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Thursday May 29, 2014 - 10:16:26 GMT
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TradeTheNews.com EU Market Update: Markets languish on Ascension Day, markets look to US jobless claims and prelim GDP data for next spark


Thu, 29 May 2014 5:27 AM EST

***Notes/Observations***
- Ascension Thursday in Europe keeps participation at a minimum with Austria, Denmark, Luxembourg, Iceland, Finland, Sweden, Switzerland and Norway closed.
- ECB's Linde (Spain): Reiterates view that Eurozone growth remains fragile and uneven
- Bank of Japan revised its guidance on JGB purchases to buy 6.0-8.0T/month in principal
- Russia's Sberbank saw its Net profit fall y/y in Q1 while net interest income rose by RUB40B, loan loss provisions rose by RUB67B.
- Tate & Lyle fell over 1% after missing analyst estimates for full year results.
- Costco Q3 results were a little weak to inline. EPS of $1.07 missed $1.09 estimates, revenue including membership fees of $25.8B just beat $25.7B estimates. Net sales y/y were down. Total SSS were +4%, ex fuel +6% y/y. Op margin fell 0.1% y/y, merchandise costs rose.
- (BR) Brazil Central Bank (BDB) pauses first time in current tightening cycle after 9 prior hikes (Selic Target Rate unchanged at 11.00%)
- Japan Retail Sales registered its first decline in nine months and the largest reduction since an 8% decrease in March 2011 (**Reminder: Japan raised its sales tax from 5% to 8% back on Apr 1st)

***Equities***
- Market Focal Points/Key Themes: Equity markets open flat as bonds continue to gain, IBEX-35 lags as Spain's GDP revised lower, FTSE 100 supported by gains in Smith & Nephew, Sugar firm Tate & Lyle reports weaker than expected results, Lower gold prices weigh on miners, Banks trade mostly lower amid recent decline in interest rates, Provisions continue to weigh on Q1 earnings for Russian banks, Upcoming US GDP revision.

- Indices [Stoxx50 -0.2% at 3,239, FTSE 100 +0.2% at 6,866, DAX -0.1% at 9,931, CAC-40 -0.3% at 4,520, IBEX-35 -0.6% at 10,686, FTSE MIB -0.5% at 21,474, S&P 500 Futures +0.1% at 1,910, SMI closed ]

***By Sector***
-Consumer Discretionary [Kingfisher KGF.UK -5% (disappointing trading update), Aggreko AGK.UK -2% (CEO change)]
- Healthcare [Smith & Nephew SN.UK +2% (takeover speculation)]
- Financials [Commerzbank CBK.DE -2% (broker commentary)]
- Stoxx50 sectors [Industrials -0.3%, Basic Materials -0.2%, Utilities -0.1%, Consumer Cyclical -0.1%; Consumer Non-Cyclical +0.1%, Energy +0.1%, Telecom flat, Technology flat, Financials flat]

***Currencies/Fixed Income***
- EUR/JPY cross hit a 3 1/2 month low as it tested below the 138.00 level. Dealers noted that Euro sell-stops were elected after break below the 200-day moving avg at 138.34
- The GBP currency maintained its soft footing and was on course for its worst month in over a year. GBP/USD was drifting towards a test of its 100-day moving avg at 1.6665
- EUR/USD hit fresh three-month low of 1.3584 in the session and registered its fifth consecutive day that the euro has logged a lower low. The USD was off its best levels entering the NY morning.
- Australia released its Q1 CAPEX data aided AUD currency which jump higher on upgrade in FY14/15 spending projections

***Economic Data***
- (ES) Spain Q1 Final GDP Q/Q: 0.4% v 0.4%e; Y/Y: 0.5% v 0.6%e
- (HU) Hungary Apr Unemployment Rate: 8.1% v 8.4%e
- (EU) ECB 120M borrowed in overnight loan facility vs. 183.0M prior; 31.3B parked in deposit facility vs. 19.2B prior - Daily Eurosystem Liquidity Conditions
- (UK) May Lloyds Business Barometer: 41 v 66 prior

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

- (BR) Brazil Apr Central Govt Budget Balance (BR): No est v 3.2B prior
- (BR) Brazil May CNI Consumer Confidence: No est v 108.7 prior
- 06:00 (UK) BOE's Haldane in Bristol
- 06:45 (US) Daily Libor Fixing
- 07:00 (RU) Russia Gold and Forex Reserve w/e May 23rd: No est v $466.8 prior
- 07:00 (BR) Brazil May FGV Inflation IGPM M/M: 0.0%e v 0.8% prior; Y/Y: 8.0%e v 8.0% prior
- 08:15 (US) Baltic Dry Bulk
- 08:30 (US) Q1 Preliminary GDP Annualized Q/Q: -0.5%e v +0.1% advance; Personal Consumption: 3.1%e v 3.0% advance
- 08:30 (US) Q1 Preliminary Price Index: 1.3%e v 1.3% advance; Core PCE Q/Q: 1.3%e v 1.3% advance
- 08:30 (US) Initial Jobless Claims: 318Ke v 326K prior; Continuing Claims: 2.65Me v 1.653M prior
- 08:30 (CA) Canada Q1 Current Account Balance: -$13.0Be v -$16.0B prior
- 08:30 (CA) Canada Mar Average Weekly Earnings Y/Y: No est v 2.3% prior
- 08:30 (US) Fed's Pianalto in Cleveland
- 09:30 (BR) Brazil Apr Total Outstanding Loans (BRL): No est v 2.760T prior; Outstanding Loans M/M: No est v 1.0% prior; Private Banks Lending: No est v 1.328T prior; Personal Loan Default Rate: No est v 6.5% prior
- 10:00 (US) Apr Pending Home Sales M/M: 1.0%e v 3.4% prior; Y/Y: -8.8%e v -7.4% prior
- 10:30 (US) Weekly EIA Natural Gas Inventories
- 11:00 (US) Weekly DOE Crude Oil Inventories
- 11:00 (BR) Brazil to sell 2014, 2-16 and 2018 Bills
- 11:00 (BR) Brazil to sell Fixed-rate 2021 and 2025 bonds
- 11:00 (US) Fed to purchase $2.50-3.25B in Notes
- 12:00 (ES) Spain Fin Min de Guindos speaks in Sitges
- 13:00 (US) Treasury to sell $29B in 7-Year Notes

 

 

 

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15:30 US- EIA Crude
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