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Far East Industrial Production Below Expectations

By Trade The NewsStock MarketsMay 11, 2012 06:28AM ET
www.investing.com/analysis/far-east-industrial-production-below-expectations-122901
Far East Industrial Production Below Expectations
By Trade The News   |  May 11, 2012 06:28AM ET
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Greece Continues To Try To Form Coalition Government

Economic Data

(EU) ECB: €1.5B borrowed in overnight loan facility €746M prior; €702.7B parked in deposit facility v €695.8B prior

(CH) China Apr Industrial Production Y/Y: 9.3% v 12.2%e; Industrial Production YTD: 11.0% v 11.7%e

(CN) China Apr Urban Fixed Assets: 20.2% v 20.5%e

(CN) China Apr Retail Sales Y/Y: 14.1% v 15.1%e; Retail Sales YTD Y/Y: 14.7% v 14.9%e

(IN) India Mar Industrial Production Y/Y: -3.5% v +1.7%e

(DE) Germany Apr Final Consumer Price Index M/M: 0.2% v 0.1%e; Y/Y: 2.1% v 2.0%e

(DE) Germany Apr Final CPI EU Harmonized M/M: 0.1% v 0.2%e; Y/Y: 2.2% v 2.2%e

(SE) Sweden Apr PES Unemployment Rate:4.3% v 4.4%e

(RU) Russia Narrow Money Supply w/e May 7th: 6.88T v 6.90T prior

(FR) France Survey of Industrial Investments: 2012 Manufacturing investment Y/Y: +6.0% v +7% prior

(ES) Spain Apr Consumer Price Index M/M: 1.4% v 1.3%e; Y/Y: 2.1% v 2.0%e

(ES) Spain Apr CPI EU Harmonized M/M: 1.1% v 1.1%e; Y/Y: 2.0% v 2.0%e

(ES) Spain Apr CPI Core M/M: 1.2% v 1.1%e; Y/Y: 1.1% v 1.1%e

(HU) Hungary Apr Consumer Prices M/M: 0.8% v 0.5%e; Y/Y: 5.7% v 5.4%e

(TR) Turkey Mar Current Account: -$6.1B v -$6.1Be

(CN) China Apr New Yuan Loans (CNY): 681.8B v 780.0Be

(CN) China Apr M2 Money Supply Y/Y: 12.8% v 13.3%e; M1 Money Supply Y/Y: 3.1% v 4.5%e r; M0 Money Supply Y/Y: 10.4% v 10.7%e

(HK) Hong Kong Q1GDP Q/Q: 0.4% v 1.0%e; Y/Y: 0.4% v 1.1%e

(UK) Apr PPI Input M/M: -1.5% v -0.9%e; Y/Y: 1.2% v 2.1%e

(UK) Apr PPI Output M/M: 0.7% v 0.4%e; Y/Y: 3.3% v 2.9%e

(UK) Apr PPI Output Core M/M: 0.6% v 0.2%e; Y/Y: 2.3% v 1.9%e

(PT) Portugal Apr Consumer Price Index M/M: 0.3% v 0.4%e; Y/Y: 3.0%e

(PT) Portugal Apr CPI EU Harmonized M/M:0.3% v 0.3%e; Y/Y: 2.9% v 3.0%e

(GR) Greece Apr YTD Cash Deficit €3.1B v €6.8B prior

Fixed Income

(IT) Italy Debt Agency (Tesoro) sold total €10.0B vs. €10.0B indicated in 3-month and 12-month Bills

Sold €3.0B vs €3.0Be in 3-Month Bills; Avg Yield 0.865% v 1.249% prior; Bid-to-cover: 2.49x v 1.81x prior

Sold €7.0B vs. €7.0Be in 12-month Bills; Avg Yield 2.34% v 2.840% prior; Bid-to-cover: 1.79x v 1.52x prior

(IN) India sold total INR150B vs. 150B indicated in 2018, 2021, 2027 and 2036 bonds

(ZA) South Africa sold total ZAR105M in I/L 2017, 2022 and 2028 Bonds

Notes/Observations

Safe haven flows help US Treasury head for 8th consecutive weekly gain (longest streak since 1998).

China CPI registers its third consecutive monthly decline; retail sales and Industrial Production data come in below expectations.

India Industrial Production contracts in March.

Last chance for Greek coalition govt to be formed otherwise its new elections next month.

JPM discloses loss on synthetic credit portfolio.

Equities

Indices: FTSE 100 -0.40% at 5519, DAX -0.40% at 6489, CAC-40 -1% at 3098, IBEX-35 -1.5% at 6938, FTSE MIB -0.40% at 13,947, SMI -0.40% at 5901

European equity indices opened the session lower, as banks are lower following earnings from Credit Agricole and the disclosure by JP Morgan of a $2B trading loss related to synthetic positions. Additionally, banks are weaker ahead releases later in the day by the Spanish government of its plan for the banking sector. Resource-related companies are mostly lower, following disappointing monthly industrial production out of China and weaker commodity prices.

Royal Dutch Shell [RDSA.UK] has moved higher by about 1%, amid reports that Qatar's sovereign wealth fund is considering the purchase of an up to 5% stake in the company. In other UK movers, Logica [LOG.UK] has declined by about 2% after issuing its Q1 sales, while UK Coal [UKC.UK] is lower by over 8% following the release of its Q1 production update.

In France, shares of steel components company Vallourec [VK.FR] have declined by over 18%, as the company reported a y/y decline in its Q1 net profit. Additionally, EDF [EDF.FR], Credit Agricole [ACA.FR], Axa [CS.FR] and Thales [HO.FR] are all moving lower following the release of their respective Q1 financial reports. Shares of Volkswagen [VOW3.DE] are outperforming the overall DAX index, as the company reported a 6% y/y rise in its April group.

Fresenius SE [FRE.DE] has lost over 2% on its plan to place approx. 14M shares in the company. Freenet [FNTN.DE] is higher by more than 4%, after issuing Q1 earnings. Shares of SGL Carbon [SGL.DE], Fresenius Medical Care [FME.DE], Adidas [ADS.DE] and Bilfinger Berger [GBF.DE] are all trading lower as these companies are trading ex-dividend. Spanish names Telefonica [TEF.ES] and Fomento [FCC.ES] are both trading lower after releasing weaker than expected Q1 earnings.
Far East Industrial Production Below Expectations
 

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Far East Industrial Production Below Expectations

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