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Tuesday April 1, 2014 - 10:35:10 GMT
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| | Email EU Market Update: Europe reports mixed PMIs; German unemployment falls again

Tue, 01 Apr 2014 5:24 AM EST

- (IN) India RBI left rates unchanged, as expected
- (AU) Australia RBA left rates unchanged, as expected. Reiterates prior statements, A$ too high, expects stability.
- (EU) EU's Rehn: Expects political endorsement of Greek Troika review
- (EU) Eurogroup chief Dijsselbloem: meeting in Athens would will hear from ECB chief Draghi on inflation
- (RU) GAZP.RU: Gazprom raises Ukraine 2Q Gas Price to $385.50/1,000 Cubic Meters v $268.50 q/q, due to nonpayment
- (RU) Russia Fin Min Siluanov: Discussing stimulus measures
- (HK) Macau March Casino Rev (MOP): 35.5B v 38.0B prior (record), +13.1% y/y
- (JP) Japan Q1 Tankan Survey registers misses across the board with decline in sentiment even larger then when the sales tax rise took effect in 1997 Large Manufacturers 17 v 19e; Outlook: 8 vs. 13e
- (JP) Japan implements the long-planned hike in Consumption Sales Tax (goes from 5% to 8%; effective April 1st); first hike in 17 years; attention turns to see if Japan needs more stimulus to offset any negative effects
- (DE) German unemployment fall for the 4th straight month to its lowest level since unification in 1989
- (IT) Italy Feb Prelim Unemployment Rate hits a fresh record high of 13.0%
- (EU) European PMI data was mixed in session for both core and peripheral readings
- (CN) China PMI data comes in mixed. HSBC Manufacturing PMI contracts for the third straight month to a 8-month low (48.0 v 48.1e) while the Govt 'official reading exhibits its first rise in four months 50.3 v 50.1e)

- Market Focal Points: Equity markets open higher following Monday's gains in US stocks, Shares of Metso supported by M&A speculation, Euro Zone Manufacturing PMI mostly above expectations, UK PMI manufacturing slows to 8 month low

- Indices [Stoxx50 +0.4%, FTSE 100 +0.4% at 6,624, DAX +0.4% at 9,592, CAC-40 +0.6% at 4,416, IBEX-35 +0.6% at 10,399, FTSE MIB +0.5% at 21,797, SMI +0.1% at 8,467, S&P 500 Futures +0.1% at 1, 866]

***By Sector***
- Industrials [Metso MEO1V.FI +18% (takeover speculation), Alstom ALO.FR +4.5% (asset sale); Maersk MAERSKB.DK -1.5% (ex dividend)]
- Financials [Aberdeen Asset Management ADN.UK +5% (outflows slowed), ICAP IAP.UK +1.5% (reaffirmed outlook)]
- Basic Materials/Resources [Talvivaara Mining TALV.UK +30% (loan agreement)]
- Stoxx50 sectors [Consumer Cyclical +0.9%, Financials +0.5%, Technology +0.4%, Industrials +0.4%, Telecom +0.3%, Basic Materials +0.2%, Energy +0.2%, Consumer Non-Cyclical flat; Utilities -0.2%]

***Currencies/Fixed Income***
- In forex the plethora of data releases and rate decisions in both Asia and Europe seemed to have little impact on price action. The EUR/USD hovered below the 1.38 handle barely higher despite the continued improvement in the German employment picture.
- The GBP/USD did see its slight gains evaporate after its Mar PMI Manufacturing registered its 4th straight MoM decline as it continued its move off 2 highs.

***Economic Data***
- (JP) Japan Mar Vehicle Sales Y/Y: 14.5% v 15.0% prior; 7th straight monthly rise
- (IE) Ireland Mar Investec Manufacturing PMI: 55.5 v 52.9 prior; highest since Apr 2011
- (IN) India Mar HSBC India Manufacturing PMI: 51.3 v 52.5 prior; 5th straight month of expansion
- (RU) Russia Mar HSBC Russia Manufacturing PMI: 48.3 v 48.3e; 5th straight month of contraction
- (AU) Australia Mar Commodity Index Y/Y: 12.8 v -11.4% prior; Commodity Index AUD: 103.9 v 106.6 prior
- (IN) India Central Bank (RBI)left its key rates unchanged (as expected); Repurchase Rate unchanged at 8.00%; Reverse Repo Rate unchanged at 7.00% (by default); Cash Reserve Ratio (CRR) unchanged at 4.00%
- (DE) Germany ILO Employment: 42.003M v 41.95M prior; Unemployment Rate: 5.1% v 5.1% prior
- (SE) Sweden Mar PMI Manufacturing: 56.5 v 53.7e; 8th straight month of growth
- (NO) Norway Mar Manufacturing PMI: 51.9 v 51.5e; 8th straight month of expansion
- (NL) Netherlands Mar Manufacturing PMI: 53.7 v 55.2 prior; slowest pace in seven months
- (HU) Hungary Mar Manufacturing PMI: 53.7 v 54.3 prior; 8th straight month of expansion
- (TR) Turkey Mar HSBC Turkey Manufacturing PMI: 51.7 v 53.4 prior; 8th straight month of expansion
- (PL) Poland Mar Manufacturing PMI: 54.0 v 55.5e; 10th straight month of expansion
- (CZ) Czech Q4 Final GDP Q/Q: 1.8% v 1.9% prelim; Y/Y: 1.2% v 1.3% prelim
- (EU) ECB 5.4B borrowed in overnight loan facility vs. 1.4B prior; 28.7B parked in deposit facility vs. 28.3B prior - Daily Eurosystem Liquidity Conditions
- (ES) Spain Mar Markit Spain Manufacturing PMI: 52.8 v 52.3e; 4th straight month of expansion and highest since Apr 2010
- (CH) Swiss Mar PMI Manufacturing: 54.4 v 56.5e; 10-month low

