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Thursday February 28, 2013 - 11:06:38 GMT
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TradeTheNews.com EU Market Update: Most European markets see slight gains as traders assess earnings reports, situation in Italy

TradeTheNews.com EU Market Update: Most European markets see slight gains as traders assess earnings reports, situation in Italy
Thu, 28 Feb 2013 5:55 AM EST

***Need to Know***
- (JP) Yen continued to weaken, Nikkei225 closes up more than 2.5% as Japan govt nominates Haruhiko Kuroda for BoJ Gov and Kikuo Iwata, Hiroshi Nakaso as Dep Govs, as expected. 10-yr Japanese government bond (JGB) yields hit multi-year lows as Kuroda nomination confirmed
- (FR) Arkema (AKE.FR) lower after Q4 and FY12 results slightly miss estimates, expects gradual recovery in some high performance materials markets
- (DE) German regional CPIs rise m/m
- (DE) Shares of Hochtief weaker after missing FY12 estimates and admitted that they were below the company's own expectations, new orders and backlog at record high
- (NL) Netherland spreads widen after Twitter chatter indicates it's AAA rating could be headed for a downgrade, though failed to say which agency. PM Rutte said it was unlikely that the 2013 budget deficit target would be met; Dutch spreads reverse earlier tightening
- (DE) Shares of Bayer higher after reporting strong Q4 results even with one offs related to Yaz
- (IT) Italy equities underperform on banking sector, still no progress in forming a govt in Italy; Euro Zone officials raise concerns about the pace of the government formation process in Italy
- (DE) Germany's Feb unemployment hits 5-month low; EUR/USD seems little concerned, only getting weaker later in the session
- (ES) Spanish 10-yr bonds outperform Italian 10-yr debt, as Spain's bonds have completely recovered from the losses seen due to the Italian elections; Bond traders ignore Spain's sight downward revision to Q4 GDP
- (JP) Japan Fin Min more upbeat amid improving economic data
- (AU) Commodity currencies outperform revising prior session's underperformance
- (CN) In China, the PBoC unexpectedly drained liquidity from the money market for the week, leading some to speculate if the central bank is moving away from its easing bias

***Indices***
FTSE 100 +0.30% at 6,342, DAX +0.50% at 7,716, CAC-40 +0.30% at 3,703, IBEX-35 +0.50% at 8,176, FTSE MIB -0.20% at 15,797, SMI +0.50% at 7,525, S&P 500 Futures +0.10% at 1,517

- European equity markets are mostly higher, although the FTSE MIB in Italy has lagged. European banks are mixed. RBS has lost over 1%, following its FY earnings report. Additionally weakness has been seen in the Italian banking. Resource-related companies are mostly lower, tracking the declines in gold and oil prices. Some of the European firms which reported earnings earlier during the session included Bayer, Deutsche Telekom and RBS.

- Germany Movers [Aixtron +8% (Q4 sales above ests),Bayer +2.5% (Q4 results above ests), ProsiebenSat +2% (positive on 2013), RWE +1.5% (broker commentary); Hochtief -6% (FY profits below ests), Deutsche Telekom -1.2% (Q4 EBITDA below ests)]

- UK movers [Man Group +2.5% (FY12 profits rose y/y); Severfield-Rowen -5% (rights offering),RBS -1.5% (FY pretax loss widened)]

- France movers [Essilor International +3.5% (FY profits rose y/y), GDF Suez +1% (reaffirmed outlook)]

***Economic Data***
- (CH) SWISS Q4 GDP Q/Q: 0.2% V 0.0%E; Y/Y: 1.4% V 0.9%E
- (DE) GERMANY DEC ILO EMPLOYMENT: 41.68M V 41.65M PRIOR; UNEMPLOYMENT RATE: 5.3% V 5.3% PRIOR
- (ES) SPAIN FEB PRELIMINARY CONSUMER PRICE INDEX Y/Y: 2.7% V 2.7%E; CPI EU HARMONIZED Y/Y: 2.8% V 2.8%E
- (ES) SPAIN Q4 FINAL GDP Q/Q: -0.8% V -0.7%E; Y/Y: -1.9% V -1.8%E
- (DE) DENMARK Q4 PRELIMINARY GDP Q/Q: -0.9% V -0.3%E; Y/Y: -1.0% V -0.6%E
- (DE) GERMANY FEB UNEMPLOYMENT CHANGE: -3K V 0.0KE; UNEMPLOYMENT RATE: 6.9% V 6.8%E
EU Feb Eurocoin: -0.20% v -0.23% prior
- (EU) EURO ZONE JAN CPI M/M: -1.0% V -1.0%E; Y/Y: 2.0% V 2.0%E; CPI CORE Y/Y: 1.3% V 1.5%E

***Fixed Income***
- (HU) HUNGARY DEBT AGENCY (AKK) SELLS HUF60B VS. HUF50B INDICATED IN 12-MONTHS BILLS; AVG YIELD 4.88% V 5.13% PRIOR

