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Friday March 7, 2014 - 11:01:48 GMT
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| | Email EU Market Update: Markets await US payrolls; Russia admits different view on Ukraine situation EU Market Update: Markets await US payrolls; Russia admits different view on Ukraine situation
Fri, 07 Mar 2014 5:23 AM EST

- (RU) White House: During the phone conference, US President Obama and Japan PM Abe agreed Russia's actions are threat to international peace and security
- (US), COUP: Prices upsized 10.5M share (10M prior) IPO at $16/share, above the expected pricing range of $12-14/share
- (EU) Fitch: affirms ESM at AAA; outlook stable
- (UK) UK Fin Min Osborne expected to have to deal with a 20B hole in the budget; will present annual budget on March 19th - FT
- (DE) Fraport beats estimates, but guides FY14 to see net slightly higher y/y, while expecting EBITDA and Rev to be lower.
- (IT) Telecom Italia fails to meet expectations on both FY13 and Q4, suspends dividend, to buyback 500M in bonds
- (ES) Spain Econ Min Latorre: GDP seen between 0.4-0.5% in quarters leading to end of year
- (HK) Hanhua Financial is delaying $367M IPO in Hong Kong due to weak demand
- (GR) Greece's Eurobank and Alpha Bank may be able to return to the capital markets after release of stress test results - Greek Press
- (CN) PBoC Dep Gov Yi Gang (also head of FX regulator SAFE): Reiterates view to maintain Yuan exchange rate basically stable; Two-way fluctuation depends on market situations
- (CN) China's Chaori Solar failed to make an interest payment making it's the first ever China corporate bond default (**Note: Market began in 1997)
- (US) Any disappointment in the March Non-Farm payroll data likely to be shrugged off on weather-related factors.

Market Focal Points: European equity markets trade mostly lower ahead of US payrolls data and as dealers assess Thursday's ECB statement, DAX underperforms

- Indices [Stoxx50 -0.5%, FTSE 100 -0.4% at 6,760, DAX -0.9% at 9,455, CAC-40 -0.3% at 4,402, IBEX-35 -0.1% at 10,288, FTSE MIB -0.3% at 20,779, SMI -0.5% at 8,447, S&P 500 Futures flat at 1,877]

***By Sector***
Consumer Discretionary [Fraport FRA.DE -1% (FY EBITDA below ests); Air France AF.FR +3% (Feb traffic +1.8%), AGA Rangemaster AGA.UK +3% (FY profits rose y/y)]
Energy [Fugro FUR.NL -6% (FY results below ests)]
Healthcare [Getinge GETIB.SE -15% (profit warning)]
Telecom [Telecom Italia TIT.IT, moved between gains and losses following earnings report]]
Stoxx50 sectors [Industrials -0.9%, Technology -0.8%, Telecom -0.5%, Consumer Non-Cyclical -0.5%, Consumer Cyclical -0.4%, Energy -0.3%, Financials -0.2%, Basic Materials -0.2%, Utilities -0.2%]

***Currencies/Fixed Income***
- The USD maintained a soft tone heading into the March non-farm payroll data. .
- The EUR/USD continued to seek out fresh 3-month highs with key resistance remaining at the six-year downtrend line of 1.3890 (data points also corresponds to 2013 high at 1.3893). Various analysts push back their views on any potential ECB action following the disappointment from Thursday's Draghi press conference. Excess liquidity in the Euro Zone was at 112B, lowest since Dec 2011
- Verbal intervention having less of an impact on the AUD currency. RBA Gov Stevens: reiterated his view that AUD currency above 90 US cents was too high under RBA's assessment. AUD/USD above 0.91 as markets taunting the central bank to back up its words with action
- European bond yields moved higher as the ECB meeting dampens hope for full blown QE later in the year

***Key Economic Data***
- (UK) Feb BoE/GfK Inflation Next 12 Months: 2.8% v 3.6% prior
- (DE) Germany Jan Wholesale Prices M/M: -0.1% v +0.3% prior; Y/Y: -1.7% v -1.3% prior
- (IT) Italy Jan PPI M/M: -0.2% v -0.1% prior; Y/Y: -1.7% v -2.1% prior
- (NO) Norway Jan Industrial Production M/M: 1.1% v 0.5% prior; Y/Y: +2.5 v -2.2% prior

***Looking Ahead***
- 06:00 (DE) Germany Jan Industrial Production M/M: +0.8%e v -0.6% prior; Y/Y: 3.9%e v 2.6% prior
- 08:30 (US) Feb Change in Nonfarm Payrolls: +150Ke v +113K prior; Change in Private Payrolls: +152Ke v +142K prior; Change in Manufacturing Payrolls: +5Ke v +21K prior
- 08:30 (US) Feb Unemployment Rate: 6.6%e v 6.6% prior; Underemployment Rate: No est v 12.7% prior; Change in Household Employment: No est v +638K prior; Labor Force Participation: No est v 63.0% prior
- 08:30 (US) Feb Average Hourly Earnings M/M: 0.2%e v 0.2% prior; Y/Y: 2.0%e v 1.9% prior; Average Weekly Hours: 34.4e v 34.4 prior
- 08:30 (US) Jan Trade Balance: -$38.5Be v -$38.7B prior
- 08:30 (CA) Feb Net Change in Employment: +15.0Ke v +29.4K prior; Unemployment Rate: 7.0%e v 7.0% prior; Full Time Employment Change: No est v 50.5 prior; Part Time Employment Change: No est v -21.1 prior; Participation Rate: 66.4%e v 66.3% prior; Labor Productivity Q/Q: 0.6%e v 0.2% prior
- 15:00 (US) Jan Consumer Credit: $14.0Be v $18.8B prior


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Mon 15 Oct 2018
AA 12:30 US- Retail Sales
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Thu 18 Oct 2018
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