Avg Yield 5.33% v 5.30% prior; Bid-to-cover: 2.08x v 2.53x prior
  • (HU) Hungary Debt Agency (AKK) sold HUF7B vs. HUF7B indicated new May 2019 Floating Rate Note; Avg Price 94.43
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities
  • Indices: FTSE 100 -0.10% at 6,098
  • DAX -0.25% at 7,673
  • CAC-40 +0.50% at 3,727
  • IBEX-35 +0.50% at 8,620
  • FTSE MIB +0.70% at 17,457
  • SMI +0.70% at 7,355
  • S&P 500 Futures +0.10% at 1,466
European equity markets are currently mixed. Germany's DAX has been the underperformer amid declines in shares of heavyweights including Bayer and Volkswagen. Factors which have been prevalent during today's trading session include the weakness in the Japanese yen, European corporate earnings, rise in safe haven government bond yields, and bond auction results out of Spain. Additionally, markets are expected to focus on today's U.S. corporate earnings (which include Bank of America, BlackRock, Citigroup, and UnitedHealth). Chinese Q4 GDP is expected to be the focus for Friday's session.

UK movers [Home Retail +15% (Q3 sales, raised guidance), Capital Drilling +5% (FY results),Associated British Foods +5% (sales update),Petropavlovsk +4% (FY production), NCC +3% (H1 results), Computacenter +2.5% (FY sales), Dixons Retail +1% (sales update); Mothercare -4% (Q3 sales), Aberdeen Asset Management -2% (Q4 trading update), Rio Tinto -2% ($14B non-cash impairment charge), Xstrata -1% (broker commentary)]

Germany movers [ThyssenKrupp +2% (interest in US steel operations), Metro +1% (broker commentary), Lufthansa +0.50% (ahead of CEO commentary); SAP -1.2% (broker commentary)]

France movers [Carrefour +6% (Q4 sales),Veolia Environmental +3.5% (CEO commentary),Remy Cointreau +3% (9-month sales),France Telecom +1.5% (industry consolidation speculation), EADS +1.6% (Airbus 2012 deliveries, Boeing woes)]

Belgium moves [Delhaize +8% (sales update)]

Dutch movers [KPN +3.5% (takeover speculation), Ahold +0.40% (Q4 sales); ASML -3.5% (Q4 results, guidance)]

Italy movers [Telecom Italia Media +3.5% (bid speculation), Pirelli +1.5% (broker commentary)]

Switzerland movers [Galencia +4.5% (FY sales); SGS -1.2% (FY results)]
European Market Update
 

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European Market Update

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