Risk appetite holds firm into U.S. payroll data
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Equities
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Notes/Observations
- China Feb trade balance showed unexpected surplus at $15.3B -$6.9Be; Exports rose more than expected (21.8% v 8.1%e) while imports fell by more (-15.2% v-8.5%e)
- Japan final Q4 GDP unrevised at +0.2% annualised
- Japan Jan Current Account deficit smaller than expect at -¥365B vs -¥612Be
- Fed Stress Tests showed 17 of 18 banks passed stress test; Ally Financial failed as tier 1 cap ratio fell below 5% (at 1.5%)
- French indicators point to Q1 growth of 0.1%
- Swiss Feb CPI fell -0.3% y/y, the same as in January as country remains mired in deflation.
- Primary focus today is the release of February US jobs data; "whisper number" looking for a gain around +200K.
- (FI) Finland Jan Industrial Production M/M: -3.6 v +1.6% prior; Y/Y: -4.8% v -1.3% prior
- (SE) Sweden Feb PES Unemployment Rate: 4.7% v 4.8%e
- (FR) Bank of France Feb Business Sentiment: 96 v 96e
- (FR) France Jan Central Govt. Balance: -€12.8B v -€87.2B prior
- (ES) Spain Jan Industrial Output NSA Y/Y: -3.6% v -8.5% prior; Industrial Output WDA Y/Y: -5.0% v -6.0%e
- (HU) Hungary Q4 Final GDP Q/Q: -0.9 v -0.9% prelim; Y/Y: -2.7 v -2.7% prelim
- (TR) Turkey Jan Industrial Production WDA M/M: +2.3 v -1.5% prior; Y/Y: +1.9 v -1.8% prior; Industrial Production NSA Y/Y: 2.1% v 1.6%e
- (CZ) Czech Feb Share of Unemployed 15-64 Age Group: 8.1% v 8.1%e
- (CZ) Czech Jan Trade Balance (CZK): 31.5B v 29.6Be
- (AT) Austria Q4 Final WIFO GDP: 0.1% v % prior
- (EU) ECB: €206M borrowed in overnight loan facility vs. €48M prior; €129.1B parked in deposit facility vs. €139.4B prior
- (CH) Swiss Feb CPI M/M: 0.3% v 0.3%e; Y/Y: -0.3% v -0.3%e
- (CH) Swiss Feb CPI EU Harmonized M/M: +0.3% v -0.5% prior; Y/Y: +0.1% v -0.1% prior
- (SE) Sweden Jan Industrial Orders M/M: -3.1% v 7.7% prior; Y/Y: -5.4% v -2.8% prior
- (SE) Sweden Jan Industrial Production M/M: -2.0% v +0.5%e; Y/Y: -7.8% v -4.8%e
- (CZ) Czech Q4 Current Account: -€1.4B v -€1.7Be
- (IC) Iceland Q4 GDP Q/Q: 0.5% v 4.8% prior; Y/Y: 1.4% v 2.2% prior
- (UK) Feb BOE/GFK Inflation Next 12-month: 3.6% v 3.5% prior
- (UK) Jan Construction Output M/M: -6.3%; Y/Y: -7.9%
- (GR) Greece Feb CPI Y/Y: 0.1% v 0.2% prior; CPI EU Harmonized Y/Y: 0.1% v 0.0% prior
- (ZA) South Africa sold total ZAR800M in I/L 2022, 2025 and 2050 Bonds
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Equities
- Indices: FTSE 100 +0.30% at 6,458, DAX +0.50% at 7,982, CAC-40 +0.70% at 3,820, IBEX-35 +1.2% at 8,493, FTSE MIB +0.90% at 16,085, SMI +0.40% at 7,739, S&P 500 Futures +0.30% at 1,542
European equity indices are broadly higher, ahead of the release of the US monthly payrolls report. Today's gains have been led by the Spanish IBEX-35 and Italian FTSE MIB. Earlier during the session, Germany's DAX tested the 8,000 level for the first time since early 2008 (In Tokyo, the Nikkei 225 also traded at levels not seen since 2008). European banks are broadly higher, led by shares of BNP, Credit Suisse, HSBC and Unicredit. Resource-related companies are mostly lower, tracking the weakness in copper prices.
- UK movers [Centrica -1.5% (broker commentary),Marks & Spencer -0.70% (broker commentary)]
- Germany movers [Hochtief +4% (broker commentary)]
- France movers [Lagardere +3.5% (planning to sell EADS stake), Veolia Environmental +1% (asset sale)]
- Spain movers [Vueling +4.5% (rejected IAG's offer),Telefonica +1.7% (broker commentary)]
- Italy movers [Saipem +2% (Eni is not seeking to spin-off stake in company)]
- Switzerland movers [Gate Group +5% (contract award), Credit Suisse +2% (broker commentary)]
- The Netherlands movers [Fugro +10% (FY results above ests, raised dividend)]
- Belgium movers [Galapagos -6% (FY loss wider than ests)]
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