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Wednesday May 28, 2014 - 10:17:07 GMT
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| | Email EU Market Update: France data continues to disappoint; Euro continues to test below 200 day MA

Wed, 28 May 2014 5:21 AM EST

- Valeant Pharmaceuticals to sell aesthetic dermatology assets To Nestle For $1.4B
- Metso rejected Weir's increased 0.95/shr exchange ratio offer (13% increase from 0.84 prev)
- Confirms UK's serious fraud office opens criminal investigation following a series of bribery allegations in China and Poland
- China Ministry of Finance (MOF): To speed up budget spending to help the economy; downward pressure on growth still exists
- France data releases continue to underwhelm; Consumer spending misses expectations and comes in negative for April
- German Net Unemployment registers its first increase in six months (+24K v -15Ke)
- ECB M3 Money supply data remains soft and remains another headwind on inflation target; Private lending slumps for the 24th straight month
- South African Central Bank (SARB) Dep Gov Kganyago: Ongoing platinum strike to impact Q2 GDP; can't say whether country is heading towards a technical recession

- Market Focal Points/Key Themes: Equity markets open mixed amid gains in Bunds, DAX trades at fresh record high then pares gains, Metso declines after rejecting sweetened bid from Weir Group, UK building society Nationwide suggested that the London property market could slow

- Indices [Stoxx50 -0.2%, FTSE 100 -0.1% at 6,835, DAX flat at 9,937, CAC-40 -0.1% at 4,525, IBEX-35 +0.1% at 10,722, FTSE MIB +0.5% at 21,497, SMI -0.1% at 8,700, S&P 500 Futures +0.1% at 1,910]

***By Sector***
- Consumer Discretionary [Hugo Boss BOSS.DE -2% (share placement), Porsche PAH3.DE -2% (ex dividend), Swatch UHR.CH -1.5% (broker commentary); Aggreko AGK.UK +5% (buyback)]
- Consumer Staples [Ahold AH.NL -2.5% (Q1 profits below ests), Suedzucker SZU.DE -1.5% (expected removal from index)]
- Health Care [Elekta EKTAB.SE -8% (Q4 results below ests, cautious outlook), Glaxo GSK.UK -1.5% (probe by UK officials); Evotec EVT.DE +2% (acquisition)]
- Industrials [Osram OSR.DE -7.5% (lowered outlook), Deutsche Post DPW.DE -2.5% (ex-dividend), Metso MEO1V.FI -2% (rejected offer from Weir Group); Alstom ALO.FR +1.5% (France said GE improved its offer)]
- Energy [SBM Offshore SBMO.NL -8% (concerns related to contract in Brazil)]
- Technology [De La Rue DLAR.UK +3% (FY sales above ests)]
- Basic Materials/Resources [Talvivaara Mining TALV.UK +3% (narrowed Q1 loss)]
- Telecom [Telecom Italia TIT.IT +3.5% (broker commentary)]
- Stoxx 50 sectors [Utilities +0.2%, Financials +0.2%, Technology +0.1%; Consumer Non-Cyclical -0.8%, Telecom -0.3%, Industrials -0.2%, Consumer Cyclical -0.1%, Basic Materials -0.1%, Energy -0.1%]

***Currencies/Fixed Income***
- Technical factors appeared to be aiding the USD thus increasing the potential for volatility in trading. Some analysts note that 2-year US yields were starting to show signs of rebounding from the lower end of the recent range and to benefit the greenback
- GBP testing an 11-month uptrend line at 1.6770 area
- The EUR/USD continued to probe below the 200 moving average and could open the door for a move lower. The pair was re-approaching 3-month lows after French and German data disappointed in the session. EUR/USD at 1.3618 ahead of the NY morning
- Emerging market currencies exhibited some weakness during the early part of the session. The TRY, HUF and ZAR currencies all hit multi-week lows against the USD and Euro.

