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Monday September 23, 2013 - 12:08:46 GMT
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TradeTheNews.com EU Market Update: European markets continue to trade cautiously following recent Fed meeting

TradeTheNews.com EU Market Update: European markets continue to trade cautiously following recent Fed meeting
Mon, 23 Sep 2013 5:22 AM EST

***Notes/Observations***
-Mixed advance PMI data from Germany and France
-China Sept PMI data continues Aug trend of better than expected data
-Fed taper debate continues, silver futures move sharply lower while emerging market equities decline
-In Germany, traders focus on possible coalition partners for German Chancellor Merkel
-Irish bonds outperform following commentary from Moody's

***Economic Data***
- (FR) FRANCE SEPT PRELIMINARY PMI MANUFACTURING: 49.5 V 50.1E; PMI SERVICES: 50.7 V 49.6E
***Economic Data of Note***
- (DE) GERMANY SEPT ADVANCE PMI MANUFACTURING: 51.3 V 52.2E; PMI SERVICES: 54.4 V 53.0E
- (EU) EURO ZONE SEPT ADVANCE PMI MANUFACTURING: 51.1 V 51.7E; PMI SERVICES: 52.1 V 51.0E; PMI COMPOSITE: 52.1 V 51.8E

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
Indices: [Stoxx50 +0.30%, FTSE 100 -0.10% at 6,593, DAX +0.20% at 8,693, CAC-40 +0.20% at 4,213, IBEX-35 flat at 9,167, FTSE MIB +0.20% at 18,000, SMI +0.20% at 8,118, S&P 500 Futures +0.30% at 1,706]
Market Focal Points: Declines in metals prices weigh on mining sector, Greek equities outperform led by banks
By Sector
Healthcare [Ablynx ABLX.BE +12% (licensing agreement)]
Utilities [RWE RWE.DE -1% (disclosed details on job cuts), Centrica CNA.UK -1% (writedown)]
Industrials [Technip TEC.FR -1.5% (broker commentary); SGL Carbon SGL.DE +4% (issued details related to cost cutting program)]
Financials [Aberdeen Asset Management AND.UK (issued upbeat outlook)]
Stoxx50 sectors [Consumer Cyclical +0.80%, Financials +0.50%, Telecom +0.40%, Industrials +0.30%, Energy +0.20%, Technology +0.10%, Basic Materials +0.10% ; Utilities -0.10%, Consumer Non-Cyclical -0.10%]

Speakers:
Former Israel Central bank gov Fischer: Fed needs flexibility to respond to events, market cannot expect Fed to spell out its plans. Sees Fed reducing QE modestly before Bernanke exit, but doesn't see QE taper leading to a rate spike.
South Korea Treasury official: South Korea aims to diversify BOK holders of bonds

***Forex***
- Euro/USD saw small initial gains on Chancellor Merkel's victory in the German elections, securing her a third and final term; however that was quickly replaced with broad weakness as longtime partner failed to secure enough votes for seats, which means new political alliance will need to be met. EUR/USD traded 1.2518 most of the session after testing 1.3550 but failing to break 1.3570 resistance . Swiss franc weakened against the other majors, losing 0.25% against the USD. Yen gained 0.4% against the USD to 98.95

Political/In the Papers:
(ES) Spain considering stopping indexing regulated services to CPI
(PL) Poland may keep rates steady beyond end-2013. Poland may revise rate policy if GDP growth is seen above 3%, 2014 growth of 2.5% would be in line with a neutral stance.
(DE) German opposition SPD general sec Nahles: There is no automatic coalition, SPD to take its time to consider all options

**Looking Ahead***
- 06:00 (IL Israel to sell Bonds
- 06:30 (US) Daily Libor Fixing
- 07:00 (RO) Romania to sell RON700M in Bonds
- 07:30 (BR) Brazil Central Bank Weekly Economists Survey
- 08:00 (US) Baltic Dry Bulk Index
- 08:00 (IL) Israel Central Bank Interest Rate Decision: Expected to leave the Base Rate unchanged at 1.25%
- 08:30 (US) Aug Chicago Fed Nat Activity Index: No est v -0.15 prior
- 08:30 (CH) Swiss Government Question Time in Parliament
- 08:50 (FR) France Debt Agency (AFT) to sell combined in 3-month, 6-month, and 12-month bills
- 08:58 (US) Sept Preliminary Markit US PMI Manufacturing: No est v 53.1 prior (10 month low)
- 09:00 (MX) Mexico July Retail Sales Y/Y: No est v -1.9% prior
-9:20EDT/13:20GMT Federal Reserve Bank of Atlanta President Dennis Lockhart
-9:30EDT/13:30GMT Federal Reserve Bank of New York President William Dudley speaks before the Fordham Wall Street Council

- 09:30 (EU) ECB calls for bids in 7-Day Main Refinancing Tender at fixed 0.50%
- 09:30 (EU) ECB announces prior settlements in SMP program to offset bond purchases
- 11:00 (US) Fed to buy $3.0-4.0B in notes
-- 11:15 (CH) SNB President Jordan speaks at KOF/ETH
- 11:30 (US) Treasury to sell combined $ in 3-Month and 6-Month Bills
- 13:00EDT/17:00GMT Federal Reserve Bank of Kansas City Vice President and Economist George Kahn speaks to Society of Business Economists in London
-13:30EDT/17:30GMT Federal Reserve Bank of Dallas President Richard Fisher speaks on "Banking conditions in Texas and the U.S. and comments on Too Big to Fail" before the Independent Bankers Association of Texas Annual Convention

- 15:00 (AR) Argentina Aug Trade Balance: No est v $770M prior
- 17:00 (CO) Colombia July Trade Balance: No est v $717.8M prior; Total Imports CIF: No est v $4.3B prior
- (AR) Argentina Sept Consumer Confidence Index: No est v 50.03 prior

 

 

 

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