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Risk Appetite Rises On Spanish Auction Results, Better UK Retail Sales

By Trade The NewsMarket OverviewOct 18, 2012 06:37AM ET,-better-uk-retail-sales-140293
Risk Appetite Rises On Spanish Auction Results, Better UK Retail Sales
By Trade The News   |  Oct 18, 2012 06:37AM ET
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Economic Data
(CH) Swiss Sept Trade Balance (CHF): 2.0B v 1.7B prior; Real Exports M/M: 2.6% v 0.5%e; Real Imports M/M: 3.0% v 2.6% prior

(EU) ECB: €921M borrowed in overnight loan facility v €1.92B prior; €261.6B parked in deposit facility vs. €257.9B prior

(NL) Netherlands Oct Consumer Confidence: -32 v -27e

(NL) Netherlands Sept Unemployment Rate: 6.6% v 6.5% prior

(SE) Sweden Sept Unemployment Rate: 7.4% v 7.4%e; Unemployment Rate Seasonally Adj: 7.8% v 7.8%e

(ES) Bank of Spain released its Aug loan data with Total Bad Loans at €178.6B v €173.2B prior; Bad Loan Ratio: 10.5% v 9.9% prior (record levels)

(UK) Sept Retail Sales Ex Auto Fuel M/M: 0.6% v 0.3%e; Y/Y: 2.9% v 2.4%e

(UK) Sept Retail Sales w/Auto Fuel M/M: 0.6% v 0.4%e; Y/Y: 2.5% v 2.1%e

(HK) Hong Kong Sept Unemployment Rate: 3.3% v 3.3%e

(PL) Central/Eastern European Oct ZEW Indicator: +5.5 v -14.6 prior

(IT) Italy Aug Current Account: -€2.5B v +€1.6B prior

(ES) Spain Aug Trade Balance: -3.2B v -€1.7B prior

Fixed Income:
(ES) Spain Debt Agency (Tesoro) sold total €4.61B vs. €3.5-4.5B indicated range in 2015, 2016 and 2022 bono bonds

Sold €1.637B in 4.00% July 2015 Bono; Avg Yield 3.227% v 3.676% prior; Bid-to-cover: 2.61x v 1.8x prior; Maximum Yield 3.266% v 3.774% prior, tail: bps

Sold €1.464B in 4.25% Oct 2016 Bono; Avg Yield 3.977% v 4.603% prior; Bid-to-cover: 2.56x v 1.9x prior; Max Yield 3.999% v 4.694% prior; tail bps

Sold €1.513B in Jan 5.85% 2022 Bono Bonds; Avg Yield 5.458% v 5.666% prior; Bid-to-cover: 1.88x v 2.85x prior; Max Yield 5.468% v 5.700% prior; Tails 1.0bps v 3.4bps prior

(FR) France Debt Agency (AFT) sold total €7.96Bvs. €7.0-8.0B indicated rangeB in 2014, 2015, 2016 and 2017 BTANs

Sold €1.0B in 0.75% Sept 2014 BTAN; Avg Yield 0.19% v 0.20% prior; bid-to-cover: 4.73x v 2.25x prior

Sold €1.445B in 2.0% 2015 BTAN; Avg Yield 0.34% v 0.83% prior; Bid-to-cover: 3.45x v 3.31x prior

Sold €795M in 2.50% July 2016 BTAN note; Avg Yield 0.61% v 0.53%; Bid-to-cover: 3.84x v 2.14x prior

Sold €4.72B in 1.0% July 2017 BTAN; Avg Yield 0.92% v 0.98% prior; bid-to-cover 1.85x v 1.88x prior

(IE) Ireland Debt Agency (NTMA) sold €500M v €500M indicated in 3-month Bills; Avg Yield 0.700% v 0.700% prior; Bid-to-cover: 3.60x v 3.03x prior

(HU) Hungary Debt Agency (AKK) sells total HUF49B vs.HUF47B indicated in 2015, 2017, and 2022 bonds

