Economic Data
(EU) ECB: €1.7B borrowed in overnight loan facility v €1.5B prior; €475.9B parked in deposit facility vs. €466.4B prior
(RU) Russia Narrow Money Supply Narrow w/e Feb 20th: (RUB): 6.84T v 6.76T prior
(DE) Germany Q4 Preliminary GDP Q/Q: -0.2% v -0.2%e; Y/Y: 1.5% v 1.5%e; GDP WDA Y/Y: 2.0% v 2.0%e
(DE) Germany Q4 Private Consumption: -0.2% v -0.1%e; Government Spending: 0.1% v 0.0%e; Domestic Demand: 0.1 v 0.5% prior; Capital Investment: 1.1% v 0.5%e; Construction Investment: +1.9% v -1.0% prior; Exports: -0.8% v -1.4%e; Imports: -0.3% v -0.9%e
(FI) Finland Jan PPI M/M: +1.0% v -0.4% prior; Y/Y: 1.8% v 1.8% prior
(FI) Finland Jan Preliminary Retail Sales Volume Y/Y: 4.5% v 2.1% prior
(TR) Turkey Feb Industrial Confidence: 107.3 v 101.8 prior
(FR) France Feb Consumer Confidence: 82 v 82e
(CZ) Czech Feb Business Confidence: 8.4 v 7.4 prior; Consumer Confidence: -25.5 v -25.3 prior; Composite: 1.6 v 0.8 prior
(HU) Hungary Dec Retail Trade Y/Y: 1.5% v 1.0%e
(ES) Spain Jan Producer Prices M/M: +0.8 v -0.1% prior; Y/Y: 3.6% v 4.3%e
(AT) Austria Dec Industrial Production M/M: -4.5 v +0.3% prior; Y/Y: -3.1% v +3.5% prior
(TW) Taiwan Jan M2 Money Supply Y/Y: 5.2% v 5.0% prior; M1 Money Supply Y/Y: 3.9% v 3.5% prior
(IC) Iceland Feb CPI M/M: 1.0% v 0.3% prior; Y/Y: 6.3% v 6.5% prior
(IT) Italy Dec Retail Sales M/M: -1.1% v -0.5%e; Y/Y: -3.7%v -1.8% prior
(UK) Q4 Preliminary GDP Q/Q: -0.2% v -0.2%e; Y/Y: 0.7% v 0.8%e
(UK) Q4 Preliminary Private Consumption: 0.5% v 0.2%e; Government Spending: 1.0% v 0.0%e; Gross Fixed Capital Formation: -2.8% v -0.9%e; Exports: 2.3% v 1.5%e; Imports: 0.4% v 0.1%e
(UK) Dec Index of Services M/M: 0.2% v 0.1%e; 3M/3M: 0.0% v 0.0%e
(UK) Q4 Preliminary Total Business Investment Q/Q: -5.6% v -0.4%e; Y/Y: -2.0% v 2.5%e
(BR) Brazil Feb FGV Consumer Confidence: 119.4 v 116.9e
Fixed Income
(ZA) South Africa sold total ZAR800M in I/L 2017, 2022 and 2028 Bonds
(IT) Italy Debt Agency (Tesoro) sells €3.0B vs. €3.0Be in Zero Coupon 2014 Notes (CTZ); Yield at 3.013% v 3.763% prior; bid-to-cover 1.93x vs 1.71x prior
(IT) Italy Debt Agency (Tesoro) sold total €1.5B vs. €1.5B indicatedin I/L 2016 and 2019 bonds
Sold €754M in I/L 2016 Bonds; Avg Yield 2.71; Bid-to-cover: 1.86x
Sold €747M in I/L 2019 Bonds ; Avg Yield 3.19%; Bid-to-cover: 1.85x
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
Moody's: Japan's slippage in meeting fiscal targets could have wider implications
Fitch cuts Australian banking sector to AA- from AA
No surprises in Germany or UK Q4 final GDP readings
USD weakens ahead of G20 Finance Minister meeting in Mexico
Equities:
FTSE 100 flat at 5939, DAX +0.80% at 6865, CAC-40 +0.50% at 3464, IBEX-35 +0.20% at 8543, FTSE MIB +1.1% at 16,486, SMI -0.40% at 6178
European shares climbed out of the three-day losses and were trading in positive territory during Friday's session as worries recede over Greece's second bailout. Positive corporate earnings also helped boost the shares.
Telecom Italia [TIT.IT] was a positive surprise as company reported slightly higher than expected results and expected a stable EBITDA in the future. BASF [BAS.DE] was also up after reporting earnings in line with estimates. Among the losers, Lloyds [LLOY.UK] reported a wider than expected loss with an outlook clouded by uncertainty. The core tier was however stronger, in line with company's objectives.