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European Market Update : March 26, 2013

Published 03/26/2013, 07:56 AM
Updated 01/01/2017, 02:20 AM
UK100
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DE40
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Market sentiment remains cautious as EMU officials try to backtrack from template comment on Cyprus bailout; France Consumer Confidence slips to 4-month lows

Notes/Observations

Eurogrup's Dijsselbloem tries to backtrack from template comment on Cyprus bailout

Spain Fin Min de Guindos reiterated view that Cyprus bailout model was unique to Cyprus, and did not apply to other countries

Head of Cyprus ruling DISY party Neofytou: Cyprus bailout deal allows Cyprus to stay in the euro zone

Cyprus banking sector to remain closed until Thurs, Mar 28th

Cyprus Fin Min Sarris: Capital controls could be in place for "a matter of weeks"

BoJ's Kuroda testifies on BOJ mandate to Parliament: will do whatever it takes to hit price target; will seek to expand balance sheet by accepting medium and long term assets to push down yields along the length of the curve; targeting JGB maturities of up to 5-years as an option

BOE's King: Crisis is far from over, could have more developments

France Mar Consumer Confidence hits lowest reading since November

Italy sells 6-month Bills at lowest yield since Jan

Active calendar heading into the Easter break. Key data today in NY morning include US-Durable Goods, Case Shiller, New Homes Sales and Conference Board's Consumer Confidence

Economic Data

(ZA) South Africa Jan Leading Indicator: 132.4 v 131.2 prior

(FI) Finland Feb Unemployment Rate: 8.7% v 8.7% prior

(FI) Finland Feb Preliminary Retail Sales Volume Y/Y: -1.9% v +1.5% prior

(FR) France Mar Consumer Confidence Indicator:84 v 86e

(ES) Spain Jan Mortgages-capital loaned Y/Y: -20.0% v -28.1% prior; Mortgages on Houses Y/Y: -12.4% v -27.8% prior

(EU) ECB: €1.05B borrowed in overnight loan facility vs. €212M prior; €128.9B parked in deposit facility vs. €126.8B prior

(UK) YouGov Citi Mar 12-month Inflation Expectation: 2.8% v 2.8% prior (steady for third straight month)

(SE) Sweden Feb PPI M/M: -0.4% v 0.0% prior; Y/Y: -3.7 v -2.9% prior

(HK) Hong Kong Feb Trade Balance (HKD):-34.0B v -36.2Be; Exports Y/Y: -16.9% v +4.4%e; Imports Y/Y: -18.3% v -2.5%e

(RO) Romania Feb Money Supply Y/Y: 2.7% v 3.2% prior

(VN) Vietnam Mar Industrial Production Y/Y: +5.6% v -10.1% prior

(VN) Vietnam Q1 GDP Y/Y: 4.9% v 5/0% prior

(IC) Iceland Mar CPI M/M: 0.2% v 1.6% prior; Y/Y: 3.9% v 4.8% prior

Fixed Income:

(FR) France to sell Euro-denominated benchmark May 2045 Oats via syndication (confirms press speculation); Guidance +10bps over benchmark 4.5% Apr 2041 Oat

(IN) India sold total INR120B vs. INR120B indicated in 3-month and 6-month Bills

(NL) Netherlands Debt Agency (DSTA) sold €2.225B vs. €2.0-3.0B indicated range in Jan 1.250% 2018 DSL Bonds; Avg Yield 0.727% v 0.884% prior

(DK) Denmark sold total DKK3.5B in 2-month, 6-month and 9-month bills, all at negative yields

(ZA) South Africa sold ZAR2.1B in Bonds

(IT) Italy Debt Agency (Tesoro) sold €8.5B vs. €8.5B indicated in 6-month Bills; Avg Yield 0.831% (lowest since Jan) v 1.237% prior; Bid-to-cover:1.64 x v 1.44x prior

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities

Indices: FTSE 100 +0.10% at 6,384, DAX +0.30% at 7,892, CAC-40 +0.70% at 3,754, IBEX-35 -0.30% at 8,118, FTSE MIB +0.20% at 15,670, SMI +0.20% at 7,770, S&P 500 Futures +0.20% at 1,550

Equity markets are currently trading mixed, in line with the Asian trading session, as equities in Greece and Spain have underperformed. Mixed trading has been seen in the banking sector, as shares of Commerzbank and Lloyds have lagged. Resource related companies have tracked the gains in oil prices. Factors on today's session on which traders have focused include US Fed commentary related to the pace of asset purchases and the developments in Cyprus and Italy.

UK movers [Kingfisher +2% (FY results above ests), Bellway +1.8% (raised dividend by 50%), Resolution +1.5% (raised dividend); Kazakhmys -8.5% (FY profits declined y/y), Savills -5.5% (share placement), Woseley -2.5% (H1 sales declined y/y)]

Germany movers [Lanxess +2% (renewed takeover speculation), Evotec +1% (guided FY13 sales higher y/y); Rheinmetall -3.5% (broker commentary), Hochtief -1% (broker commentary)]

France movers [EDF +2.5% (broker commentary), Ingenico +2% (issued 2015 targets); France Telecom -0.50% (cautious CEO commentary)]

Spain movers [Telefonica -4% (placement of Treasury stock)]

Switzerland movers [Valora -1.5% (FY profits declined y/y)]

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