***Currencies***
- EUR/USD: Traded in range between 1.3130 and 1.3150 until after the release of German employment which came in slightly below expectations. The EUR trades down slightly forming a base above 1.3100 and has been range bound since
- EUR/JPY: The pair traded from about 121.40 down to 120.60 after the German unemployment report as European stock markets sold off slightly
-GBP/USD traded from 1.5170 to test the 1.5200 level before falling back down to the 1.5150 level

***Looking Ahead***
- 06:00 (RU) Russia Gold & Forex Reserve w/e Feb 22nd: No est v $529.5B prior
- 06:00 (DE) Germany Feb CPI Bavaria M/M: No est v -0.6% prior; Y/Y: No est v 1.8% prior
- 06:00 (IE) Ireland Jan Property Prices M/M: No est v -0.5% prior; Y/Y: No est v -4.5% prior
- 06:00 (IE) Ireland Jan Retail Sales Volume M/M: No est v -0.1% prior; Y/Y: No est v -1.0% prior
- 06:00 (CZ) Czech Republic to sell up to CZK10.0B in 12-month Bills
- 06:30 (US) Daily Libor Fixings
- 07:00 (CL) Chile Jan Manufacturing Index: +3.5%e v -2.5% prior
- 07:00 (CL) Chile Jan Retail Sales Y/Y: 10.2%e v 11.0% prior
- 07:00 (CL) Chile Jan Total Copper Production: No est v 513.3K tons
- 07:00 (CL) Chile Jan Unemployment Rate: 6.2%e v 6.1% prior
- 07:00 (ZA) South Africa Jan Trade Balance (ZAR): -9.7Be v -2.7B prior
- 07:00 (ZA) South Africa Jan Budget Balance (ZAR): No est v 20.5B prior
- 07:00 (BR) Brazil Jan Manufacturing PPI M/M: No est v 0.3% pror; Y/Y: No est v 7.2% prior
- 08:00 (PL) Poland Central Bank (NBP) Feb Inflation Expectations: 2.3%e v 2.7% prior
- 08:00 (DE) Germany Feb Preliminary Consumer Price Index M/M: +0.7%e v -0.5% prior; Y/Y: 1.7%e v 1.7% prior
- 08:00 (DE) Germany Feb Preliminary CPI EU Harmonized M/M: +0.7%e v -0.7% prior; Y/Y: 1.7%e v 1.9% prior
- 08:30 (US) Q4 Preliminary GDP Q/Q Annualized: +0.5%e v -0.1% advanced; Personal Consumption: 2.3%e v 2.2% advanced
- 08:30 (US) Q4 Preliminary GDP Price Index: 0.6%e v 0.6% advanced; Core PCE Q/Q: 0.9%e v 0.9% advanced
- 08:30 (US) Initial Jobless Claims: 360Ke v 362K prior; Continuing Claims: 3.140Me v 3.148M prior
- 08:30 (CA) Canada Jan Industrial Product Price M/M: 0.4%e v 0.0% prior; Raw Materials Price Index M/M: +1.3%e v -2.0% prior
- 08:15 (US) Feds Lockhart opening remarks at banking conference
- 08:30 (CA) Canada Q4 Current Account (BOP): -$17.0Be v -$18.9B prior
- 08:30 (US) Weekly Net Export data
- - 08:30 (UK) EU' President Van Rompuy, EU Commissioner Rehn, Ireland's Gilmore at London Conference
- 09:00 (US) Feb NAPM-Milwaukee: 52.0 v 51.3 prior
- 09:30 (BR) Brazil to sell 2013, 2015 and 2016 Bills
- 09:45 (US) Feb Chicago Purchasing Manager: 54.1e v 55.6 prior
- 10:00 (EU) ECB member Praet on EU competition panel in Brussels
- 10:00 (MX) Mexico Jan Net Outstanding Loans (MXN): No est v 2.287T prior
- 10:30 (US) Weekly EIA Natural Gas Inventories
- 10:30 (US) IMF holds regularly press conference
- 11:00 (US) Feb Kansas City Fed Manufacturing Activity: No est v -2 prior
- 11:00 (CO) Colombia Jan National Unemployment Rate: No est v 9.6% prior; Urban Unemployment Rate: 13.0%e v 10.2% prior
-12:00 (US) EIA Monthly Natural Gas Production report
- 12:30 (US) Feds Raskin speaks on banking in Atlanta
- 14:00 (AR) Argentina Jan Construction Activity M/M: No est v 0.9% prior; Y/Y: No est v 8.0% prior
- 18:30 (JP) Japan Jan National CPI Y/Y: -0.2%e v -0.1% prior; CPI Ex Food, Energy Y/Y: -0.7%e v -0.6% prior
- 20:00 (CN) China Feb Manufacturing PMI: 50.5e v 50.4 prior
- 20:00 (US) Fed's Evans speaks in Des Moines, Iowa

 

 

 

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