German Bundesbank slashes growth outlook; UK production data comes in worse than expected; Focus turns to U.S. payrolls
Notes/Observations
Equities
Notes/Observations
- China Shanghai Composite has best weekly gain in three months
- Australia trade balance showed the highest deficit since late 2009, Exports to China rose to A$6.28B from A$5.25B prior
- Asia Development Bank trimmed its 2012 and 2013 Asia GDP to 6.0% and 6.6% respectively
- Budget talks said to have resume between White House and Boehner staff
- Berlusconi party PDL withdraws support for Monti. Raises risk of snap elections; Italian PDL opposition meets Italy President
- German Bundesbank cuts 2012 and 2013 GDP outlook; Austria cut growth view too in session
- A 7.3 magnitude earthquake hits offshore North-eastern Japan; limited tsunami warning issued (later lifted); Fukushima nuclear facility was not impacted.
- UK industrial Production and Manufacturing data come in worse than expected with back-month downwards revisions
- Focus on US Nov Nonfarm payrolls
- (RU) Russia Narrow Money Supply w/e Dec 3rd (RUB): 7.16T v 7.24T prior
- (ZA) South Africa Nov Net Reserves: $48.4B v $48.6Be; Gross Reserves: $50.8B v $50.7Be
- (DE) Germany Q3 Labor Costs Q/Q: 0.7% v 1.5% prior; Y/Y: 3.3 v 2.5% prior
- (FI) Finland Oct Preliminary Trade Balance: -€225M v -€61.0M prior
- (FR) France Oct Central Govt. Balance: -€94.6B v -€85.0B prior
- (FR) France Oct Trade Balance: -€4.7B v -€4.9Be
- (DK) Denmark Oct Industrial Production M/M: -1.4% v -3.3% prior; Industrial Orders M/M: -11.0% v 10.9% prior
- (CZ) Czech Oct Trade Balance (CZK): 33.0BB v 38.0Be
- (CZ) Czech Q3 Final GDP Q/Q: -0.3% v -0.3%e; Y/Y: -1.3% v -1.5%e
- (HU) Hungary Oct Preliminary Industrial Production M/M: -3.8% v +0.7% prior; Y/Y: -3.8% v 0.6%e
- (HU) Hungary Q3 Final GDP Q/Q: -0.2% v -0.2% prelim; Y/Y: -1.5% v -1.5% prelim
- (CH) Swiss Nov Foreign Currency Reserves (CHF): 424.8B v 422.0Be
- (TW) Taiwan Nov Total Trade Balance: $3.4B v $3.2Be; Total Exports Y/Y: +0.9% v +7.8%; Total Imports Y/Y: +0.1% v +7.3%
- (EU) ECB: €585M borrowed in overnight loan facility €665M prior; €230.0B parked in deposit facility vs. €229.3B prior
- (SE) Sweden Nov Budget Balance (SEK): +8.2BB v -14.2B prior
- (AT) Austria Nov Wholesale Price Index M/M: -1.0%% v -0.4% prior; Y/Y: 2.8% v 4.2% prior
- (NL) Netherlands Oct Industrial Production M/M: -1.0% v -0.2%e; Y/Y: -1.7% v -0.4%e; Industrial Sales Y/Y: +3.3% v -3.9% prior
- (IC) Iceland Q3 GDP Q/Q: +3.5% v -6.5% prior; Y/Y: 2.1% v 0.2% prior
- (CZ) Czech Q3 Current Account: -? v -€260.2M prior
- (CZ) Czech Nov International Reserves: $44.2B v $44.2B prior
- (NO) Norway Oct Industrial Production M/M: +4.8% v -5.6% prior; Y/Y: +2.5% v -5.0% prior
- (NO) Norway Oct Manufacturing Production M/M: -0.3%% v+ 0.4%e; Y/Y: 2.7% v 2.4% prior
- (HK) Hong Kong Nov Foreign Currency Reserves: $305.2B v $301.7B prior
- (UK) Oct Industrial Production M/M: -0.8% v +0.8%e; Y/Y: -3.0% v -0.5%e
- (UK) Oct Manufacturing Production M/M: -2.1% v -0.2%e; Y/Y: -2.1-0.2%e
- (UK) Nov BoE/GfK Inflation Expectations Survey: Next 12 Months: 3.5% v 3.2% prior
- (IT) Bank of Italy Nov Balance-Sheet Aggregates: .
- (GR) Greece Q3 Final GDP Y/Y: -6.9% v -7.2% prelim
- (IT) Bank of Italy (BOI) Nov Balance-Sheet Aggregates: ECB funding to banks in Italy: €273.3B v €276.5B prior
- (IN) India sold total INR120B vs. INR120B indicated in 2020, 2025 and 2041 bonds
- (ZA) South Africa sold total ZAR800M in I/L 2022, 2038 and 2050 Bonds
Equities
- FTSE 100 -0..10% at 5,896
- DAX -0.10% at 7,528
- CAC-40 -0.10% at 3,599
- IBEX-35 -0.60% at 7,864
- FTSE MIB -0.80% at 15,702
- SMI -0.05% at 6,909
- S&P 500 Futures -0.10% at 1,412
Equity markets in Europe, are trading mixed as the German Bundesbank raised concerns about the growth outlook for the country. The Italian FTSE MIB has once again lagged on today's session, amid political concerns and rise in peripheral bond yields. Banks are mostly lower, as traders assess yesterday's ECB commentary related to negative interest rates. Underperformers in the sector include Banco Popular Espanol, Bankia, Commerzbank, Intesa and Unicredit. Data from the Bank of Italy showed that Italian banks reduced their reliance on the ECB for the fourth straight month in Nov. Looking ahead, markets are expected to focus on the monthly U.S. payrolls report and German Oct industrial production data. Also, later today is the deadline for submissions related to Greece's debt buyback plan.
- UK movers [Marks & Spencer -1.5% (broker commentary), Photo-Me International -2.5% (H1 sales down y/y)]
- France movers [Club Med -4% (FY results), Alcatel Lucent -2.5% (removed from CAC-40), GDF Suez -1% (cautious broker commentary, follow-through selling); Gemalto +1% (added to CAC-40)]
- Germany movers [Loewe -4% (cautious FY outlook), Deutsche Telekom -3% (cut dividend), Dialog Semiconductor -1% (6 straight decline), RWE and E.ON -0.50% (Germany 2013 power prices hit record lows), Reinsurers underperform DAX (follows earthquake in Japan); Linde +1% (broker commentary)]
- Italy movers [Impreglio +2% (approved strategic plan),Telecom Italia +1% (considering sale of stake in fixed-line unit, rejects Sawiris offer)]
- Spain movers [Banco Popular and Bankia lower by over 3% (continue to underperform European banking sector, higher Spanish yields)]
Greece moves [Greek banks broadly lower (today is deadline for debt exchange submissions)]
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