Economic Data
- (RU) Russia Narrow Money Supply w/e Oct 22nd (RUB): 7.27 v 7.21T prior
- (DE) Germany Nov GfK Consumer Confidence: 6.3 v 5.9e
- (DE) Germany Sept Import Price Index M/M: -0.7% v +0.3%e; Y/Y: 1.8% v 2.9%e
- (FI) Finland Q3 House Prices Q/Q: 1.1% v 0.8% prior; Y/Y: 1.8% v 0.9% prior
- (FR) France Oct Consumer Confidence: 84 v 84e; Business Survey Overall Demand: -21 v -25 prior
- (ES) Spain Q3 Unemployment Rate: 25.0% v 25.0%e (record high level)
- (CH) Swiss Oct KOF Leading Indicator: 1.67 v 1.63e
- (EU) ECB: €527M borrowed in overnight loan facility €592M prior; €248.5B parked in deposit facility vs. €245.1B prior - 03:30 (SE) Sweden Sept Trade Balance (SEK): 6.0Be v 3.3B prior
- (VN) Vietnam Oct Trade Balance: -$500M v +$175M prior
- (DE) Germany Oct CPI Hesse M/M: 0.0 v 0.0% prior; Y/Y: 2.0 v 2.0% prior
- (IT) Italy Oct Business Confidence: 88.6 v 88.7e; Economic Sentiment: 76.6 v 76.0 prior
- (TW) Taiwan Sept Leading Index M/M: +0.1 v -0.1% prior; Coincident Index M/M: 0.4% v 0.3% prior
- (IT) Italy Debt Agency (Tesoro) solds total €3.0B vs. €3.0B indicated in Zero coupon Sept 2014 CTZ ; Avg Yield 2.397% v 2.532% prior; Bid-to-cover:1.65 x v 1.65 prior
- (IT) Italy Debt Agency (Tesoro) sold total €1.0B vs. €1.0B indicated in 2021 and 2026 BTPi
- Sold €674M in 2.1% I/L Sept 2021 BTPi; Yield 3.33% v 3.68%; Bid-to-cover: 2.13x v 2.26x prior
- Sold €326M in 3.1% I/L Sept 2026 BTPi Bond; Avg Yield 3.75% v 5.29% prior; Bid-to-cover: 2.71x v 2.43x prior
- (ZA) South Africa sold total ZAR800M in l I/L 2038 and 2050 Bonds
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
- AAPL misses and guides lower
- RBNZ Governor Wheeler sees scope for rate cuts if needed
- S&P cuts ratings of several major French banks citing economic risks
- FT comments on Finland: Parallel currency as being imaginable
- IMF on Portugal; serious downside risks exist to outlook, risks are rising for the bailout program
- Euro Zone Working Group: Greece off track an likely to badly miss bailout targets
- Markets focus on US Q3 Advanced GDP reading during NY morning
- Indices: FTSE 100 -0.60% at 5,772, DAX -0.30% at 7,177, CAC-40 -0.40% at 3,398, IBEX-35 -0.80% at 7,718, FTSE MIB -0.50% at 15,449, SMI -0.40% at 6,578, S&P 500 Futures -0.70% at 1,398
European equity indices are broadly lower, led by declines in Spain's IBEX-35, as the country's unemployment rate hit another record high in Q3. Additionally, the market declines have come as the Shanghai Composite dropped over 1.6% and US technology firms reported weaker than expected results. French financials have led the declines in the banking sector, as S&P lowered the ratings and outlooks of certain banks in France. Looking ahead, traders are expected to focus on US Q3 advanced GDP data. US companies due to report earnings include Arch Coal, Comcast, Merck and Moody's.
Shares of African Barrick Gold [ABG.UK] have declined by over 2.5%,as the company reported y/y declines in its Q3 net profits and sales. Commercial services firm, CPP Group [CPP.UK] has gained over 5%, following the release of its Q3 update. Anglo American [AAL.UK] is higher by over 1% on the planned resignation of its CEO. Dutch staffing firm, USG People [USG.NL] is trading lower, as the firm reported weaker than expected Q3 revenues. In Sweden, Ericsson [ERICB.SE] has declined by over 4 % on lower than expected sales. Energy producer Statoil [STL.NO] is lower by more than 1%, as the firm's Q3 results missed expectations. Fish farmer Marine Harvest [MHG.NO] is lower by over 3%, after releasing its Q3 results. French advertising firm Publicis has declined by over 3%, following the release of its Q3 sales figures. Audio/visual firm Technicolor [TCH.FR] is higher by over 6%, after releasing its Q3 sales report.
- FTSE 100 movers (Anglo American +2.9%, Weir Group +2.5%, Pearson +1.7%; Shire -2.7%, Kazakhmys -1.9%, Prudential -1.8%, ARM Holdings -1.8%, Fresnillo -1.8%)
- CAC-40 movers (Carrefour +2.4%, St. Gobain +1.8%, PPR +1.8%, EADS +1.3%; Credit Agricole -3.4%, Publicis -3%, SocGen -2.9%, BNP -2.7%, STMicroelectronics -2.4%)
- DAX movers (SAP +1.1%; Lanxess -1.8%, Daimler -1.5%, Fresenius Medical Care -1.3%, Volkswagen -1%)
- IBEX-35 movers (Gamesa +1.8%, Endesa +1%, Bankia -2.6%, Mapfre -2.3%, Red Electrica -2%, Ferrovial -1.9%, Banco de Sabadell -1.9%)
- FTSE MIB moves (Luxottica +2%; Lottomatica -2.6%, Fiat -2.5%, Campari -2.1%, Unicredit -1.5%, Exor -1.5%)
- SMI movers (Adecco -2.7%, UBS -1.7%, Credit Suisse -1.4%, Swiss Re -1.4%, SGS -1.3%)