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European Market Update: January 29, 2013

By Trade The NewsMarket OverviewJan 29, 2013 06:29AM ET
www.investing.com/analysis/european-market-update:-january-29,-2013-152931
European Market Update: January 29, 2013
By Trade The News   |  Jan 29, 2013 06:29AM ET
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ECB allotment in 7-day MRO in line with expectations; Italian bill auction result again solid; markets await the Fed decision Wednesday

Notes/Observations

RBI cuts reo rate by 25bps (as expected) and also cuts CRR by 25bps

Australia business confidence hits 4 month high.

New Zealand Dec Trade Balance registers first surplus in 5 months

EU Commission Rehn hints that EU could consider relaxing some of the goals for Spain if the economy deteriorated

Spain Dec Retail Sales data decline steeper than expectations

ECB 7-day MRO allotment in line at €124B; no pickup following recent repayment of 3-year LTRO funds

Italy Bill auction solid with lower yield and higher bid-to-cover

FOMC begins 2-day meeting

Economic Data

(DE) Germany Feb GfK Consumer Confidence Survey: 5.8 v 5.7e

(DE) Germany Dec Import Price Index M/M: -0.5% v -0.1%e; Y/Y: 0.3% v 0.9%e

(FR) France Jan Consumer Confidence Indicator: 86 v 86e

(HU) Hungary Dec Unemployment Rate: 10.7% v 10.7%e

(ES) Spain Dec Adjusted Real Retail Sales Y/Y: -10.7% v -8.9%e; Real Retail Sales Y/Y: -10.2% v -7.8% prior

(TR) Turkey Jan Consumer Confidence: 75.8 v 89 prior

(EU) ECB: €526M borrowed in overnight loan facility vs. €2.0M prior; €211.8B parked in deposit facility vs. €207.2B prior

(PL) Poland 2012 Annual GDP: 2.0% v 2.0%e

(CN) China Dec Leading Index: 100.5 v 100.4 prior

(IC) Iceland Jan CPI M/M: 0.3% v 0.1% prior; Y/Y: 4.2 v 4.2% prior

Fixed Income:

(EU) EFSF opened book on new 5-year Euro-denominated bond; guidance seen at +18bps over mid-swaps

(UK) DMO opened book on 3.25% 2044 Gilt via syndication; guidance seen 9.25-9.75bps over 2042 Gilts

(ZA) South Africa sold total ZAR2.1B vs. ZAR2.1B indicated in 2026, 2036 and 2031 Bonds

(EU) ECB allotted €124.1B vs. €135Be in 7-day Main Refi Operation at fixed 0.75%; 74bids recd vs. 71 prior

(IT) Italy Debt Agency (Tesoro) sold €8.5B vs. €8.5B indicated in 6-month Bills; Avg Yield 0.0731% v 0.949% prior; Bid-to-cover: 1.65x v 1.57x prior

(CH) Switzerland sold CHF771.2M in 3-Month Bills: Yield: -0.087% v -0.103% prior

(HU) Hungary Debt Agency (AKK) sold HUF55B vs. HUF50B indicated in 3-Months Bills; Avg Yield 5.42% v 5.43% prior; Bid-to-cover:2.02 x v 1.82x prior

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities

Indices: FTSE 100 +0.20% at 6,306, DAX -0.10% at 7,826, CAC-40 -0.10% at 3,776, IBEX-35 -0.24% at 8,651, FTSE MIB -0.10% at 17,876, SMI -0.60% at 7,437, S&P 500 Futures -0.10% at 1,496

European equity indices are current mixed, in line with Monday's US trading session, ahead of theTuesday-Wed FOMC meeting and Friday's jobs and GDP data out of the US. Additionally, Germany's Jan prelim inflation data is due to be released on Thursday. European banks are mostly lower led by declines in shares of RBS and Credit Agricole. Resource-related firms are mostly higher, in line with the gains in commodity prices. US companies due to report earnings during the morning session include Eli Lilly, Ford, Pfizer and US Steel.

UK movers [William Hill +4% (FY guidance),3i +1% (Sherborne acquired stake),Glaxo +0.50% (broker commentary); Firestone Diamonds -13% (disclosed police probe), RBS -2.5% (concerns related to Libor probe), Aquarius Platinum -1.2% (production update), PZ Cussons -1% (H1 earnings report), National Grid -0.30% (reaffirmed FY guidance)]

Germany movers [Aixtron +3.5% (results from Philips), Sartorius +1% (FY12 results); Software AG -8% (Q4 results),Bayer -1.5% (broker commentary)]

France movers [NiCox +9% (started phase III program for glaucoma treatment),Technicolor +3% (broker commentary);Sanofi -1.5% (broker commentary)]

Italy movers [Unicredit +1% (broker commentary); Seat Pagine -45% (suspends interest payment due in 2013),Saipem -2.5% (share placement)]

Switzerland movers [Addex +2% (data presentation)]

Dutch movers [CSM +4% (Q4 earnings), Philips flat (Q4 results)]
European Market Update: January 29, 2013
 

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European Market Update: January 29, 2013

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