- (CZ) Czech Republic Mar Manufacturing PMI: 55.5 v 55.9e; 11th straight month of expansion but lowest reading since Dec
- (FR) France Mar New Car Registrations +8.9% y/y
- (IT) Italy Mar Manufacturing PMI: 52.4 v 52.0e; 9th straight month of expansion
- (AT) Austria Mar Unemployment Rate: 8.4%
- (FR) France Mar Final Manufacturing PMI: 52.1 v 51.9e; confirmed first growth in 25 months and highest reading since Aug 2011
- (DE) Germany Mar Final Manufacturing PMI: 53.7 v 53.8e
- (DE) Germany Mar Unemployment Change: -12K v -10Ke; Unemployment Rate: 6.7% v 6.8%e

- (EU) Euro Zone Mar Final Manufacturing PMI: 53.0 v 53.0e; confirms 9th straight month of growth
- (GR) Greece Mar Manufacturing PMI: 49.7 v 51.3 prior
- (IT) Italy Feb Preliminary Unemployment Rate: 13.0% v 12.9%e
- (DE) VDMA: Feb Germany Engineering Orders Y/Y: -4% v +6% prior
- (UK) Mar PMI Manufacturing: 55.3 v 56.7e
- (EU) Euro Area Mar Final Manufacturing PMI: 53.4 v 53.8 prior
- (EU) Euro Zone Feb Unemployment Rate: 11.9% v 12.0%e
- (BE) Belgium Feb Unemployment Rate: 8.5% v 8.5% prior
- (ZA) South Africa Mar Kagiso Manufacturing PMI: 50.3 v 50.9e
- (DK) Denmark Mar PMI Survey: 62.8v 56.9 prior

***Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- 05:30 (HU) Hungary Debt Agency (AKK) to sell 3-month Bills
- 05:30 (BE) Belgium Debt Agency to sell combined 2.4B in 3-Month and 6-Month Bills
- Sells 1.315B in 3-month Bills; Avg Yield: % v 0.156% prior; Bid-to-cover: x v 2.11x prior (Mar 11th 2014)
- Sells 1.503B in 6-month Bills; Avg Yield: % v 0.131% prior; Bid-to-cover: x v 1.97x prior (Mar 4th 2014)
- 06:00 (EU) OECD Feb Annual Inflation: No est v 1.7% prior
- 06:00 (UK) Labour's Balls speaks at BCC Conference
- 06:00 (TR) Turkey to sell 2016, 2020 and 2024 bonds
- 07:00 (EU) ECB allotment in 7-Day Term Deposit Tender to offset bond purchases in SMP program
- 07:45 (US) Weekly ICSC Chain Store Sales
- 08:00 (BR) Brazil Feb PPI Manufacturing M/M: No est v 1.5% prior; Y/Y: No est v 7.4% prior
- 08:30 (CA) Canada Feb Industrial Product Price M/M: 0.8%e v 1.4% prior; Raw Materials Price Index M/M: 3.0%e v 2.6% prior
- 08:55 (US) Weekly Redbook Retail Sales
- 09:00 (BR) Brazil Mar Manufacturing PMI: No est v ## prior
- 09:00 (EU) Weekly ECB Forex Reserves
- 09:30 (CA) Canada Mar RBC Manufacturing PMI: No est v 52.9 prior
- 09:45 (US) Mar Final Markit Manufacturing PMI: 56.0e v 55.5 prelim
- 10:00 (US) Mar ISM Manufacturing: 54.0e v 53.2 prior; ISM Prices Paid: 59.5e v 60.0 prior
- 10:00 (US) Feb Construction Spending M/M: 0.1%e v 0.1% prior

- 10:00 (US) Apr IBD/TIPP Economic Optimism: no est v 45.1 prior
- 10:00 (UK) Business Sec Cable speaks at BCC Conference
- 10:30 (MX) Mexico Mar HSBC Manufacturing PMI: No est v 52.0 prior
- 11:00 (MX) Mexico Feb Total Remittances: No est v $1.6B prior
- 11:00 (MX) Mexico Weekly International Reserves
- 11:30 (US) Treasury to sell $55B in 4-Week and 52-week Bills




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