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Friday's European Market Update

By Trade The NewsStock MarketsOct 19, 2012 06:41AM ET
www.investing.com/analysis/friday's-european-market-update-140454
Friday's European Market Update
By Trade The News   |  Oct 19, 2012 06:41AM ET
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Little reaction to 'accomplishments' from the EU Leader Summit

Economic Data
  • (RU) Russia Narrow Money Supply w/e Oct 15th (RUB): 7.21T v 7.14T prior
  • (JP) Japan Aug Final Leading Index CI: 93.2 v 93.6 prelim; Coincident Index CI: 93.5 v 93.6 prelim
  • (DE) Germany Sept Producer Prices M/M: 0.3% v 0.3%e; Y/Y: 1.7% v 1.6%e
  • (EU) ECB: €955M borrowed in overnight loan facility v €921M prior; €256.5B parked in deposit facility vs. €261.6B prior
  • (TW) Taiwan Sept Export Orders Y/Y: 1.9% v 1.9%e (first rise in 7 months)
  • (EU) Euro Zone Aug Current Account Unadj: €7.2B v €14.3B prior; Current Account Seasonally Adj: €8.8B v €8.1B prior
  • (IT) Italy Aug Industrial Orders M/M: 0.7% v 2.9% prior; Y/Y:-9.0 % v -4.9% prior
  • (IT) Italy Aug Industrial Sales M/M: 2.9% v 1.3% prior; Y/Y: -2.6% v -5.2% prior
  • (UK) Sept Public Finances (PSNCR):-€0.6B v +£4.7Be; PSNB ex Interventions: £12.8B v £13.5Be; Net Borrowing: £10.7B v £11.7Be
  • (MY) Malaysia Sept CPI Y/Y: 1.3% v 1.4%e
Fixed Income
  • (IN) India sold total INR130B vs. INR130B indicated in 2020, 2025 and 2041 bonds
  • (ZA) South Africa sold total ZAR800M in I/L 2025, 2038 and 2050 Bonds
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Notes/Observations
  • EU summit agree on having legal framework for banking union by the end of 2012
  • Today (Oct 19th) marks the 25th anniversary of Black Monday Crash
  • Italy sold €18B of the inflation-linked paper aimed at retail investors, the highest amount ever reaped in a single debt offering.
  • UK PSNB ex Interventions was the deficit lowest reading for the month of Sept since 2008
  • North Korea military vowed a "merciless military strike" upon the South without warning if anti-North Korean propaganda leaflets are distributed on Monday
Equities
  • Indices: FTSE 100 flat at 5,916, DAX -0.30% at 7,414, CAC-40 -0.20% at 3,529, IBEX-35 -1.1% at 8,014, FTSE MIB -0.60% at 16,086, SMI +0.10% at 6,787, S&P 500 Futures -0.10% at 1,450.75
Despite the declines being seen in peripheral bond yields, European equity indices opened the session lower, tracking the declines seen in US markets, as Google and Microsoft reported weaker than expected quarterly results. Spain's IBEX-35 has underperformed amid losses in the banking sector. Overall, European banks are moving lower. Underperformers in the banking sector include Bankia, Commerzbank, Deutsche Bank, Lloyds and Natixis. Resource related firms are broadly weaker, amid the declines being seen in commodity prices. Also, China's foreign direct investment (FDI) declined for the 10th straight month in Sept.

UK homebuilder Redrow [RDW.UK] is lower by over 5%, as the company terminated merger talks with Bridgemere. Shares of power equipment producer Aggreko [AGK.UK] have lost over 6%, amid concerns over the firm's bad debt provisions. Electronic controls maker Spectris [SXS.UK] has gained over 7%, after releasing its Q3 sales figures. Bunzl [BNZL.UK] has lost over 3%, as the firm reporting slowing sales growth in Q3.

In Austria, energy firm OMV [OMV.AT] has declined by over 1%, after disclosing its Q3 trading update. ArcelorMittal [MT.NL] has gained over 1%, amid reports that the firm is looking to sell a stake in its Canadian iron ore unit.

In France, retailer Carrefour [CA.FR] is higher by more than 6% on reports that the company could sell its operations in Colombia for over $2.5B. Auto components manufacturer Valeo [FR.FR] is higher by over 2%, as the company reported Q3 sales and confirmed its FY guidance. Shares of BMW [BMW.DE] are higher by more than 1.5%, as the firm reaffirmed its FY targets. SMA Solar [S92.DE] is lower by more than 25%, after issuing a profit warning. Shares of equipment maker Stratec Biomedical [SBS.DE] have declined by over 14%, as the firm warned on its outlook.
  • FTSE 100 movers (Aggreko -6.5%, Bunzl -3%, ITV -2.8%, Evraz -2.4%, Barclays -1.6%; Johnson Matthey +1.9%, John Wood +1.3%)
  • CAC-40 movers (Alstom -2.8%, STMicroelectronics -2.6%, SocGen -1.9%, Credit Agricole -1.8%, BNP -1.4%; Carrefour +7%, Vallourec +1.8%, Alcatel-Lucent +1.6%, ArcelorMittal +1%)
  • DAX movers (Deutsche Bank -2.8%, Commerzbank -2.1%, ThyssenKrupp -1.6%, Infineon -1.3%, Bayer -1%; BMW +2.1%, Continental +1.3%, Volkswagen +1.1%).
  • IBEX-35 movers (Bankia -7%, Sacyr -3.1%, Banco Popular -2.6%, BBVA -2.3%, Banco de Sabadell -2.3%)
  • FTSE MIB Movers (Ferragamo -5.7%, Camapri -3.6%, Mediaset -3.4%, Impregilo -2.9%, Intesa -1.1%; Buzzi Unicem +1%)
  • SMI movers (Credit Suisse -2%, UBS -1.8%, Julius Baer -1.7%; Roche +1%)
Friday's European Market Update
 

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Friday's European Market Update

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