European Market Update: Participants eye Fed's meeting on Discount Rate today
Monday, April 05, 2010
European Market Update: Participants eye Fed's meeting on Discount Rate today
*** ECONOMIC DATA *** - (TU) Turkey Mar Consumer prices M/M: 0.6% v 0.6%e ; Y/Y: 9.6% v 9.6%e - (TU) Turkey Mar Producer prices M/M: 1.9% v 0.8%e; Y/Y: 8.6% v 7.2%e - (SP) Spain Mar Consumer Confidence: 72.7 v 71.1 prior - (BR) Brazil Mar FIPE CPI: 0.3% v 0.4%e
*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM *** - Equities: Most European markets closed for Easter Monday holiday (Turkey and Russia were open). The Russian MICEX hit its best level in 20 months.
-Individual Stocks: Magnitogorsk [MAGN.RU] reported FY09 Net $232M better than the $150M analyst estimates. Revenues came in at $5.08B compare in line with estimates of $5B but well below year ago levels of $10.6B. The company saw 2010 production up 30% y/y || Tata Steel [TATA.IN] Exec stated that the company would raise flat prices by 10%; and long product prices by INR2.5K per ton; effective Apr 1st ||
- Speakers: UK's Darling reiterates that gov't borrowing must be brought down via tax and lower expenditures. He reiterated that taking money out of the economy at this time would place the economic recovery at risk *** Thai Central Bank Gov commented that it was premature to determine if political protests would delay interest rate hikes. The observation followed another central Bank member Watanagase who stated that domestic protests would likely had affected economy but it was too early to assess the impact *** US Envoy Hill commented that Iraq would pump 10M bpd of oil per day in 5 to 10 years time ***
- Currencies/Fixed Income: The USD maintained a firmer tone in thin holiday trading with dealers focusing on a Fed Discount Rate meeting being held on Monday. There are rumors that the Fed might again raise the Discount rate at this meeting. EUR/USD holding below the 1.35 handle ahead of the NY morning. USD/JPY was just off 7-month highs. ***Russian Central Bank (CBR) lowered floating Ruble basket trading band's lower boundary for the 25th time since mid-Feb to 33.75 from the 33.80 prior. The floating corridor is now between 33.75-36.75 rubles against the euro-dollar basket *** US Treasury Geithner to use diplomacy rather than pressure to coax China into changing its FX policies.
***Notes/Observations: - Friday's US nonfarm payroll at payrolls +162k v +184Ke, Unemployment rate steady at 9.7% - US Treasury announced delay of scheduled April 15th release of report on global currency policies - Fed Board meeting on Discount Rate today - Draft of IMF quarterly World Economic Outlook raises its 2010 global economic growth to 4.1% v 3.9% January estimates - Mexico experiences its largest earthquake in 7 years with a 7.2 magnitude hitting Baja area
***Looking Ahead*** - (RU) Russia Mar Consumer Prices M/M: No est v 0.9% prior; Y/Y: No est v 7.2% prior; CPI YTD: No est v 2.5% prior - (RU) Russia Mar Core CPI M/M: No est v 0.5% prior; Core YTD: No est v 1.0% prior - 8:30 (CL) Chile Central Bank minutes - 8:30 (CL) Chile Feb Economic Activity Y/Y: 4.5%e v 4.2% prior - 9:30 (SI) Singapore Mar Purchasing Managers Index: No est v 51.9 prior; Electronic Sector Index: No est v 53.0 prior - 10:00 (US) Mar ISM Non-Manufacturing Composite: 54.0e v 53.0 prior - 10:00 US) Feb Pending Home sales M/M: -1.0%e v -7.6% prior; Y/Y: No est v 8.8% prior - 11:30 (IR) Ireland Finance Ministry Monthly Exchequer data - 14:00 (MX) Mexico Mar IMEF Manufacturing Index: 52.3e v 51.9 prior; Non-Manufacturing Index: 53.2e v 53.5 prior - 13:00 (US) Treasury to sell $8.0B in 10-year reopening - 17:00 (CO) Colombia Mar Producer Price Index M/M: No est v 0.9% prior; Y/Y: No est v -0.5% prior
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