Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

By Trade The NewsMarket OverviewOct 18, 2012 06:37AM ET
www.investing.com/analysis/risk-appetite-rises-on-spanish-auction-results,-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
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
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

Notes/Observations
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)

Equities
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
 

Related Articles

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

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: All information provided by Trade The News, referred to as TTN or WE hereafter, is for informational purposes only. TTN does not provide investment advice nor is anything on our site a recommendation to Buy or Sell securities from TTN. Our community, which is a real-time interactive mesh of all many mediums of communications spans over 100 countries and always taken from sources deemed reliable. No guarantees or assurances can be made to the accuracy of any information provided.
Continue with Google
or
Sign up with Email