Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

European Market Update: Banks Trading Mixed - March 21, 2013

By Trade The NewsMarket OverviewMar 21, 2013 07:51AM ET,-2013-159937
European Market Update: Banks Trading Mixed - March 21, 2013
By Trade The News   |  Mar 21, 2013 07:51AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Major European PMI readings all miss expectations; UK retail sales handily beats consensus; Spain has solid bond auction results


China March HSBC Flash PMI Manufacturing beats expectation,s and registers 5th. straight month of expansion,

Political standoff in Australia came to a head. After weeks of tension, PM Gillard survived an uncontested party leadership challenge.

New Zealand Q4 GDP registers highest reading in three years.

Japan February adj Merchandise Trade Balance registers largest deficit on record.

Hope remained that Cyprus will be able to come up with a new plan to get a bailout; "Plan B" would involve some Russian aid and a reduced levy on bank deposits.

ECB to maintain ELA for Cyprus until Monday March 25; ELA can only be considered thereafter if EU/IMF program is in place that ensures solvency of banks

Major European PMI data disappoints; France Services was lowest services reading since March 2009.

UK February Retail Sales easily exceeds expectations; help GBP trade at 2-week highs.

Spain bond auction results solids; sold above indicated range at lower yields and improved bid-to-covers.

FOMC Statement: QE at $45B Treasuries and $40B MBS a month; Continue asset purchase until labor outlook improves substantially; Continue to see downside risks to economy; See moderate economic growth following pause late last yr; Labor market shows signs of improvement; Jobless rate remains elevated; Expects highly accommodative policy will remain appropriate for considerable time after asset purchase program ends and economy strengthens

Economic Data

(JP) Japan January All Industry Activity Index M/M: -1.4% v -1.4%e

(JP) Japan February Supermarket Sales Y/Y: -5.5% v -4.7% prior

(CH) Swiss February Trade Balance (CHF): 2.1B v 2.0Be; Real Exports M/M: -2.6% v +3.7% prior; Real Imports M/M: -5.4% v -1.3% prior.

(JP) Japan February Convenience Store Sales Y/Y: -4.7% v -0.9% prior.

(FR) France March Preliminary PMI Manufacturing: 43.9 v 44.2e; PMI Services: 41.9 v 44.0e; lowest reading since Mar 2009)

(HU) Hungary January Avg Gross Wages Y/Y: 2.5% v 4.7%e

(DK) Denmark February Retail Sales: +0.3% v -0.8% prior; Y/Y: -4.0% v -1.9% prior.

(CH) Swiss February M3 Money Supply Y/Y: 9.8% v 9.4% prior.

(EU) ECB: €686M borrowed in overnight loan facility vs. €12M prior; €130.53B parked in deposit facility vs. €133.6B prior.

(DE) Germany March Advanced PMI Manufacturing: 48.9 v 50.5e; PMI Services: 51.6 v 55.0e

(NL) Netherlands February Unemployment Rate: 7.7% v 7.6%e

(NL) Netherlands February House Price Index M/M: +1.2% v -2.9% prior; Y/Y: -8.3% v -9.6% prior

(HK) Hong Kong February CPI Composite Y/Y: 4.4% v 4.0%e

(HK) Hong Kong Q4 Current Account Balance: $9.6B v 23.8B prior; Overall Balance of Payments: $94.3Bv $37.9B prior.

(EU) Euro Zone March Advanced PMI Manufacturing: 46.6 v 48.2e; PMI Services: 46.5 v 48.2e; PMI Composite: 46.5 v 48.2e

(GR) Greece January Current Account: -€222M v -€534M prior.

(UK) February Retail Sales Ex Auto Fuel M/M: 1.9% v 0.6%e; Y/Y: 3.3% v 1.2%e

(UK) February Retail Sales w/Auto Fuel M/M: 2.1% v 0.4%e; Y/Y: 2.6% v 0.5%e

(UK) February Public Finances (PSNCR): -£1.5B v -£12.0Be; PSNB ex Interventions: £2.8B v £8.0Be; Public Sector Net Borrowing: £4.4B v £8.2Be

(PL) Central/Eastern European March ZEW Indicator: 49.9 v 36.3 prior.

