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Friday September 20, 2013 - 10:01:20 GMT
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TradeTheNews.com EU Market Update: Markets search for direction after Fed driven gains

TradeTheNews.com EU Market Update: Markets search for direction after Fed driven gains
Fri, 20 Sep 2013 5:26 AM EST

***Notes/Observations***
-Markets little changed and search for direction following Thursday's Fed inspired run up
-Indian banks fall sharply as RBI unexpectedly raises repo rate, Indian Rupee weakness as RBI eases emergency currency support measures.
-Weekend German national elections in focus, DAX hovers below recently hit record high

***Economic Data***
- (IN) INDIA CENTRAL BANK (RBI) CUTS MARGINAL STANDING FACILITY (MSF) BY 75BPS TO 9.50%
- (IN) INDIA CENTRAL BANK (RBI) RAISES REPURCHASE RATE BY 25BPS TO 7.50%, NOT EXPECTED

- (DK) DENMARK AUG RETAIL SALES M/M: 0.0% V +0.2%E; Y/Y: -0.6% V 0.1% PRIOR
- (NL) NETHERLANDS AUG HOUSE PRICE INDEX M/M: 0.1% V 1.2% PRIOR; Y/Y: -4.4% V -5.0% PRIOR
- (UK) AUG PUBLIC FINANCES (PSNCR): -3.0B V +5.2BE; PSNB EX INTERVENTIONS: 13.2B V 13.3BE; PUBLIC SECTOR NET BORROWING: 11.5B V 11.9BE

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
Indices: [EuroStoxx50 -0.10%, FTSE 100 flat at 6,621, DAX -0.10% at 8,686, CAC-40 -0.20% at 4,199, IBEX-35 flat at 9,153, FTSE MIB -0.10% at 18,044, SMI +0.40% at 8,125, S&P 500 Futures -0.10% at 1,716]

Market Focal Points: Equity markets consolidated recent gains, Gold miners reverse some of Thursday's gains

By Sector
Utilities [RWE RWE.DE -2% (confirmed reduction in dividend)]
Consumer Discretionary [Adidas ADS.DE -3.5% (cautious outlook)]
Consumer Staples [Sainsbury SBRY.UK +1.5% (broker commentary)]
Industrials [Finmeccanica FNC.IT -2% (credit downgrade)
Financials [Direct Line DLG.DE -2% (share placement), ICAP IAP.UK -2% (broker commentary); Deutsche Boerse DB1.DE +1% (broker commentary)]
Basic Materials/Resources [Gold miners are broadly lower, following the sharp move higher seen on Thursday's session (Fresnillo FRES.UK -2.5%, Polymetal POLY -3%, Petropavlovsk POG.UK -5%]
Telecom [Portugal Telecom PTC.PT +2.5% (broker commentary)]
Stoxx50 Sectors [Basic Materials -0.5%, Telecom -0.40%, Consumer Cyclical -0.2%, Consumer Non-Cyclical -0.2%, Energy -0.20%, Utilities -0.20%, Industrials -0.10%; Technology +0.40%, Financials +0.2%]

Speakers:
-Hungary Premier Orban: In talks to buy stakes in utility companies. -Hungarian utility sector could be state-owned in 2-3 years
-Spain Fin Min De Guindos: Sees agreement on European Resolution Mechanism by year end
-German Deputy Econ Min Kapferer: EU needs a global agreement on Greenhouse gas cuts
-IMF's Shinohara: Japan may lose steam in 2014 due to fiscal tightening
-EU Regulator Barnier: Austerity should not kill all growth and needs to be differentiated. Non-financial firms may get new tax disclosure rules
-Japan Econ Min Amari: Nothing has been finalized on the corporate tax or economic package
-ECB's Liikanen (Finland): ECB balance sheet reduction shows confidence boost. He stressed that only well capitalized banks should be under single supervisor.
-India Central Bank (RBI) said that the policy decisions they made today are steps to begin a cautious unwinding of temporary financial measures and are intended to address inflationary pressures. They noted that wholesale inflation is higher than expected which warranted an increase in the repo rate.
-RBI gov Rajan: Easing liquidity was warranted as external conditions improved. The MSF reduction is a significant reduction in banks' cost of funding. The Repo rate hike affects 0.5% of entire borrowing of banking system

***Forex***
India's Rupee was one of the major movers in the session after the central bank in a surprise move raised the repo rate. Against the greenback opened at 61.76 touching a high of 62.60 and a low of 61.76, before settling around 62.15 heading into mid-European session. EUR/USD was little changed at 1.3525 and slightly weaker against the Yen, Swissie and pound. Sterling was slightly higher in the session +0.2% to 1.6051.

Political/In the Papers:
-(EU) ECB's Liikanen: Sees soft signs of Euro area economic recovery.
-ECB's accommodative policy supports the economy
-(IN) India Central Bank (RBI) said to have eased intraday Fx trading position limits placed on some banks
-(IN) State Bank of India Chairman Chaudhuri: SBI may have to raise deposit and lending rates substantially
-(SE) Sweden Riksbank central bank Gov Ingves: Stronger SEK (Krona) reflects economic strength

**Looking Ahead***
- 06:00 (EU) ECB announces 3-Year LTRO Repayment
- 06:10 (UK) DMO to sell combined 2.5B in 1-month, 3-month and 6-month Bills
- 06:30 (US) Daily Libor Fixing
- 07:00 (EU) European Medicines Agency releases drug approvals
- 07:30 (IN) India Forex Reserves w/e Sept 13th: No est v $ prior
- 8:00 (ES) Spain Debt Agency (Tesoro) announce specific bonds in upcoming auctions
- 08:00 (US) Baltic Dry Bulk Index
- 08:00 (BR) Brazil Sept IBGE Inflation IPCA-15 M/M: 0.3%e v 0.2% prior; Y/Y: 5.9%e v % prior
- 08:30 (CA) Canada Aug CPI M/M: 0.1%e v 0.1% prior; Y/Y: 1.1%e v 1.3% prior; Consumer Price Index: No est v 123.1 prior
- 08:30 (CA) Canada Aug CPI Core M/M: 0.1%e v 0.0% prior; Y/Y: 1.1%e v 1.4% prior
- 09:00 (MX) Mexico Aug Unemployment Rate: No est v 5.1% prior
- 10:00 (MX) Mexico Central Bank Monetary Policy Minutes
- 10:00 (EU) Euro Zone Sept Advance Consumer Confidence: -14.5e v -15.6 prior
- 10:00 (DE) German Chancellor Merkel holds campaign rally in Hannover
- 10:30 (DE) Germany Fin Min Schaeuble speaks at CDU Election Event, Remchingen
- 11:00 (US) Fed to purchase $1.25-1.75B in Notes
- 12:30 (US) Fed's George speaks on the Economy in New York
- 13:00 (DE) German Chancellor Merkel holds campaign rally in Mnchen
- 13:30 (DE) Germany Fin Min Schaeuble speaks at CDU Election Event, Backnang
- 13:45 (US) Fed's Kocherlakota speaks in New York
- 15:00 (AR) Argentina Q2 GDP Y/Y: 7.0%e v 3.0% prior; Current Account Balance: $681Me v -$2.4B prior
- 17:00 (CO) Colombia July Retail Sales Y/Y: 5.5%e v 4.1% prior
- 17:00 (CO) Colombia July

 

 

 

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Amazing Trader EVENT RISK Calendar:


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15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
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15:00 US- final University of Michigan Survey
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