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Thursday August 5, 2010 - 09:57:19 GMT
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European Market Update: IMF/EU review comments on Greece provides fuel for risk appetite sentiment (Trade the News)

Thursday, August 05, 2010 5:54:03 AM

 European Market Update: IMF/EU review comments on Greece provides fuel for risk appetite sentiment


***Economic Data***
- (HU) Hungary July Budget Balance YTD (HUF): v 1.0T prior
- (RU) Russia July Official Reserve Assets: $ v $461.2B prior
- (PO) Portugal Jun Industrial Sales M/M: % v 3.6% prior; Y/Y: % v 13.8% prior

- Swiss National Bank (SNB): Jul currency reserves (CHF) M/M: 219.3B v 224.9B prior
- (HU) Hungary Jun Preliminary Industrial Output M/M: 0.9% v 5.4% prior; Y/Y: 12.6% v 13.1%e
- (SP) Spain Jun Industrial Output NSA M/M: 3.1% v 5.0% prior; Industrial Output WDA Y/Y: 3.0% v 3.2% prior
- (NE) Netherlands July
CPI M/M: -0.3% v -0.2%e; Y/Y: 1.6% v 1.7%e
- (NE) Netherlands July
CPI EU Harmonized M/M: -0.6% v -0.7% prior; Y/Y: 1.3% v 0.2% prior
- (SW) Sweden Jun Unemployment Rate: 9.5% v 9.6%e
- (RU) Russia Gold & Forex Reserves w/e July 30th: $474.5B v $469.1B prior
- (TT) Taiwan July CPI Y/Y: 1.3% v 1.3%e; WPI Y/Y: 5.3% v 6.1%e
- (NO) Norway May AKU Unemployment Rate: 3,6% v3.7%e
- (UK) July New Car Registrations Y/Y: -13.2% v 10.8% prior; first negative reading sine Jun 2009
- (SA) South Africa July SACCI Business Confidence: 84.3 v 84.8 prior

Fixed Income:
- (SP) Spain Debt Agency (Tesoro) sold €3.5B (upper end of €2.5-3.5 indicated) in 2.5% Oct 2013 Bonds; avg yield 2.276% v 3.317% prior; Bid-to-cover: 1.9x v 2.1x prior
- (HU) Hungary Debt Agency sold
HUF50B in 12-month Bills; avg yield 5.66% v 5.75% prior; Bid-to-cover: 1.85x v 1.4x prior
- IMF, ECB and EU satisfied with progress in Greek austerity program
- Spain Debt Agency sells upper end of range in 3-year Bond auction at a lower yield
- Key European interest rate decisions today; BOE,ECB and Czech Republic
- New Zealand unemployment rate of 6.8% above expectations of 6.2e
- US Monster July online employment index M/M: 138 v (was 114 yr ago, and 141)
- Japan Trade Minister: Concerned about JPY currency appreciation and might need to take some sort of response.

- Equities
- As of 5:30am ET Euro Stoxx 50 Index +0.6% at 2,840; DAX Index +0.4% at 6,353; CAC-40 Index +0.8% at 3,790 and FTSE 100 Index +0.3% at 5,401

European peripherals provided the foundation for rising risk appetite in the session with a decent Spanish and Hungarian auction results and the IMF/EU basically giving Greece the green light to received the next €9B installment of its 3-year €110B rescue package.

- Barclays [BARC.UK] and Commerzbank [CBK.GE) continued the trend set by European peers and both reported a decrease in impairment and other provisions. While Barclays reported in line with estimates in first half, its quarterly top line income continued to decline by 38% to €3.8B. Bank's struggle to show growth in its revenues over the quarters, coupled with the CEO's frank comment on
Spain's deteriorating situation sent the shares lower. Commerzbank beat estimates especially on its net profit and revised positively the risk provisions for 2010 now estimated at €3.0B vs prior view of €3.8B. However, the theme present in both reports was the continued market uncertainty due to regulation and macroeconomic condition
- Deutsche Telekom [DTE.GE] disappointed on results and reported a decrease in adjusted Ebitda. Furthermore, it also narrowed EBITDA outlook for 2010 to a range of €19.5-19.6B vs prior view of approx €20B. The T-Mobile revenue was almost flat on a yearly basis and the overall US EBITDA margin had decreased by 4%. Broad outlook on the market was tame especially in the
US and in the European deficit countries. Company expected global economy to slow down in second half and 2011. Shares traded down by 0.2%



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  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

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  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.

  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.

  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.

  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.

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