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European Market Update: April 12, 2013

By Trade The NewsMarket OverviewApr 12, 2013 06:03AM ET
www.investing.com/analysis/european-market-update:-april-12,-2013-162732
European Market Update: April 12, 2013
By Trade The News   |  Apr 12, 2013 06:03AM ET
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Headline roulette on whether Cyprus requested/needed additional bailout funds

Notes/Observations

Informal Eurogroup and EcoFin meetings in Dublin Ireland seeks to reach an agreement on Cyprus MOU and discuss banking union; Slovenia not on agenda

EU may adjust ECB Bank supervision rules to address German concerns

Cyprus extends capital controls for seven days but eases some restrictions

Cyprus President Anastasiades: To ask EU for "extra assistance

IMF Draft cuts US 2013 GDP outlook on sequester concerns; raises Japan

Japan maintains economic assessment that economy showing signs of a pick-up

China CNY currency has 7th straight week of gains; best winning streak in 5-months ahead of next week's GDP data (Note due on April 15th with 8.0%e y/y)

Economic Data

(RU) Russia Narrow Money Supply w/e Apr 8th (RUB): 7.43T v7.41 T prior

(IN) India Feb Industrial Production Y/Y: +0.6% v -1.3%e

(DE) Germany Mar Wholesale Price Index M/M: -0.2% v +0.1% prior; Y/Y: 0.3% v 1.4% prior

(FI) Finland Feb Final Retail Sales Volume Y/Y: -0.6% v -1.9% prior

(FR) France Feb Current Account: -€ v -€5.0B prior

(HU) Hungary Feb Final Industrial Production M/M: 0.3% v 0.3% prelim; Y/Y: -1.1% v -1.1% prelim

(ES) Spain Mar Consumer Price Index M/M: 0.4% v 0.3%e; Y/Y: 2.4% v 2.4%e

(ES) Spain Mar CPI EU Harmonized M/M: 1.9% v 1.9%e; Y/Y: 2.6% v 2.6%e

(ES) Spain Mar CPI Core M/M: 0.6% v 0.6%e; Y/Y: 2.3% v 2.2%e

(EU) ECB: €807M borrowed in overnight loan facility vs. €1.1B prior; €108.9B parked in deposit facility vs. €99.9B prior

(IT) Italy Mar Final CPIM/M: 0.2% v 0.3%e, Y/Y: 1.6% v 1.7%e; EU Harmonized Y/Y: 1.8% v 1.8% prelim

(ES) Bank of Spain (BOS): Mar Spanish Banks ECB borrowings at €260B vs. €272B prior (7th straight decline)

(IT) Bank of Italy Releases Feb. Public Finance Supplement General Government Debt: €2.017T v €2.023T prior

(UK) Feb Construction Output M/M: +5.5 v -4.8% prior; Y/Y: -7.0 v -5.5% prior

(EU) Euro Zone Feb Ind. Production M/M: 0.4% v 0.2%e; Y/Y: -3.1% v -2.5%e

Fixed Income:

(IN) India sold total INR150B vs. INR150B indicated in 2018, 2025, 2030, and 2041 bonds

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities

Indices: FTSE 100 -0.60% at 6,379, DAX -1.3% at 7,772, CAC-40 -0.90% at 3,742, IBEX-35 -1% at 8,075, FTSE MIB -1.2% at 15,822, SMI -0.40% at 7,784, S&P 500 Futures -0.30% at 1,584

European equity markets are broadly lower, despite Thursday's gains in U.S. equities. Markets have seen profit taking, ahead of corporate earnings from JP Morgan and Wells Fargo. Key data out of China (including Q1 GDP) is due to be released next week. There are concerns that Cyprus may require more EU funds. Following the outperformance seen earlier in the week for the banking sector, financials are trading lower on today's session, led by declines in shares of Santander. Resource related firms are mostly lower, in line with declines being seen for commodity prices. A weaker than expected sales forecast from India's Infosys has weighed on the overall European software sector (Atos Origin -2%, Cap Gemini -3.5%, Software AG -3%).

U.K. movers [Johnson Matthey +2% (broker commentary); Croda -3% (broker commentary), William Hill -1.5% (broker commentary), BAE Systems -1.5% (broker commentary)]

Germany movers [Duerr +2% (broker commentary); K+S -2.5% (broker commentary), Volkswagen -2.5% (cautious commentary)]
European Market Update: April 12, 2013
 

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European Market Update: April 12, 2013

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