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Monday May 12, 2014 - 10:15:37 GMT
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| | Email EU Market Update: Ukraine cities have first independence vote; Equities mostly higher

Mon, 12 May 2014 5:19 AM EST

- ECB's Nowotny (Austria): Danger that stepped up bank regulation could shift risky business into shadow banking entities - comments from Vienna
- Siemens to buy back up 4.0B in shares, not more than 47.8M shares to be repurchased by Oct 31st, 2015
- Sterling likely to see more volatility heading into inflation report and labor data this week.
- ECB's Draghi's wording about being "comfortable to act next time" was not agreed upon by governing council - German press
- Basel Committee said to be in early stages of structuring new capital requirements - FT
- Chinese equities soar 2% after State Council stated late last week it would relax limits on foreign investment in listed companies and expand capital flow quotas
- Ukraine cities of Donetsk, Luhansk vote for independence; developments in Ukraine continued to have little impact on markets at this time

- Market Focal Points/Key Themes: Equity markets open mostly higher following positive leads from China and the US, Euro Zone banks continue to trade mixed following last week's ECB meeting, Miners supported by broker commentary, Telecom M&A in focus (British Sky and Sky Deutschland), Russia's MICEX trades slightly lower following weekend referendums in Ukraine, US companies tap European bond market (Illinois Tool Works and Paccar)

- Indices [Stoxx 50 +0.1%, FTSE 100 +0.2% at 6,827, DAX +0.2% at 9,605, CAC-40 -0.1% at 4,471, IBEX-35 +0.1% at 10,501, FTSE MIB +0.5% at 21,490, SMI flat at 8,508, S&P 500 Futures +0.2% at 1,876]

***By Sector***
- Telecom [Sky Deutschland SKYD.DE +6% (speculation related to British Sky), QSC QSC.DE +2% (reaffirmed outlook); Blur Group BLUR.UK -20% (contract update), British Sky BSY.UK -2% (speculation related to Sky Deutschland)]
- Basic Materials/Resources [SGL Carbon SGL.DE +4% (speculation related to BMW)]
- Healthcare [Merck MGaA MRK.DE -1% (ex dividend)]
- Technology [Anite AIE.UK +8% (asset sale speculation)]
- Stoxx50 sectors [Industrials +0.7%, Consumer Cyclical +0.3%, Technology +0.3%, Basic Materials +0.2%, Consumer Non-Cyclical +0.1%, Utilities +0.1%, Telecom +0.1%; Financials -1%, Energy -0.5%

***Currencies/Fixed Income***
- Major FX currency pairs held tight ranges in the session. EUR/USD pair at 1.3770 area and consolidating the sharp losses seen in the wake of the ECB meeting last Thursday
- Dealers were focusing on reports of last week ECB meeting. German press noted that ECB's Draghi's wording about being "comfortable to act next time" was not agreed upon by governing council and could reflect the conclusion of the controversial debates at the meeting
- The Wednesday release of the quarterly BOE inflation report will be the highlight for GBP trading. The release could cement an earlier than anticipated rate hike (currently seen before the May 2015 elections). GBP/USD slightly firmer at 1.6890 ahead of the NY morning

***Economic Data***
- (MY) Malaysia Mar Industrial Production Y/Y: 6.4% v 3.8%e; Manufacturing Sales Value Y/Y: 10.1% v 16.1% prior
- (JP) Japan Apr Bankruptcies Y/Y: +1.7% v -12.4% prior
- (JP) Japan Apr Eco Watchers Current Survey: 41.6 v 45.0e; Outlook Survey: 50.3 v 40.0e
- (FR) Bank of France Apr Business Sentiment: 98 v 99 prior
- (SE) Sweden SEB House Price Indicator: 60 v 55 prior (7-year high)
- (CZ) Czech Apr CPI M/M: 0.0% v 0.2%e; Y/Y: 0.1% v 0.3%e
- (CZ) Czech Apr Unemployment Rate: 7.9% v 7.9%e
- (DK) Denmark Apr CPI M/M: 0.2% v 0.1%e; Y/Y: 0.7% v 0.6%e
- (DK) Denmark Apr CPI EU Harmonized M/M: 0.1% v 0.1%e; Y/Y: 0.5% v 0.5%e
- (EU) ECB 0.0M borrowed in overnight loan facility vs. 80M prior; 33.8B parked in deposit facility vs. 24.1B prior - Daily Eurosystem Liquidity Conditions
- (CH) Swiss Mar Real Retail Sales Y/Y: 3.0% v 1.9%e
- (CN) China Apr New Yuan Loans (CNY): 774.4B v 800.0Be
- (CN) China Apr Aggregate Financing (CNY): 1.55T v 1.475Te
- (CN) China Apr M2 Money Supply Y/Y: 13.2% v 12.2%e; M1 Money Supply Y/Y: 5.5% v 5.8%e; M0 Money Supply Y/Y: 5.4% v 5.5%e
- (UK) Apr Lloyds Employment Confidence: +1 v -2 prior

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)

- (EU) EU Foreign Ministers hold meeting in Brussels
- (IL) Israel Central Bank Minutes of Rate Meeting
- (RU) Russia Mar Trade Balance: $18.0Be v $12.4B prior; Exports: $44.8Be v $36.5B prior; Imports: 26.9Be v $24.1B prior
- (CO) Colombia Central Bank's Economists Survey
- (MX) Mexico Apr ANTAD Same-Store Sales Y/Y: No est v -2.4% prior
- 06:45 (US) Daily Libor Fixing
- 07:00 (CZ) Czech Central Bank comments April CPI data release
- 07:30 (BR) Brazil Central Bank Weekly Economists Survey
- 08:00 (IN) India Mar Industrial Production Y/Y: -1.5%e v -1.9% prior
- 08:00 (IN) India Apr CPI Y/Y: 8.5%e v 8.3% prior
- 08:00 (ES) Spain Debt Agency (Tesoro) announces size of Tuesday 6-month and 12-month Bill auction
- 08:15 (US) Baltic Dry Bulk
- 08:30 (CL) Chile Central Bank's Economist Survey
- 08:50 (FR) France Debt Agency (AFT) to sell combined 7.8B in 3-month, 6-month and 12-month Bills
- To sell 4.0B in 3-month Bills
- To sell 1.9B in 6-month Bills
- To sell 1.9B in 12-month Bills
- 09:00 (MX) Mexico Mar Industrial Production M/M: 0.3%e v 0.3% prior; Y/Y: 3.0%e v 0.7% prior; Manufacturing Production Y/Y: 5.4%e v 2.3% prior
- 09:30 (EU) ECB announces amount in next 7-day Term Deposit Tender to offset govt bond purchases under SMP
- 09:35 (EU) ECB calls for Bids in 7-Day Main Refinancing Tender
- 11:00 (US) Fed to purchase $2.25-3.00B in Notes
- 11:00 (DE) German Chancellor Merkel gives EU Election campaign speech in Eisenach
- 11:30 (US) Treasury to sell $48B in 3-Month and 6-Month Bills
- 12:00 (US) Fed's Plosser speaks on reinventing cities in Philadelphia
- 13:00 (DE) German Chancellor Merkel gives EU Election campaign speech in Naumburg
- 14:00 (US) Apr Monthly Budget Statement: $114.0Be v $112.9B prior
- 17:00 (CO) Colombia Mar Exports: $4.5Be v $4.3B prior
- 19:15 (AU) RBA's Ellis speaks in Sydney




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