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Focus Shifts From US Elections To Greek Austerity Vote

By Trade The NewsMarket OverviewNov 07, 2012 07:05AM ET
Focus Shifts From US Elections To Greek Austerity Vote
By Trade The News   |  Nov 07, 2012 07:05AM ET
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Markets shift focus from US Presidential outcome to looming Greek vote on a cocktail of austerity measures

Economic Data
(AU) Australia Oct Foreign Reserves: A$44.4B v A$44.9B prior

(ZA) South Africa Net Reserves: $48.6B v $48.6Be; Gross Reserves: $50.7B v $50.8Be

(FI) Finland Aug GDP Indicator: -0.6% v 0.1% prior

(FI) Finland Sept Preliminary Trade Balance: -€70M v -€77M prior

(DE) Denmark Sept Industrial Production M/M: -3.3% v -1.0%e; Industrial Orders M/M: +10.9% v -27.5% prior

(ES) Spain Sept Industrial Output WDA Y/Y: -7.0% v -3.5%e; Industrial Output NSA Y/Y: -11.7 v -2.5% prior

(CH) Swiss Oct Foreign Currency Reserves (CHF): 424.4B v 432.0Be

(EU) ECB: €483M borrowed in overnight loan facility €503M prior; €253.1B parked in deposit facility vs. €261.4B prior

(CH) Swiss Oct CPI M/M: 0.1% v 0.1%e; Y/Y: -0.2% v -0.2%e

(CH) Swiss Oct CPI EU Harmonized M/M: 0.1% v 0.7% prior; Y/Y: -0.1 v -0.3% prior

(SE) Sweden Central Bank (Riksbank) Minutes

(AT) Austria Oct Wholesale Price Index M/M: No est v 0.4% prior; Y/Y: No est v 4.2% prior

(SE) Sweden Oct Budget Balance (SEK): No est v 2.8B prior

(MA) Malaysia Oct Foreign Reserves: $138.3B v $137.7B prior

(CZ) Czech Oct International Reserves: $44.1 v $40.6B prior

(SG) Singapore Oct Foreign Reserves: $254.2B v $252.2B prior

(NO) Norway Sept Industrial Production M/M: -5.6% v+ 0.2% prior; Y/Y: -5.0% v +1.9% prior

(NO) Norway Sept Manufacturing Production M/M: -0.8% v -0.5%e; Y/Y: 2.4% v 5.5% prior

(HK) Hong Kong Oct Foreign Currency Reserves: $301.7B v $301.2B prior

(ZA) South Africa Oct Sacci Business Confidence: 92.0 v 91.7 prior

(EU) Eurozone Sept Retail Sales M/M: -0.2% v -0.1%e; Y/Y: -0.8% v -0.8%e

(BR) Brazil Oct FGV Inflation IGP-DI: -0.3% v -0.2%e

Fixed income
(SK) Slovakia Debt Agency (ARDAL) opened its book to sell new 12-year Euro-denominated benchmark bond; guidance seen +150-153bps over mid-swaps

(IN) India sold total INR100B vs. INR100B indicated in 3-month and 6-month Bills

(EU) ECB allotted $3.2B in 7-Day USD Liquidity Tender at fixed 0.67% vs. $3.2B prior

(EU) ECB allotted $4.1B in 3-Month USD Liquidity Tender at fixed 0.65% vs. $1.1B prior

Sweden sold total SEK10B in 3-month and 7-month Bills

(DE) Germany sold €3.29B in 0.5% Oct 2017 BOBL; Avg Yield 0.42% v 0.53% prior; Bid-to-cover: 1.5x v 2.2x prior

President Obama re-elected as President under the Electoral College; popular leaning towards Romney; First time ever for a second term president.

Democrats retain Senate while Republicans retain House.

Greece austerity vote later today; labor unions stage large-scale protests

Indices FTSE 100 +0.50% at 5,915, DAX +0.70% at 7,427, CAC-40 +0.90% at 3,510, IBEX-35 +0.90% at 7,905, FTSE MIB +0.50% at 15,761, SMI +0.70% at 6,794, S&P 500 Futures +0.30% at 1,430

European equity indices are broadly higher, as markets digest the US election results and better than expected earnings out of companies, including BNP and MunichRe. Today's gains have been led by the French CAC-40 index and the Spanish IBEX-35. Banks are mostly higher, while resource related firms have tracked the gains in commodity prices. Looking ahead, event risks for today's session include the Greek parliamentary vote on austerity measures, which is expected after the market close. Ahead of the vote, Greece's 10-yr bond yields have moved lower by over 20bps, while the Athens Stock Exchange (ASE) has moved between gains and losses.

French bank BNP [BNP.FR] has gained over 4% on better than expected Q3 results, which were supported by the corporate/investment banking unit. Power generation solutions firm Alstom [ALO.FR] is higher by more than 3% on better than expected H1 net profits. Shares of Veolia Environmental [VIE.FR] have gained over 4%, as the firm reported better than expected H1 results. L'Oreal [OR.FR] has moved slightly lower after releasing its Q3 sales figures. Shares of Hochtief [HOT.DE] are higher by over 5% on better than expected Q3 profits. MunichRe [MUV2.DE] has gained over 2%, as the firm reported better than expected Q3 results and raised its FY profit forecast.

In Spain, Telefonica [TEF.ES] is higher by over 1%, following the release of its 9-month results. In Switzerland, cement maker Holcim [HOLN.CH] has underperformed the overall market (released weaker than expected Q3 net profits), while chocolate firm Barry Callebaut [BARN.CH] is higher by more than 3% (issued FY results). In the UK, shipping-related investment firm Clarkson Plc [CKN.UK] has lost over 7%, as the company announced a profit warning.

FirstGroup [FGP.UK] is trading lower, after the company announced a y/y decline in its pre-tax profits. Shares of Randgold [RRS.UK] have lost over 3%, as the firm's profits and revenues declined in Q3. Pearson [PSON.UK] has traded slightly higher amid speculation that the company is examining options for its Financial Times (FT) unit. Danish wind power company Vestas [VWS.DK] is lower by more than 7% on weaker than expected Q3 results. In Belgium, retailer Delhaize [DELB.BE] has gained over 5%, as the firm reported better than expected Q3 sales.

FTSE 100 movers (Johnson Matthey +1.9%, Pearson +1.9%, Polymetal +1.7%, Aberdeen Asset Management +1.4%, Smith & Nephew +1.4%; Randgold -5.3%, Marks & Spencer -1.3%, Admiral Group -1.2%, Pennon Group -1.1%)

CAC-40 movers (Veolia Environmental +4.8%, BNP +4.5%, Alstom +3.9%, Danone +2.6%, SocGen +2.4%; STMicroelectronics -1.7%)

DAX movers (MunichRe +2.5%, BMW +2.3%, Deutsche Boerse +1.4%; Infineon -1.1%)

IBEX-35 movers (Gamesa +1.8%, Telefonica +1.2%, Mapfre +1.1%; Grifols -1.8%)

FTSE MIB movers (Saipem +1.2%, Enel Green Power +1.2%, Banca Monte dei Paschi +1.2%, Ansaldo +1%; Fiat -1.8%, Atlantia -1.2%)

SMI movers (SwissRe +1.3%, Novartis +1.2%, Julius Baer +1%; Holcim -1.6%)
Focus Shifts From US Elections To Greek Austerity Vote

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Focus Shifts From US Elections To Greek Austerity Vote

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