Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

No Surprises Expected At Eurogroup's Teleconference On Spain's Banks

Published 07/20/2012, 08:40 AM
Updated 01/01/2017, 02:20 AM

No surprises expected at Eurogroup's teleconference call on Spain's banking sector MOU

Economic Data
(RU) Russia Narrow Money Supply w/e July 16th (RUB): 7.22T v 7.13T prior

(DE) Germany June Producer Prices M/M: -0.4% v -0.2%e; Y/Y: 1.6% v 1.8%e

(GR) Greece May Current Account: -€1.2B v -€0.9B prior

(DK) Denmark June Retail Sales M/M: -0.3% v +0.2% prior; Y/Y: -1.2% v -0.5% prior

(JP) Japan June Convenience Store Sales Y/Y: -2.6% v +1.7% prior

(NL) Netherlands May Consumer Spending Y/Y: -1.9% v -2.0% prior

(NL) Netherlands June House Price Index M/M: +0.9% v -0.5% prior; Y/Y: -4.4 v -5.5% prior

(TW) Taiwan June Export Orders Y/Y: -2.6% v -2.8%e v

(UK) June Public Finances (PSNCR): £3.0B v £8.5Be; Public Sector Net Borrowing: £12.1B v £11.2Be; PSNB ex Interventions: £14.4B v £13.4Be

(IC) Iceland June Wage Index M/M: 0.0% v 0.4% prior; Y/Y: 6.9% v 11.0% prior

(GR) Greece May Current Account: No est v -€912M prior

Fixed Income
(IN) India sold total INR150B vs. INR150B indicated in 2020, 2026, 2032 and 2041 bonds

(ZA) South Africa sold total ZAR800M in I/L 2025, 2038 and 2050 Bonds

Notes/Observations
Eurogroup meets via teleconference call to approve Spain banking sector MOU.

Japan is concerned that the euro crisis will continue to strengthen the yen.

CNY hits upper limit of trading band for the first time since it was widened back in April.

Equities
Indices: FTSE 100 -0.3% at 5698, DAX +0.3% at 6773, CAC-40 -0.1% at 3261, IBEX-35 -0.1% at 6630, FTSE MIB -0.7% at 13,567, SMI -0.2% at 6311, S&P 500 Futures -0.2% at 1369

European equity indices are trading mostly lower, as the DAX has outperformed, while the FTSE MIB in Italy has lagged. The Spanish IBEX-35 has swung between gains and losses ahead of the EU teleconference on Spain's banking sector aid (expected to begin at about 6:00 AM EST). Among the European banks, Italian banks and Deutsche Bank have underperformed. European miners are mixed, amid the declines in copper and oil prices. In terms of US corporate earnings, companies due to report results include General Electric (NYSE:GE), Ingersoll-Rand (NYSE:IR), Manpower (NYSE:MAN), Schlumberger (NYSE:SLM), Sun Trust Banks (NYSE:STI) and Xerox (NYSE:XRX).

Shares of the London Stock Exchange [LSE.UK] opened the session higher by ~2%, but have since pared gains after a Singapore Stock Exchange spokesman (SGX) denied that the two companies were in merger talks. Resolution [RSL.UK] has traded lower by over 6%, after canceling its planned £250M capital return. Vodafone's [VOD.UK] shares have lost ~2.5%, as Q1 growth in service revenues was below analyst expectations. Additionally, Vodafone made cautious comments related to the outlook for Europe, hinted at cost cutting measures and noted that it was planning to hold additional talks with Verizon regarding a dividend payment.

In the mining space, Anglo American [AAL.UK] has traded higher by over 1% after issuing its Q2 production update. In Germany, Suedzucker [SZU.DE] has lost over 3% (trading ex-dividend), while RWE [RWE.DE] is lower by over 2.5% on cautious broker commentary. IVG [IVG.DE] has gained over 3% as the company applied to become a REIT. Heidelberger Druck [HDD.DE] is moving higher, following the announcement that its board appointed a new CEO. Deutsche Post [DPW.DE] has lost over 1.5%, amid concerns related to the bankruptcy filing by German mail order retailer Neckermann. In other German movers, automakers have outperformed the overall DAX index.

In Italy, Unicredit [UCG,IT] has traded lower by over 1%, amid reports that Italian regulators will launch a probe into Euribor. French advertising firm Publicis [PUB.FR] has moved between gains and losses after the company reported its H1 results and reiterated its FY outlook.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.