(AT) Austria WIFO quarterly economic forecasts: Maintained 2013 and 2014 GDP at 1.0% and 1.8% respectively.

Fixed Income:

(ES) Spain Debt Agency (Tesoro) sold sold total €4.51B vs. €3.0-4.0B indicated range in 2015, 2018 and 2023 Bonds.

Sold €1.156B in March 2.75% 2015 Bono bond; Avg Yield 2.2275% v 2.540% prior; Bid-to-cover: 4.0x v 3.69x prior; Maximum Yield 2.306% v 2.570% prior; Tail bps v 3.0bps prior.

Sold €1.032B in January 4.5% 2018 Bono Bond; Avg Yield 3.557% v 3.572% prior; Bid-to-cover: 3.6x v 2.3x prior; Maximum Yield 3.579% v 3.612% prior; Tail bps v 4.0bps prior.

Sold €2.325B in 5.4% 2023 bonds; Avg Yield 4.898% v 4.917% prior; Bid-to-cover: 1.9x v 2.3x prior; Max Yield 4.919% v 4.957% prior; Tails bps v 4.0bps bps

(FR) France Debt Agency (AFT) sold total €7.99B vs. €7.0-8.0B indicated range in 2015 and 2018 - Sells €5.003B in 0.25% Nov 2015 Oats; Avg Yield 0.32% v 0.41% prior; Bid-to-cover: 2.3x v 3.3x prior.

Sells €2.99B in 1.0% 2018 Oat; Avg Yield 1.12% v 0.89% prior; Bid-to-cover: 2.54x v 1.995x prior.



FTSE 100 -0.80% at 6,381, DAX -0.90% at 7,928, CAC-40 -1.1% at 3,787, IBEX-35 -0.80% at 8,351, FTSE MIB -0.30% at 15,961, SMI -0.80% at 7,783, S&P 500 Futures -0.20% at 1,546.

European equity markets are broadly lower on continued uncertainty related to Cyprus, as the ECB agreed to extend its extend its emergency support measures for Cypriot banks until Monday, March 25. Weaker than expected PMI data from Germany and France has also weighed on markets. European banks are currently trading mixed, while resource related firms are mostly lower.

UK movers [Lamprell +6% (new CFO), Premier Farnell +2.5% (FY profits and sales rose y/y), Premier Oil +2% (FY profits and production rose y/y); McBride -11% (profit warning), Mecom -4.5% (FY results declined y/y)]

Germany movers [Joyou +11% (revised shareholder structure), Brenntag +3.5% (FY results above ests), Siemens +1.5% (broker commentary), Praktiker +1% (FY loss narrowed), Beiersdorf +0.50% (broker commentary); Kontron -7% (cut dividend), Lanxess -5% (Q1 outlook), Gildemeister -4.5% (speculation related cross-shareholding agreement in Japan), SAP -2% (disappointing results from Oracle), Talanx -2% (FY profits below ests), ThyssenKrupp -1.5% (broker commentary)]

France movers [Eurotunnel +2% (raised dividend by 50%), Hermes +0.50% (FY profits above ests)]

Switzerland movers [Novartis +1% (data presentation on Gilenya); Kuoni -1%(swung to FY net loss)]
European Market Update: Banks Trading Mixed - March 21, 2013

Related Articles

Michael Ashton
Watch Out For Rise In Money Velocity By Michael Ashton - Jun 29, 2022

As M2 money growth soared throughout the COVID and post-COVID period of direct stimulus check-writing funded by massive quantitative easing (QE), monetarism novices thought that...

European Market Update: Banks Trading Mixed - March 21, 2013

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email