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European Market Update

Published 01/17/2013, 06:43 AM
Updated 01/01/2017, 02:20 AM
  • 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
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