(UK) DMO sold £3.75B in 4.5% 2019 Gilts; Avg Yield 1.128% v 1.495% prior; Bid-to-cover: 1.5x v 1.79x prior; Tail: 0.4bps v 0.4bps prior

China Q3 GDP in line +7.4% expectations but registering its 7th straight quarter of slowing growth with the YoY at a 3 low

S&P cut Cyprus sovereign rating three notches to B from BB, ratings remains on Watch Negative

UK Sept retail sales beats expectations

Spain auction results seen as solid

No pressure for EU Leaders to achieve results at current summit meeting ( its 22nd in the current crisis)

Indices: FTSE 100 +0.20% at 5,921, DAX +0.30% at 7,415, CAC-40 -0.10% at 3,524, IBEX -0.50% at 8,086, FTSE MIB -0.30% at 16,181, SMI -0.25% at 6,769, S&P 500 Futures flat at 1,457

European equity indices are trading mixed, as Spain's IBEX-35 has seen slight profit-taking following yesterday's outperformance. In terms of the banking sector, Spanish banks have lagged, while shares of Credit Agricole and Barclays have outperformed. Resource related firms are broadly higher, amid in line Q3 GDP data out of China

Shares of UK-listed fund manager Man Group [EMG.UK] have declined by over 4%, as the company noted that its outflows in Q3 accelerated on a q/q basis. SABMiller [SAB.UK] has moved slightly lower after issuing its H1 trading update, while retailer Mothercare [MTC.UK] is higher by over 9% following the release of its Q2 sales report. Dutch chemicals/coatings firm Akzo Nobel [AKZA.NL] is lower by more than 4%, as the firm's Q3 net profit missed analyst expectations. Nestle [NESN.CH] has declined by over 1.5%, after reporting weaker than expected Q3 organic sales growth.

Biotechnology firm Actelion [ATLN.CH] is higher by over 1%, after releasing its 9-month results and reaffirming FY outlook. Remy Cointreau [RCO.FR] is lower by over 6%, as the company noted that sales growth moderated in Q3. Italy's Banca Monte Paschi de Siena [BMPS.IT] has declined by over 5%, after Moody's downgraded the firm's rating to junk status. Additionally, there has been speculation that the firm is seeking to hire advisors for its previously announced €1B capital raise. In Sweden, aerospace/defense firm Saab [SAABB.SE] has traded lower, following the release of its 9-month results. Hygiene products firm Svenska Cellulosa [SCAB.SE] is higher by more than 3% on better than expected Q3 results.

FTSE 100 movers (Evraz +2.8%, Kazakhmys +2.6%, CRH +2.4%, Antofagasta +2.2%, IMI +1.8%; Capital Shopping Centers -1.7%, Smith & Newphew -1.2%, Unilever -1.2%, Standard Chartered -1%)

CAC-40 movers (Alcatel-Lucent +5.5%, Technip +2.9%, Renault +2.6%, STMicroelectronics +2.3%, Vallourec +1.5%; Pernod-Ricard -3.3%, L'Oreal -1.5%, BNP -1.1%, Vivendi -1.1%)

DAX movers (Infineon +2.9%, Lufthansa +2.1%, Daimler +2.1%, Deutsche Post +2%, HeidelbergCement +1.3%; Lanxess -1.1%)

IBEX-35 movers (Bankia +7%, Obrascon +1%, Endesa -2.6%, Mapfre -2.1%, Bankinter -1.6%, Banco de Sabadell -1.4%, CaixaBank -1.3%)

FTSE MIB movers (Ferragamo -4.8%, Banca Monte dei Paschi -4.9%, Impregilo -2.3%, Campari -2%, Tenaris -1.9%)

SMI movers (Actelion +2%, Credit Suisse +1.5%, Transocean +1.5%, Holcim +1.3%; Richemont -3.6%, Swatch -2.4%, Nestle -1.9%)
Risk Appetite Rises On Spanish Auction Results, Better UK Retail Sales

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Risk Appetite Rises On Spanish Auction Results, Better UK Retail Sales

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