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Wednesday March 12, 2014 - 10:28:38 GMT
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TradeTheNews.com EU Market Update: ECB members clarify stance; PBoC said to be ready to cut RRR if GDP falls below 7.5%

TradeTheNews.com EU Market Update: ECB members clarify stance; PBoC said to be ready to cut RRR if GDP falls below 7.5%
Wed, 12 Mar 2014 5:22 AM EST

***Notes/Observations***
- (IT) Enel on the other hand beat analysts FY13 Net 3.12B v 2.99Be; also raised dividend payout ratio from 40% to 50%
- (UK) Bank of England's (BoE) Bean: Reiterates MPC view of no urgency to raise interest rates, rise will be gradual and probably to level materially lower than pre-crisis
- (EU) EU's Barroso: EMU needs to maintain pace of structural reforms to ensure economic growth - comments in EU Parliament
- (BE) ECB's Praet (Belgium): Monetary policy still operates in difficult environment; reiterates Council's forward guidance of rates to remain at present level or lower - comments from Frankfurt
- (ES) ECB's Linde (Spain): Accommodative ECB policy may lead to a stronger USD - comments from Madrid
- (IT) Banca Monte Paschi de Siena came in well below analysts expectations for Q4 (Net loss 920.7M v 402Me, Rev 728.6M v 1.03Be)
- (JP) BOJ Gov Kuroda suggesting the central bank may be on hold for longer than expected in terms of adding to monetary stimulus
- (AU) Australia Mar Westpac Consumer Confidence registers its 4th consecutive decline (99.5 vs. 100.2 prior)
- (CN) More concerns on potential corporate defaults in China and the intricate link between overextended loans; PBoC said to be prepared to cut the RRR (reserve requirement ratio) if growth falls below 7.5% target

***Equities***
Market Focal Points: Equity markets open lower following negative leads from Asia on China concerns, Sharp drop in Shanghai copper prices weighs on miners, Upside for FTSE 100 capped by ex-dividends, pickup in European share placements.

Indices [Stoxx50 -0.9%, FTSE 100 -0.7% at 6,637, DAX -0.8% at 9,232, CAC-40 -1% at 4,306, IBEX-35 -0.7% at 10,097, FTSE MIB -0.6% at 20,720, SMI -0.4% at 8,330, S&P 500 Futures flat at 1865]

***By Sector***
- Financials [Standard Chartered STAN.UK -3% (ex-dividend), HSBC HSBA.UK -1% (ex dividend); Swiss Re SREN.CH +3% (M&A speculation), UBI Banca UBI.IT +2% (reported Q4 profit), Prudential PRU.UK +1% (FY profits above ests, raised dividend)]
- Industrials [Valeo FR.FR -3% (share placement); Alstom ALO.FR +1% (IPO for transport unit), Deutsche Post DPW.DE flat (Q4 profits above ests, sales below)]
- Consumer Discretionary [Tod's TOD.IT -3% (FY profits declined), G4S GFS.UK -2% (FY profits declined; Adecco ADEN.CH +4% (Q4 results above ests))
- Energy [Ceres Power CWR.UK +8% (narrowed H1 net loss), ERG ERG.IT +6% (Q4 EBITDA rose y/y)]
- Utilities [E.ON EOAN.DE +1% (FY EBITDA above ests), Enel ENEL.IT +0.9% (raised dividend payout ratio)]
- Telecom [Numericable NUM.FR (FY13 Rev +19% y/y)]
- Basic Materials/Resources [Hochschild Mining HOC.UK -10% (suspended dividend); Ferrexpo FXPO.UK +2% (declared special dividend)]
- Stoxx50 sectors [Consumer Cyclical -1.1%, Industrials -0.9%, Basic Materials -0.9%, Energy -0.8%, Technology -0.7%, Consumer Non-Cyclical -0.7%, Financials -0.4%, Telecom -0.3%; Utilities +0.2%]

***Currencies/Fixed Income***
- Risk aversion theme continued to simmer aided by concerns on potential corporate defaults in China and the intricate link between overextended loans. Copper continued to trade lower and tested fresh four-year lows. China central bank (PBoC) was said to be prepared to cut the RRR (reserve requirement ratio) if growth fell below its 7.5% GDP target
- Various ECB members (Noyer, Lautenschlaeger, Constancio, Praet and Linde) have remained vocal by trying to clarify the ECB's stance after last week's disappointment when the central bank did not announce any new measures to address deflation. On the backs of that commentary EUR/USD continues to languish below the re-drawn 6-year downtrend line (come in at 1.3915)
- The JPY currency (yen) traded firmer in the context of a risk-off theme in Asian stock markets. The USD/JPY was holding below the 103 handle.

***Looking Ahead***
- 06:30 (CH) Switzerland to sell 2.25% 2031 Bonds
- 06:30 (DE) Germany to sell 4.0B in 0.25% 2016 Schatz
- 07:00 (PT) Portugal Feb CPI M/M: +0.1%e v -1.4% prior; Y/Y: 0.3%e v 0.1% prior
- 08:00 (DE) German Fin Min Schaeuble on 2014 budget
- 08:00 (IN) India Jan Industrial Production Y/Y: -1.0%e v -0.6% prior
- 08:00 (IN) India Feb CPI Y/Y: 8.3%e v 8.8% prior
- 08:00 (BR) Brazil Feb IBGE Inflation IPCA M/M: 0.7%e v 0.6% prior; Y/Y: 5.6%e v 5.6% prior
- 10:45 (BOE to buy 1.35B in APT operation with residual maturity between 7-15 years

 

 

 

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