Economic Data
(CH) SWISS Q2 INDUSTRIAL PRODUCTION Y/Y: 4.6% V 1.4% PRIOR
(UK) SEPT HALIFAX HOUSE PRICE INDEX M/M: -0.4% V 0.4% PRIOR; 3M/Y: -1.2% V -0.9% PRIOR
(NL) NETHERLANDS SEPT CPI M/M: 0.4% V 0.5%E; Y/Y: 2.3% V 2.5%E
(NL) NETHERLANDS SEPT CPI EU HARMONIZED M/M: 0.5% V 0.1% PRIOR; Y/Y: 2.5% V 2.5% PRIOR
(IN) INDIA SEPT MARKIT SERVICES PMI: 55.8 V 55.0 PRIOR
(HK) HONG KONG AUG RETAIL SALES VALUE Y/Y: 4.5% V 5.8%E; RETAIL SALES VOLUME Y/Y: 3.2% V 3.5%E
(HK) HONG KONG SEPT HOME SALES M/M: HK$40.4B V HK$39.7B PRIOR
(UK) Sept New Car Registrations +8.2% y/y to 359.6K units
(ID) Indonesia Sept Forex Reserves m/m: $110.2B v $109.0B prior
(EU) ECB: €954M borrowed in overnight loan facility v €2.4B prior; €279.3B parked in deposit facility vs. €296.9B prior
Fixed Income
(ES) SPAIN DEBT AGENCY (TESORO) SELLS €3.99B V €3.0-4.0B INDICATED IN 2014, 2015 AND 2017 BONDS; Sells €1.99B v €3.94B prior in 3.75% 2015 Bono Bonds; Avg Yield: 3.956% v 3.845% prior; Bid-to-cover: 1.98x v 1.56x prior; Max Yield 4.028% v 3.919% prior; Tails 7.2bps v 7.4bps prior (only tranche with comparable priors after OMT bond purchasing announcement by the ECB)
(FR) FRANCE DEBT AGENCY (AFT) SELLS €7.98B V €7.0-8.0B INDICATED IN 2018, 2022 AND 2041 BONDS (OAT)
(HU) Hungary Debt Agency (AKK) sells total HUF47.5B in 2015, 2017, and 2022 bonds
(ID) Indonesia sells IDR7.5T v IDR5.0T indicated in 3-month, 1-year, 11-year, 16-year and 21-year bonds
Notes/Observations
EUR/USD remains in $1.28-1.30 range ahead of ECB meeting
Spanish bonds underperform, as the auction of 2014, 2015 and 2017 bonds was again weighted towards the shorter maturities which would be covered by the ECB's OMT bond buying program; Additionally, in the 2015 tranche Spain paid a higher yield vs the prior auction held in late Sept.
Equity markets pare gains amid renewed concerns that Greece's next aid payment could be delayed until Nov.
AUD continues to underperform on weaker economic fundamentals, as retail sales miss expectations
Oil, gold gain amid geopolitical tensions between Turkey and Syria.
Equities
Indices: FTSE 100 -0.30% at 5,806, DAX -0.40% at 7,295, CAC-40 -0.50% at 3,390, IBEX-35 -0.30% at 7,800, FTSE MIB -0.60% at 15,447, SMI -0.10% at 6,600, S&P 500 Futures +0.20% at 1,448
Following the higher open, European equity markets are currently moving lower, led by the Italian FTSE MIB. Banks are currently trading mixed ahead of the ECB, while energy firms are lower following Wednesday's sharp decline in oil prices. Event risks for later in the session include rate decisions out of the ECB and BoE and the US Fed minutes.
UK retailer Halfords [HFD.UK] is higher by over 12%, after the company said it expects its FY profits to be at the upper end of its previously announced range. Ted Baker [TBK.UK] has traded higher by over 2%, after releasing its H1 results. Coal and iron ore miner, Evraz [EVR.UK] has traded lower as it announced plans to acquire an 82% stake in Russia's Raspadskaya, which is one of the firm's key suppliers. Educational technology firm, Promethean World [PRW.UK] has lost over 30%, after disclosing a profit warning.
In Switzerland, shares of dental implant manufacturer Nobel Biocare [NOBN.CH] are lower by over 6%, as the company lowered its FY EBIT forecast. Fiat Industrial [FI.IT] has lost over 1%, amid reports that the firm's planned merger with CNH is facing delays. Lottomatica [LTO.IT] is higher by more than 2% on a contract award. Dutch technical services firm, Imtech [IM.NL] has traded higher by over 1%, after the company disclosed a 10-year cooperation agreement with Airbus.
German steelmaker ThyssenKrupp [TKA.DE] has gained over 2%, amid renewed speculation that South Korea's Posco is interested in the Steel Americas unit. Daimler [DAI.DE] has outperformed the overall DAX index, amid speculation that Abu Dhabi's sovereign wealth fund (Aabar) is looking to transfer its remaining stake in the company. Plastic container producer Gerresheimer [GXI.DE] has moved lower by more than 1%, after reporting weaker than expected results. In Belgium, shares of pharmaceutical firm Ablynx [ABLX.BE] are higher by more than 5%, as the firm disclosed data related to its rheumatoid arthritis (RA) treatment. In Spain, Enagas [ENG.ES] is lower by more than 3%, as a ~5% stake was placed in the company.
FTSE 100 movers (Tate & Lyle +1.6%, Carnival +1.25%, Next +1.2%, Polymetal +1%; Evraz -3.8%, BHP -2.1%, Johnson Matthey -2.1%, BP -1.8%, BG Group -1.4%)
CAC-40 movers (Safran +3.1%, Renault +0.80%; Technnip -2.3%, St. Gobain -2.1%, Cap Gemini -1.8%, ArcelorMittal -1.7%, France Telecom -1.7%)
DAX movers (ThyssenKrupp +2%, BMW +0.70%, Volkswagen +0.70%; HeidelbergCement -2.6%, Deutsche Telekom -2%, Lanxess -1.8%, BASF -1.6%, RWE -1%, Linde -1.1%)
IBEX-35 (Inditex +1.7%, Sacyr +1.6%, Gamesa +1.4%, Amadeus +1%; Enagas -3.5%, Bankia -3%, Acerinox -2.5%, Endesa -1.8%, Repsol -1%)
FTSE MIB movers (Lottomatica +1.7%, Finmeccanica +1.3%; Fiat Industrial -2.7%, Tenaris -2%, Ferragamo -1.8%, Enel Green Power -1.5%, Telecom Italia -1.3%)
SMI movers (Swiss Re +2%, Adecco +1%; Syngenta -1.1%, Julius Baer -1.1%, Credit Suisse -1%, Swatch -1%)