***Economic Data***
- (TH) Thailand Apr Customs Trade Balance: $1.5B v -$0.6Be; Customs Exports Y/Y: -0.9%e v 0.0%e; Customs Imports Y/Y: -14.5% v -18.0%e
- (CH) Swiss Q1 GDP Q/Q: 0.5% v 0.6%e; Y/Y: 2.0% v 1.9%e
- (DE) Germany Apr Import Price Index M/M: -0.3% v 0.0%e; Y/Y: -2.4% v -2.2%e
- (DE) Germany Apr ILO Employment: 42.101M v 42.003M prior; Unemployment Rate: 5.2% v 5.2% prior
- (CH) Swiss Apr UBS Consumption Indicator: 1.72 v 1.84 prior
- (FI) Finland Apr House Price Index M/M: -0.9% v +1.0% prior; Y/Y: -0.7% v +0.6% prior
- (FR) France Apr Consumer Spending M/M: -0.3% v +0.5%e; Y/Y: -0.5% v +0.1%e
- (FR) France Apr PPI M/M: -0.1% v -0.1%e; Y/Y: -0.9% v -0.9%e
- (ES) Spain Mar Total Mortgage Lending Y/Y: +16.0 v -11.6% prior; House Mortgage Approvals Y/Y: +2.0% v -33.0% prior
- (ES) Spain Apr Adjusted Retail Sales Y/Y: 0.7% v 0.0%e; Retail Sales (unadj) Y/Y: 0.1 v 0.5% prior
- (HU) Hungary Apr PPI M/M: -0.8% v -0.6% prior; Y/Y: -1.5% v -1.5%e
- (DK) Denmark Q1 Preliminary GDP Q/Q: 0.9% v 0.6%e; Y/Y: 1.4% v 1.4%e
- (EU) ECB 183M borrowed in overnight loan facility vs. 6.0M prior; 19.2B parked in deposit facility vs. 22.7B prior - Daily Eurosystem Liquidity Conditions
- (SE) Sweden Apr Household Lending Y/Y: 5.2% v 5.1%e
- (DE) Germany May Unemployment Change: +24K (First increase in six months ) v -15Ke; Unemployment Rate: 6.7% v 6.7%e
- (NO) Norway Apr Retail Sales W/Auto Fuel M/M: +0.5% v -0.3%e
- (IT) Italy May Business Confidence: 99.7 v 99.6e; Economic Sentiment: 86.9 v 88.8 prior
- (EU) Euro Zone Apr M3 Money Supply Y/Y: 0.8% v 1.1%e; M3 3-month average: 1.0% v 1.2%e

- (PT) Portugal May Consumer Confidence Index: -29.4 v -30.3 prior; Economic Climate Indicator: +0.1 v -0.2 prior
- (ES) Spain Q1 House Price Index Q/Q: -0.5% v -1.8% prior; Y/Y: -3.5% v -4.0% prior
- (IS) Iceland May CPI M/M: 0.1% v 0.3% prior; Y/Y: 2.4% v 2.3% prior
- (EU) Euro Zone May Business Climate Indicator: 0.37 v 0.30e; Consumer Confidence: -7.1 v -7.1e; Economic Confidence: 102.7 v 102.2e; Industrial Confidence: -3.0 v -4.0e; Services Confidence: 3.8 v 3.7e

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

- 05:30 (DE) Germany to sell 2.0B in 2.5% 2046 Bunds
- 05:30 (HU) Hungary Debt Agency (AKK) hold Bonds Buy-back auctions
- 05:30 (UK) DMO to sell 1.1B in 0.25% I/L 2052 Gilts
- (RU) Russia to sell RUB10B in May 2019 OFZ bonds
- (CH) Swiss government holds regular meeting
- (FI) Finland SPD Party to select govt ministers
- (CA) Canadian Prime Minister Harper hosts Maternal Summit thru Thursday
- (PT) Bank of Portugal Annual Report on Portuguese Economy
- 06:00 (DE) German Chancellor Merkel opens Exhibition about First World War in Berlin
- 06:00 (UK) May CBI Industrial Reported Sales: 35e v 30 prior
- 06:00 (IE) Ireland Apr Retail Sales Volume M/M: No est v 1.7% prior; Y/Y: No est v 8.8% prior (revised from 8.9%)
- 06:00 (IE) Ireland Apr Property Prices M/M: No est v -0.7% prior; Y/Y: No est v 7.8% prior
- 06:45 (US) Daily Libor Fixing
- 07:00 (US) MBA Mortgage Applications w/e may 23rd: No est v 0.9% prior
- 07:45 (US) Weekly ICSC Chain Store Sales
- 08:00 (BR) Brazil Apr PPI Manufacturing M/M: No est v -0.2% prior; Y/Y: No est v 8.0% prior
- 08:15 (US) Baltic Dry Bulk
- 08:30 (CL) Chile Central Bank's Traders Survey
- 08:55 (US) Weekly Redbook Retail Sales
- 09:00 (LX) ECB's Mersch (Luxembourg) in Tokyo
- 10:00 (PT) ECB's Constancio in Frankfurt on Financial Stability Review
- 11:00 (US) President Obama at West Point
- 11:00 (US)Fed to purchase $0.85-1.10B in Notes
- 11:30 (US) Treasury to sell combined $52B in 4-week and 52-Week Bills
- 11:30 (US) Treasury to sell $13B in 2-Year Floating Rate Notes Reopening
- 12:00 (CA) Canada to sell 30-Year Bonds
- 12:00 (FR) France Apr Net Change in Jobseekers: +5.5Ke v +1.6K prior; Total Jobseekers: 3.355Me v 3.349M prior
- 13:00 (US) Treasury to sell $35B in 5-Year Notes
- 16:30 (US) Weekly API Oil Inventories
- (BR) Brazil Central Bank (BDB): Interest Rate Decision: Expected to leave Selic Target Rate unchanged at 11.00% ((Note: cycle went from 7.25% to 11.00% from Apr 2013))




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