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Monday April 1, 2013 - 10:15:22 GMT
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TradeTheNews.com EU Market Update: Markets quiet on Easter Monday

TradeTheNews.com EU Market Update: Markets quiet on Easter Monday
Mon, 01 Apr 2013 5:35 AM EST

***Notes/Observations***
- Asian markets subdued on weaker than expected Japan Tankan, China Manufacturing PMI
- Most European markets closed for Easter Monday holiday
- Italy still trying to form a government in Italy but by the looks of it a stable coalition can't be formed out of the recent election results

***Economic Data***
- (PE) Peru Feb CPI m/m: 0.9% v 0.5%e; y/y: 2.6% v 2.2%e; Wholesale Prices M/M: % v 0.1% prior
- (JP) Japan Mar Vehicle Sales Y/Y: -15.6% v -12.2% prior
- (RU) Russia Mar Manufacturing PMI: 50.8 v 51.0e
- (IN) India Mar HSBC-Markit Manufacturing PMI: 52.0 v 54.2 prior
- (TR) Turkey Mar Manufacturing PMI: 52.3 v 53.5 prior
- (TR) Turkey Q4 GDP Q/Q: 0.0% v 0.2% prior; Y/Y: 1.4% v 2.0%e; GDP wda Y/Y: 1.4% v 1.9% prior
- (GR) Greece Mar Manufacturing PMI: 42.1 v 43.0 prior

Fixed Income:
- (PH) Philippines sold total PHP20.0B vs. PHP20.0B indicated in 3-month, 6-month and 12-month Bills

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***

***Equities***
Major European markets closed for Easter Monday holiday

Speakers:
- Cyprus Pres Anastasiadis outlined his 10 point plan for economic recovery which called for the expedition of investment projects, measures to attract foreign capital, use of European funds to combat youth unemployment, lowering electric bills, and the opening of casinos. Public worker layoffs, salary reductions, and pensions were not on the table at this point. A full plan will be presented Thu Apr 4th when the Troika arrives in Cyprus
- Cyprus House of Representives Pres Omirou: There will be no future unless Cyprus is freed from the Troika and the memorandum for the bailout-
- Russia First Deputy PM Shuvalov: Russia govt will not aid businesses that have lost money in Cyprus. Move seen as a move to prevent capital flight from Russia to offshore accounts
- Spain PM Rajoy may offer Catalonia chief Mas a new financial model for the region to avoid a Catalonia secession- El Pais
- Japan Fin Min Aso: Inflation target could become harmful if it only raises price levels without economic growth
- Greece Fin Ministry: Have paid 3.2B in arrears to the end of March
- Japan Fin Min Aso: Inflation target can become harmful if it only raises price levels without economic growth
- India Fin Min Chidambaram commented that he was not happy with India's current growth rate of 5-5.5%. India likely to grow 6.1-6.7% for FY13/14

Currencies:
- FX markets were quiest with bulk of Europe out on holiday. The EUR/USD hovered just above the 1.28 handle. Italy might have to return to the polls amid continued political uncertainty and speculation of resignation by President Napolitano
- The JPY currency was firmer against the major pairs. Fears of a BOJ disappointment overshadowed expectations of a meaningful policy shift. The USD/JPY tested below 93.50 while EUR/JPY tested below 120

Political/In the Papers:
- North Korea enters "state of war" with the South: After the US flew two B-2 bombers over South Korea in a show of force, the North put its missiles on standby to US bases in South Korea and the Pacific.
- Bank of Cyprus depositors may take larger write-down than previously thought
The depositors may lose up to 60% of savings in deposits above 100K. An initial 37.5% will be converted to bank shares and another 22.5% maybe converted if further capitalization is deemed to be required upon additional review.
- Italy President Napolitano may step down early
Napolitano is still considering how to resolve political deadlock after Bersani was unable to come to terms on a coalition and may resign early if an agreement cannot be made.
- China increases property controls: The press reported Beijing may ban single-person households from purchasing more than one home and will also increase down payment requirements for all 2nd property buyers. New property measures will be effective Mar 31st.
- Parts of private lawsuits in LIBOR manipulation cases dismissed by US judge

***Looking Ahead***
***All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (CZ) Czech Mar Budget Balance (CZK): No est v 5.6B prior
- (RU) Russia Mar Reserve Fund: No est v $84.7B prior; Wellbeing Fund: No est v $87.6B prior
- (RO) Romania Mar Total International Reserves: No est v $36.2B prior
- 06:00 (RO) Romania to sell Bills
- 06:00 (TR) Turkey to sell Floating 2020 Bonds
- 07:30 (BR) Brazil Central Bank Weekly Economists Survey
- 07:30 (CL) Chile Central Bank Meeting Minutes
- 08:58 (US) Mar Final Markit US PMI Manufacturing No est v 55.2 prelim
- 09:00 (BR) Brazil Mar PMI Manufacturing: No est v 52.5 prior
- 10:00 (US) Mar ISM Manufacturing: 54.2e v 54.2 prior; Prices Paid: 59.5e v 61.5 prior
- 10:00 (US) Feb Construction Spending M/M: +0.8%e v -2.1% prior

- 11:00 (MX) Mexico Central Bank Economist Survey
- 11:00 (MX) Mexico Feb Remittances: No est v $1.5B prior
- 11:30 (US) Treasury to sell 3-Month and 6-Month Bills
- 14:00 (BR) Brazil Mar Trade Balance: No est v -$1.3B prior; Exports: No est v $15.6B prior; Imports: No est v 16.8B prior
- 14:00 (MX) Mexico Mar IMEF Manufacturing Index: No est v 51.5 prior; IMEF Non Manufacturing Index: No est v 51.1 prior

 

 

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