Economic Data
(JP) Japan July Vehicle Sales Y/Y: 36.1% v 40.9% prior
(RU) Russia July Manufacturing PMI: 52.0 v 51.0 prior
(IN) India July Manufacturing PMI: 52.9 v 55.0 prior, eight month low
(IN) India Jun Trade Balance: -$10.3B v -$10.3Be; Exports Y/Y: -5.5% v -4.2% prior; Imports Y/Y: -13.5% v -7.4% prior
(UK) July Nationwide House prices M/M: -0.7% v -0.2%e; Y/Y: -2.6% v -1.9%e
(IE) Ireland July NCB Manufacturing PMI: 53.9 v 53.1 prior; highest reading in 15 months
(AU) Australia July RBA Commodity Price AU Index: 95.8 v 98.1 prior; SDR Index SDR Y/Y: -9.8% v -9.9% prior
(SE) Sweden July Swedbank PMI Survey: 50.6 v 47.7e
(TH) Thailand July Consumer Price Index M/M: 0.4% v 0.2% prior; Y/Y: 2.7% v 2.6%e; CPI Core; 1.9% v 2.0%e
(HU) Hungary July PMI: 51,9 v 52.8 prior
(PL) Poland July Manufacturing PMI:49.7 v 47.2e
(TR) Turkey July Manufacturing PMI: 49.4 v 51.4 prior; first contraction since March 2012
(HU) Hungary May Final Trade Balance: €701.0M v €701.1M prelim
(NO) Norway July PMI: 48.7 v 49.0e
(ES) Spain July Manufacturing PMI: 42.3v 40.3e
(CZ) Czech July Manufacturing PMI: 49.5 v 49.4 prior
(IT) Italy July PMI Manufacturing: 44.3 v 44.1e
(FR) France July Final PMI Manufacturing: 43.4 v 43.6e
(DE) Germany July Final PMI Manufacturing: 43.0 v 43.3e
(EU) Euro Zone July Final PMI Manufacturing: 44.0 v 44.1e; lowest since Jun 2009
(GR) Greece July Manufacturing PMI: 41.9 v 40.1 prior
(NO) Norway Q2 Industrial Confidence Indicator Q/Q: 7 v 9 prior
(UK) July PMI Manufacturing: 45.4 v 48.4e
(DK) Denmark July Danish PMI Survey: 46.5 v 52.5 prior
(ZA) South Africa July Kagiso PMI: 51.0 v 47.5e
(ES) Spain July Car Registrations Y/Y: -17.2% v -12.0% prior
Fixed Income:
(IN)) India sold total INR120B vs. INR120B indicated in 3-month and 12-month Bills
(RU) Russia sold RUB9.32B vs. RUB15B indicated in new 2022 bond; Yield 7.92% vs. Guidance between 7.87-7.92%
(EU) ECB allotted $7.0B in 7-Day Dollar Tender vs. $8.0B prior
(DE) Germany solds €3.354B in 0.5% Apr 2017 BOBL; Avg Yield 0.31% (recorde low) v 0.51% prior; Bid-to-cover:2.6 x v 2.7x prior
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
Key central bank rate decisions over the next 24 hours; market anticipates extended policy guidance from the Fed and the potential for some ECB measures to the support the euro zone
German officials continue to tout its hard-line stance on Europe
China data sends mixed signals on manufacturing PMI; Australia Manufacturing Index at 3-year low
Major European PMI Manufacturing revised lower in final reading (3-year lows)
Spain sets debt limit for Autonomous Regions in crisis
US Tsy Sec Geithner: Europe 'Still a cloud over us'
Equities
Indices: FTSE 100 +0.60% at 5666, DAX +0.10% at 6776, CAC-40 +0.40% at 3303, IBEX-35 -0.80% at 6683, FTSE MIB -0.50% at 13,826, S&P 500 Futures +0.30% at 1379
Equity indices are trading mixed ahead of the later today US FOMC rate decision and amid the release of mixed PMI figures. Additionally, comments which were released from Bundesbank official Weidmann have weighed on market. According to Bundesbank, the remarks were from an internal interview which was previously conducted. The comments follow recent remarks out of ECB head Draghi, in which he noted that the ECB was ready to do whatever is needed to preserve the Euro within its mandate. According to some traders, the Draghi comments have raised the stakes for Thursday's ECB meeting.
Among the European banks, French financials have outperformed amid earnings out of SocGen, while underperformers include Spanish, Italian and German banks. German automakers are trading broadly lower, following the release of quarterly results from BMW. Resource related companies are mixed, tracking commodity prices. Companies due to report earnings during the US morning include ADP, Avon Products, Comcast, Garmin, Harley Davidson, MasterCard, Shire and Time Warner.
German automaker BMW [BMW.DE] has declined by over 2.5% as the company's quarterly net profits missed analyst expectations. Additionally, BMW made cautious remarks regarding the outlook for China and Europe. Large Italian energy producer Eni [ENI.IT] is slightly higher, after reporting better than expected Q2 net profits. Also, Eni announced an increase in its interim dividend. In other movers in Italy, Mediaset [MS.IT] has declined by over 6% (reported Q2 results), while Fiat [F.IT] is lower by ~1.5% (issued Q2 results). Danish wind firm Vestas Wind [VWS.DK] has declined by over 5% after issuing preliminary Q2 results.