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Friday's European Market Update

By Trade The NewsMarket OverviewMay 03, 2013 08:06AM ET
www.investing.com/analysis/friday's-european-market-update-165572
Friday's European Market Update
By Trade The News   |  May 03, 2013 08:06AM ET
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ECB members clarify possibility on negative rates
EU Commission paints a gloomier picture for Europe


Notes/Observations
  • (CN) China Apr Non-Manufacturing PMI: 54.5 vs. 55.6 prior (14th straight month of expansion)
  • India RBI cuts interest rates for 4th time in current easing cycle
  • Financial press report that suggested that some at ECB wanted a bigger cut
  • ECB members out in force putting their spin on yesterday's rate cut and solidarity among its council
  • ECB's Nowotny: Draghi's comments on possible negative interest rates had been over-interpreted,
  • New EU Commission economic forecasts paint gloomier picture for Europe
  • Focus moves to US April payroll report
Economic Data
  • (IN) India Central Bank (RBI) cut Repo Rate and Reverse Repo Rates by 25bps each to 7.25% and 6.25% respectively; Left Cash Reserve Ratio (CRR) unchanged at 4.00% (all as expected)
  • (IE) Ireland Apr NCB Services PMI: 55.2 v 52.3 prior; three-month high
  • (CH) Swiss Q1 UBS Real Estate Bubble Index: 1.17 v 1.11 prior
  • (NO) Norway Apr PMI SA: 48.9 v 49.8e
  • (HU) Hungary Feb Final Trade Balance: €639.4M v €672.6M prelim
  • (TR) Turkey Apr Consumer Prices M/M: 0.4% v 0.7%e; Y/Y: 6.1% v 6.5%e; CPI Core Y/Y: 5.4% v 5.8% prior
  • (TR) Turkey Apr Producer Prices M/M: -0.5% v +0.8%e; Y/Y: 1.7% v 2.3% prior
  • (EU) ECB: €1.79B borrowed in overnight loan facility vs. €20.0M prior; € parked in deposit facility vs. €120.8B prior
  • (NO) Norway Apr Unemployment Rate: 2.6% v2.6%e
  • (BR) Brazil Apr FIPE CPI: 0.3% v 0.2%e
  • (UK) Apr PMI Services: 52.9 v 52.4e
  • (EU) Euro-Zone Mar PPI M/M: -0.2% v -0.2%e; Y/Y: 0.7% v 0.6%e
Fixed Income

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities
FTSE 100 +0.10% at 6,468, DAX +0.10% at 7,971, CAC 40 -0.10% at 3,856, IBEX-35 +0.50% at 8,443, FTSE MIB -0.20% at 16,718, SMI -0.40% at 7,874, S&P 500 Futures -0.10% at 1,590

Equity markets in Europe are trading mixed as traders assess the recent rate moves and commentary out of the ECB. Additionally, the April US payrolls report is expected to be in focus. European banks are trading mixed, following earnings reports from BNP and RBS. Resources related firms are mostly higher, tracking the gains in copper and gold prices.
  • UK movers [Man Group +8% (capital reduction plan), Smurfit Kappa +3% (Q1 sales rose y/y); RBS -4% (Q1 sales declined y/y on markets unit), Direct Line Insurance -2% (Q1 gross written premiums declined)]
  • Germany Movers [Sky Deutschland +6% (Q1 EBITDA above ests), Adidas +5.5% (Q1 profits above ests), ThyssenKrupp +5% (broker commentary), Telefonica Deutschland +2% (affirmed outlook), Continental AG +1% (Q1 profits above ests); Hugo Boss -6% (share placement)]
  • France movers [CGGVeritas +9% (swung to profit in Q1), Vallourec +8.5% (Q1 profits above ests), BNP +0.50% (Q1 results above ests); Air France -3% (reported Q1 net loss), Remy Cointreau -2% (share placement)
Friday's European Market Update
 

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Friday's European Market Update

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