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European Market Update: February 19

By Trade The NewsMarket OverviewFeb 19, 2013 07:04AM ET
www.investing.com/analysis/european-market-update:-february-19-155867
European Market Update: February 19
By Trade The News   |  Feb 19, 2013 07:04AM ET
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German ZEW Survey improves to highest level since spring of 2010

Notes/Observations

Japan Fin Min Aso sends JPY higher by ruling out consideration of foreign bond purchases and not considering change of BOJ law.

BOJ Meeting Minutes coming from a vocal minority of the board suggesting extending JGB purchases to 5-yr duration from the current 3-yr cap.

RBA Feb meeting minutes more hawkish with its upbeat on regional recovery. Sees policy as already accommodative.

Spain bill auction results solid with amount just over indicated range and improved bid-to-cover ratio.

German ZEW survey beats expectations for highest level since spring of 2010.

Economic Data

(JP) Japan Dec Final Leading Index CI: 93.4 v 93.4 prelim; Coincident Index CI: 92.6 v 92.7 prelim.

(NO) Norway Q1 Consumer Confidence: 27.1 v 25.4 prior.

(JP) Japan Jan Nationwide Dept. Sales Y/Y: +0.2% v -1.3% prior; Tokyo Dept. Store Sales Y/Y: +0.5% v -1.1% prior.

(PH) Philippines Jan Balance of Payments: $2.0B v $0.6B prior.

(EU) Jan EU27 New Car Registrations: -8.7% v -16.3% prior.

(FI) Finland Jan CPI M/M: -0.1% v 0.7%e; Y/Y: 1.6% v 2.4%e.

(SE) Sweden Jan CPI Headline Rate M/M: -0.8% v -0.8%e; Y/Y: 0.0% v 0.0%e; CPI Level: 312.00 v 311.95e.

(SE) Sweden Jan CPI Underlying (CPIF) M/M: -0.7%e v +0.3% prior; Y/Y: 1.1e v 1.0% prior.

(SE) Sweden Jan Unemployment Rate: 8.4% v 8.6e; Unemployment Rate Seasonally Adj: 8.0% v 8.2e.

(EU) ECB: €3.5B borrowed in overnight loan facility vs. €1.8B prior; €143.5B parked in deposit facility vs. €131.9B prior.

(GR) Greece Dec Current Account: -€534M v -€850M prior.

(EU) Euro Zone Dec Construction Output M/M: -1.7% v -0.4% prior; Y/Y: -4.8% v -4.7% prior.

(EU) Euro Zone Feb ZEW Economic Sentiment Survey: 42.4 v 31.2 prior.

(DE) Germany Feb ZEW Economic Sentiment: 48.2 v 35.0e; Current Situation: 5.2 v 9.0e (3rd straight positive reading for survey and highest level since April 2010)

Fixed Income:

(ZA) South Africa sold ZAR2.1B vs. ZAR2.1B indicated in 2031, 2036 and 2048 bonds.

(DK) Denmark sold total DKK5.385B in 2016 and 2023 bonds.

(ES) Spain Debt Agency (Tesoro) sold total €4.01B vs. €3.0-4.0B indicated range in 3-Month and 9-Month Bills.

Sold €886M in 3-month Bills; Avg Yield: 0.421% v 0.441% prior; Bid-to-cover: 5.76x v 4.18x prior; Max Yield: 0.445% v 0.460% prior; Tail: 2.4bps v 1.9bps prior (Jan 22nd)

Sold €3.12B in 9-month Bills; Avg Yield: 1.114%; Bid-to-cover: 2.31x; Max Yield: 1.165% prior; Tail: 2.1bps.

(CH) Switzerland sold CHF813.8M in 6-Month Bills; Yield -0.077%

(EU) ECB alloted €132.2B vs. €125Be in 7-Day Main Refinancing Tender at fixed 0.75%

(HU) Hungary Debt Agency (AKK) sold HUF65B vs. HUF50B indicated in 3-Months Bills; Avg Yield 5.17% v 5.28% prior; Bid-to-cover: 2.36x v 1.94x prior.

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities

Indices: FTSE 100 +0.40% at 6,339, DAX +0.80% at 7,685, CAC-40 +1% at 3,704, IBEX-35 +0.60% at 8,151, FTSE MIB +0.80% at 16,534, SMI +0.40% at 7,529

European equity markets are mostly higher, amid the release of mixed ZEW data out of Germany. Today's gains have been led by the French CAC-40, following FY earnings from Danone.

UK Movers [Morgan Sindall -8.5% (cut dividend), Severfield-Rowen -8% (warned on 2013,2014 targets), Vodafone -2% (broker commentary), Intercontinental -2% (profit-taking post earnings) Sainsbury -0.50% (broker commentary), HSBC -0.50% (broker commentary)]

Germany movers [Kloeckner +7% (investor raised stake),Duerr +5.5% (Q4 results above ests), MTU Aero Engines +4.5% (sees double digit growth in FY13); Pfeiffer Vacuum -6% (FY12 results below ests),Kabel Deutscheland -2.5% (concerns related to Tele Columbus deal),BMW -0.50% (product recall)]

France movers [Danone +5% (cost cutting measures), Carrefour +1% (broker commentary)]

Switzerland movers [Nobel Biocare -2% (Q4 profits below ests)]

Spain movers [Vueling Airlines +2.5% (bid speculation), Gas Natural +1% (FY results above ests)]
European Market Update: February 19
 

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European Market Update: February 19

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