- Germany's trade component noted that Europe's largest economy was taking longer than previously expected to recover
- UK production data beats expectations
- China inflation data come in softer than expected (2.1% vs. 2.5%e) and dim chances of tighter PBoC monetary policy for the time being
- Japanese officials begin to express satisfaction in current level of USD/JPY for its economy as the pair approached parity (100)
- German Feb Trade data shows Europe's largest economy was taking longer than previously expected to recover as both imports and exports decline
- UK industrial and Manufacturing data beats expectations but back month revised lower
- Portugal FinMin: confirmed Troika to visit Portugal between bailout reviews after court ruling, but no date set yet
- Fitch affirms China's Foreign Currency IDR at 'A+'; Downgrades Local Currency IDR to 'A+'
- Fed Bernanke: economy still far from desired performance level; banks need to better manage liquidity risks
- Alcoa begin US corporate earnings season with a slight beat on EPS but miss on revenues
- (CH) Swiss Mar Unemployment Rate: 3.2% v 3.3%e; Unemployment Rate Seasonally Adj: 3.1% v 3.1%e
- (DE) Germany Feb Current Account: €16.0B v €14.2Be; Trade Balance: €16.8B v €15.0Be; Imports M/M: -3.8% v -0.1%e; Exports M/M: -1.5-0.3%e
- (JP) Japan Mar Preliminary Machine Tool Orders Y/Y: -21.6% v -21.5% prior
- (FR) Bank of France Mar Business Sentiment: 93 v 95e
- (FR) France Feb Trade Balance: -€6.0B v -€5.5Be
- (FR) France Feb Central Govt. Balance: -€27.1B v -€12.8B prior
- (DK) Denmark Feb Current Account (DKK): 3.5BB v 5.7Be; Trade Balance (ex-shipping): 4.1B v 6.0Be
- (CZ) Czech Mar CPI M/M: 0.1% v 0.1%e; Y/Y: 1.7% v 1.7%e
- (CZ) Czech Mar Share of Unemployed between 15-64 years old: 8.0% v 8.0%e
- (EU) ECB: €19.0M borrowed in overnight loan facility vs. €19.0M prior; €129.5B parked in deposit facility vs. €134.9B prior
- (CH) Swiss Mar CPI M/M: 0.2% v 0.3%e; Y/Y: -0.6% v -0.5%e
- (CH) Swiss Mar CPI EU Harmonized M/M: 0.5% v 0.3% prior; Y/Y: -0.3% v +0.1% prior
- (CH) Swiss Feb Real Retail Sales Y/Y: 2.4% v 2.5%e
- (NL) Netherlands Mar CPI M/M: 1.1% v 0.9%e; Y/Y: 2.9% v 2.9%e
- (NL) Netherlands Mar CPI EU Harmonized M/M: 1.3% v 1.1%e; Y/Y: 3.2% v 2.9%e
- (NL) Netherlands Feb Industrial Production M/M: 0.7% v 2.0%e; Y/Y: -1.7% v -1.3%e; Industrial Sales Y/Y: -4.2% v -0.2% prior
- (IT) Italy Feb Hourly Wages M/M: 0.0% v 0.1% prior; Y/Y: 1.4 v 1.7% prior
- (UK) Feb Industrial Production M/M: 1.0% v 0.4%e; Y/Y: -2.2% v -2.8%e
- (UK) Feb Manufacturing Production M/M: 0.8% v 0.4%e; Y/Y: -1.4% v -1.4%e
- (UK) Feb Visible Trade Balance: -£9.4B v -£8.6Be; Total Trade Balance: -£3.6B v -£2.8Be; Trade Balance Non EU: -£4.3B v -£3.7Be
- (CY) Cyprus Mar CPI Harmonized Y/Y: 1.3% v 1.8% prior
- (GR) Greece Feb Industrial Production Y/Y: -3.9 v -4.2% prior
- (GR) Greece Mar Consumer Price Index Y/Y: -0.2% v +0.1% prior; CPI EU Harmonized Y/Y: -0.2% v +0.1% prior
- (FI) Finland opened its books for 10-year Euro-denominated bond; guidance seen at 0.0bps (flat) to mid-swaps
- (MX) Mexico to sell 10-year Euro-denominated benchmark bond; guidance seen +135bps over mid-swaps
- (NL) Netherlands Debt Agency (DSTA) sold €2.035B vs. €1.5-2.5B Jan. 2033 DSL Bonds; Avg Yield 2.2656% v2.497% prior
- (GR) Greece Debt Agency (PDMA) sold €1.3B vs. €1.0B indicated in 26-week bills; Avg Yield 4.25% v 4.25% prior; Bid-to-cover: 1.6x v 1.64x prior
- (EU) ECB allotted €119.3B in 7-Day Main Refinancing Tender at fixed 0.75% vs. €124.9B
- (EU) ECB allotted € in 1-Month Refinancing Tender at fixed 0.75% vs. €4.2B prior
- (HU) Hungary Debt Agency (AKK) sold HUF50B vs. HUF50B indicated in 3-Month Bills; Avg Yield 4.44% v 4.72% prior; Bid-to-cover: 3.04x v 1.51x prior
- (CH) Switzerland sold CHF972.1M in 6-Month Bills; Yield: -0.199% v -0.077% prior
- (UK) DMO sold £3.5B in 1.75% 2022 Gilt; Avg Yield 1.734% v 2.147% prior; Bid-to-cover: 1.68x v 2.25x prior; Tail 0.2bps v 0.1bps prior
- (DE) Germany sold €860M in 0.75% 2018 index linked bonds; Avg Yield -1.18% v -0.78% prior; Bid-to-cover: 1.9x v 1.9x prior
Equities
FTSE 100 +0.50% at 6,306, DAX +0.30% at 7,688, CAC-40 +0.70% at 3,691, IBEX-35 +0.90% at 7,856, FTSE MIB +1% at 15,414, SMI +0.10% at 7,696, S&P 500 Futures +0.10% at 1,561
Equity markets in Europe are broadly higher, in line with the gains seen in US equity markets. Banks are trading higher, led by gains in shares of Barclays, RBS and Intesa. Resource related companies are broadly higher, as China's monthly inflation data was below analyst expectations. Airlines are trading mostly higher, following upbeat analyst comment.
- UK movers [Ferrexpo +15% (Q1 production +10% y/y), Tesco +1% (speculation that Warren Buffett may raise stake); AZ Electronics -25% (profit warning)]
- Germany movers [Aurubis +5% (CEO comments, copper price rebound), ProsiebenSat +1% (broker commentary); K+S -1% (broker commentary)]
- France movers [EADS -1.5% (share placement)]
- Italy movers [Telecom Italia +3% (renewed merger speculation)]