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Wednesday December 24, 2014 - 12:49:50 GMT
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| | Email EU Mid-Market Update: Price action consolidates ahead of year-end holidays

Wed, 24 Dec 2014 5:10 AM EST

- Weekly US claims data likely to add to Fed arguments for a rate hike next year
- Holiday mode sets in; Germany. Italy and Swiss markets closed and early closes in UK, France and Spain

**Economic data***
- (JP) Japan Dec Small Business Confidence: 46.7 v 47.7 prior
- (CH) Swiss Dec KOF Leading Indicator (missed): 98.7 v 99.5e
- (NL) Netherlands Dec Producer Confidence Index: 3.4 v 2.6e
- (NL) Netherlands Q3 Final GDP data revised lower; Q/Q: 0.1% v 0.2%e; Y/Y: 1.0% v 1.1%e

Fixed Income:
- None seen

Indices [Stoxx50 -0.2% at 3,187, FTSE 100 +0.3% at 6,616, DAX closed, CAC-40 -0.2% at 4,305, IBEX-35 +0.1% at 10,486, FTSE MIB closed, SMI closed, S&P 500 Futures flat at 2,080]

- Market Focal Points/Key Themes: Equity markets open mixed in holiday shortened session; Sharp equity declines in Shanghai for second straight session; Smith & Nephew supported by M&A speculation; Germany's HeidelbergCement sells North American/UK building products unit for up to $1.4B

By Sector
- Healthcare [Smith & Nephew SN.UK +8% (takeover speculation)]
- Energy [Hardy Oil & Gas HDY.UK -25% (exited exploration license in India)]
- Basic Materials/Resources [Recticel REC.BE -6% (profit warning)]
- Telecom [Portugal Telecom PTC.PT -2% (Isabel Dos Santos ended bid)]
- Stoxx50 sectors [Utilities +0.3%, Financials +0.1%, Consumer Cyclical flat, Energy flat, Industrials flat; Consumer Non-Cyclical -0.5%, Basic Materials -0.3%, Telecom -0.1%, Technology -0.1%]

- Russia Central Bank introduced new currency loan backed by FX debt to help stabilize the RUB currency (Ruble); effective Jan 1st 2015. Banks with capital of minimum RUB100B may use the new instrument. The FX lending tool would be for 1-month and 12-months with minimum rate on loans of Libor +75bps
- Japan Parliament formally reappointed Abe as PM following the recent elections. Afterwards Abe appointed General Nakatani as his new Defense Minister
- China PBoC said not to ask for more deposit Reserves with eased loan ratio

- USD was consolidating its recent strength in quiet holiday trading. Dealers looking ahead to the weekly US claims data, which is expected to add to Fed arguments for a rate hike next year
- USD/JPY was lower in session (poised for its first decline in 5 days) aided by exporter sell orders ahead of year end

**Political/In the Papers:
- S&P revised Russia's outlook to Watch Negative from Negative; affirms its sovereign BBB- rating (lowest level of investment grade)

**Holiday Notice
- Germany. Italy and Swiss markets closed
- Early closes: UK early close at 13:31 GMT, Spain early close 14:05 GMT, France early close 14:05 GMT

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 5 hours for GMT equivalent)
- 06:00 (FR) France Nov Net Change in Jobseekers: No est v +28.4K prior; Total Jobseekers: No est v 3.461M prior
- 06:30 (CL) Chile Central Bank's Traders Survey
- 06:45 (US) Daily Libor Fixing
- 07:00 (EU) Russia cancelled OFZ Bond auction
- 07:00 (JP) Japan PM Abe press conference
- 07:00 (US) MBA Mortgage Applications w/e Dec 19th: No est v -3.3% prior
- 07:00 (TR) Turkey Central Bank (CBRT) Interest Rate Decision: Expected to leave Key rates unchanged; Expected to leave Benchmark Repurchase Rate unchanged at 8.25%; Expected to leave Overnight Lending Rate unchanged at 11.25%; Expected to leave Overnight Borrowing Rate unchanged at 7.50%
- 08:15 (US) Baltic Dry Bulk Index
- 08:30 (US) Initial Jobless Claims: 290Ke v 289K prior; Continuing Claims: 2.37Me v 2.373M prior
- 10:30 (US) Weekly DOE Crude Oil Inventories
- 12:00 (US) Weekly EIA Natural Gas Inventories
- 13:00 (US) Treasury to sell $29B in 7-Year Notes
- 18:50 (JP) Japan Nov PPI Services Y/Y: 3.5%e v 3.6% prior
- 18:50 (JP) Bank of Japan (BOJ) Nov. 18-19 minutes
- 22:45 (JP) BOJ Gov Kuroda speaks in Tokyo
- 22:45 (JP) Japan to sell 2-Year Bonds


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