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European Market Update: European Indices Lower on Continued Uncertainty *** ECONOMICS DATA ***
Â· SZ Q3 Industrial Production: Q/Q 0.0% v -2.2%e || Prior revised from 6.7% to 7.0% || Y/Y 10.7% v 8.0%e || Prior revised from 9.8% to 10.3%
Â· EU Dec Advanced PMI Manufacturing: 52.5 v 52. 3e
Â· EU Dec Advanced PMI Services: 53.2 v 54.0e
Â· EU Dec Advanced PMI Composite: 53.3 v 53.7e
Â· *** SPEAKERS/COMMENTS ***
Â· No speakers/comments seen overnight
Â· *** FIXED INCOME/FX/COMMODITIES/ERRATUM ***
Â· European fixed income futures are trading higher in the session on the back of weaker equities. The flight to fixed income follows a rise in uncertainty after signs of subprime related weakness emerged in Australia despite the coordinated central bank action seen last week. Germany announced overnight that it will sell â‚¬213B in securities in 2008, up from â‚¬209B in 2007.
Â· Commodities are trading slightly lower across the board today. On the commodity front BHP's Escondida copper mine in Chile, which is the largest copper mine in the world, was operating on reduced power overnight following an earthquake on Sunday. Rio Tinto announced the approval for a $991M extension of its Kestrel mine. Goldman Sachs boosted its long-term oil price forecast by around 50% overnight to $60/barrel fro 2012-2026.
Â· All was quiet on the data front overnight, however activity will pick up throughout the week. In Switzerland third-quarter industrial production exceeded estimates on both a q/q and y/y basis. The y/y reading was the highest since March of 2003, however the data did not yield any major response. In the Euro-Zone advanced PMI figures for the month of December were mixed, with manufacturing slightly ahead of estimates, and both services and composite slightly behind.
Â· There were no speakers scheduled in the Euro-Zone overnight. While there are some ECB, BOE, and SNB speakers scheduled to speak later in the week, the events calendar for European officials is quiet overall ahead of the holiday next week.
Â· On the Currency front the US Dollar remains firm as technical factors help the currency continue its recent gains. The Yen is firmer against the European crosses on the back of declines in global equity markets. All in all trading has been pretty technical due to the lack of economic data, and speakers in today's session.
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