Economic Data
:
- (RU) Russia Narrow Money Supply w/e Aug 6th (RUB): 7.12T v 7.16T prior
- (FI) Finland Jun Industrial Production M/M: -1.4% v 1.2% prior; Y/Y: -1.0% v -1.4% prior
- (DE) Germany July Final Consumer Price Index M/M: 0.4% v 0.4%e; Y/Y: 1.7% v 1.7%e
- (DE) Germany July Final CPI EU Harmonized M/M: 0.4% v 0.4%e; Y/Y: 1.9% v 2.0%e
- (FR) France Jun Industrial Production M/M: 0.0% v 0.1%e; Y/Y: -2.3% v -1.8%e
- (FR) France Jun Manufacturing Production M/M: 0.1% v 0.0%e; Y/Y: -2.6% v -2.1%e
- (FR) France Jun Central Govt. Balance: -€56.7B v -€62.9Be
- (DK) Denmark Jun Industrial Production M/M: -1.8% v -0.9% prior; Industrial Orders M/M: -2.8% v -0.7% prior
- (DK) Denmark July CPI M/M: 0.0% v -0.1%e; Y/Y: 2.3% v 2.2%e
- (DK) Denmark July CPI EU Harmonized M/M: -0.1% v -0.2%e; Y/Y: 2.1% v 2.1%e
- (NL) Netherlands Jun Trade Balance: €3.7B v €3.9B prior
- (NO) Norway July CPI M/M: -0.5% v -0.3%e; Y/Y: 0.2% v 0.4%e
- (NO) Norway July CPI Underlying M/M: 0.0% v -0.2%e; Y/Y: 1.3% v 1.2%e
- (NO) Norway July Producer Prices incl.Oil M/M: 1.1% v -3.5% prior; Y/Y: -0.6% v -0.2% prior
- (NO) Norway Jun Credit Indicator Growth Y/Y: 7.1% v 6.8%e
- (IT) Italy July Final CPI (NIC incl. tobacco) M/M: 0.1% v 0.0%e; Y/Y: 3.1% v 3.0%e
- (IT) Italy July Final CPI EU Harmonized M/M: -1.7% v -1.6%e; Y/Y: 3.6% v 3.7%e
- (UK) July PPI Input M/M: 1.3% v 1.3%e; Y/Y: -2.4% v -1.5%e
- (UK) July PPI Output M/M: 0.0% v 0.0%e; Y/Y: 1.7% v 2.0%e
- (UK) July PPI Output Core M/M: 0.0% v 0.1%e; Y/Y: 1.3% v 1.6%e
- (HK) Hong Kong Q2 GDP Q/Q:-0.1% v 0.6%e; Y/Y: 1.1% v 1.2%e
- (PT) Portugal July Consumer Price Index M/M: 0.0% v -0.2% prior; Y/Y: 2.8% v 2.7% prior
- (PT) Portugal July CPI EU Harmonized M/M: +0.2% v -0.2% prior; Y/Y: 2.8% v 2.7% prior
- (RU) Russia Jun Trade Balance: $14.0B v $15.0Be; Exports: $40.8B v $42.1Be; Imports: $26.8B v $27.3Be
- (IN) India sold total INR150B vs. INR150B indicated in 2017, 2022, 2030 and 2036 bonds
- (ZA) South Africa sold total ZAR800M in I/ L2025, 2038 and 2050 Bonds
:
- Cyprus Central Bank: Support for banking sector to be determined in late October.
- Italian Minister: No discussions on seeking European Union Bond help
- German Ministry: Moderate Economic Growth in Q2
- China July Trade Balance comes in below expectations with horrible components
- Japan Parliament passed the consumption tax increase (as expected); first sales tax increase since 1997
:
Indices:
- FTSE 100 -0.10% at 5848
- DAX -0.30% at 6942
- CAC-40 -0.60% at 3434
- IBEX-35 -0.90% at 7045
- FTSE MIB -0.20% at 14,622
- SMI -0.20% at 6490
- S&P 500 Futures -0.25% at 1397
After opening lower, most indices have continued to trade in negative territory. Today's declines have been led by weakness in the Spanish IBEX and French CAC-40 indices. Factors that have weighed on markets include more disappointing economic data out of China and cautious commentary from Germany's Economy Ministry related to the growth outlook. European banks are trading mixed. Underperformers in the sector include Commerzbank, Bank of Ireland and Intesa, while shares of Barclays have outperformed. Resources related companies are broadly lower, tracking the declines in commodity prices.
In UK movers, shares of UK Coal [UKC.UK] have lost over 20% on the company's H1 results. Insurer Prudential [PRU.UK] has traded lower as the company reported in line H1 results. In the banking sector, Barclays [BARC.UK] is higher by over 1% amid speculation that the firm could name former BoE official David Walker as its new chairman. Bank of Ireland has lost over 3% after reporting y/y declines in its H1 operating profit and revenues. In Germany, Hannover Re [HNR1.DE] is lower by over 4%, as the company reported weaker than expected profits. Hannover reported y/y declines in its ROE, EBIT margin and net investment income. Germany's largest steelmaker ThyssenKrupp [TKA.DE] is higher by more than 3% on better than expected Q3 results. The company's stated that strength in its elevator/escalators business offset weakness in the materials business. Oil services firm Fugro [FUR.NL] has lost approx. 1.5% after issuing H1 results.