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Thursday June 11, 2015 - 10:02:20 GMT
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TradeTheNews.com EU Mid-Market Update: Peripheral spreads widen amid bond auctions

Thu, 11 Jun 2015 5:24 AM EST

***Notes/Observations***
Heavy session in terms of sovereign supply (Spain, Italy, UK and Ireland to sell bonds); Peripheral spreads widen
EU officials continue to suggest next week deadline for Greece
China May data points generally in line; Copper declines
US dollar generally firmer ahead of retail sales data

**Economic data***
(SE) SWEDEN MAY CPI M/M: 0.3% V 0.2%E; Y/Y: +0.1% V -0.1%E
(CN) CHINA MAY NEW LOANS (CNY): 900.8B V 900BE
(CN) CHINA MAY INDUSTRIAL PRODUCTION Y/Y: 6.1% (3-month high) V 6.0%E; INDUSTRIAL PRODUCTION YTD Y/Y: 6.2% V 6.2%E
(TR) TURKEY APR CURRENT ACCOUNT BALANCE: -$3.41B -$2.9BE

Fixed Income:
(ES) SPAIN DEBT AGENCY (TESORO) SELL TOTAL €5.77B VS. €5-6B INDICATED IN 0.25% APRIL 2018, 1.15% JULY 2020 AND 5.40% JAN 2023 BONOS; Sells €3.22B in 1.15% 2020 bonds, avg yield 1.243%, bid to cover 1.47x (lowest since July), Max Yield 1.257%

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
**Equities**
Indices [Stoxx50 +0.5%, FTSE 100 +0.3% at 6,847, DAX +0.6% at 11,336, CAC-40 +0.5% at 4,964, IBEX-35 +0.6% at 11,161, FTSE MIB +0.3% at 23,153, SMI +0.6% at 9,158, Athens Stock Exchange +6%, S&P 500 Futures -0.1% at 2,105]

Market Focal Points/Key Themes: Equity markets trade higher following gains in the US equities; DAX supported by weaker Euro; Daimler expects Q2 results to rise q/q; Greek equities open sharply higher

By Sector
Industrials [Royal Mail RMG.UK -3% (share placement)]
Stoxx50 sectors [Technology +0.8%, Consumer Cyclical +0.7%, Telecom +0.5%, Basic Materials +0.5%, Financials +0.5%, Energy +0.4%, Consumer Non-Cyclical flat; Utilities -0.7%, Industrials -0.1%]

**Speakers**
(GR) Bundesbank President Weidmann: Time is running out for Greece, and the risk of insolvency is increasing by the day
(GR) Germany's Merkel: Agreed that Greece to work intensely with creditors in coming days
(GR) Greece Labor Min: To restore minimum wage level by July 2016
(GR) EU's Moscovici: Reiterates Greece talks have progressed in recent weeks; Greece points of disagreement remain; Need a deal in the days ahead
(CN) China National Bureau of Stats (NBS): industrial production recovery not yet stable, still faces downward pressure; May prices of food and clothes rose 'rapidly'
IEA: Raises 2015 global oil demand growth forecast by 280K bpd to 1.4M bpd

**Currencies***
-The NZD/USD was in focus after the RBNZ made an unexpected rate cut of 0.25% to 3.25% its first in 4 years. The currency dropped 200 pips against the dollar trading at around 0.70 after being at 0.72 prior to the decision which was the lowest since Sep 2010.
-The AUD/USD is strong today after better than expected employment numbers. Unemployment rate fell to 6%, as the AUD/USD was higher by 80 pips following the number to a high of 0.779, before paring to 0.7735.
-The dollar was firmer this morning making back some ground after yesterday's losses. EUR/USD was back below 1.13 trading at 1.1250 and GBP/USD was lower by some 60 pips trading at 1.5430 after a very strong day yesterday.
-Bunds have been range bound today as it consolidates near the 149 level. Its currently trading at 149.08 after trading as low as 148.66 earlier in the session. Bund Yields have stuck around the 1% level after it broke it yesterday.

**Political/In the Papers:
(GR) According to banking sources in Greece, there are concerns that the ECB could raise collateral requirements for Greek banks - The Australian
Moodys: Limited peripheral yield contagion from Greece to date

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- 06:00 (IL) Israel May Trade Balance: No est v -$0.9B prior
- 06:00 (PT) Portugal May CPI M/M: No est v 0.3% prior; Y/Y: No est v 0.4% prior
- 06:00 (PT) Portugal May CPI EU Harmonized M/M: No est v 0.4% prior; Y/Y: No est v 0.5% prior
- 07:00 (ZA) South Africa Apr Manufacturing Production M/M:No est v 1.2% prior; Y/Y: No est v 3.8% prior
- 07:00 (BR) Brazil Jun IGP-M Inflation 1st Preview: No est v 0.5% prior
- 07:30 (BR) Brazil Central Bank (BDB) Jun COPOM Monetary Policy Meeting Minutes
- 08:00 (RU) Russia Gold and Forex Reserve w/e Jun 5th: No est v $ prior
- 08:15 (US) Baltic Dry Bulk Index
- 08:30 (US) May Advance Retail Sales Advance M/M: No est v 0.0% prior; Retail Sales Ex Auto M/M: No est v 0.1% prior; Retail Sales Ex Auto and Gas: No est v 0.2% prior; Retail Sales Control Group: No est v 0.0% prior
- 08:30 (US) May Import Price Index M/M: No est v -0.3% prior; Y/Y: No est v -10.7% prior
- 08:30 (US) Initial Jobless Claims: no est v K prior; Continuing Claims: No est v M prior
- 08:30 (CA) Canada Q1 Capacity Utilization Rate: 83.6%e v 83.6% prior
- 08:30 (CA) Canada Apr New Housing Price Index M/M: No est v 0.0% prior; Y/Y: No est v 1.25 prior
- 08:30 (US) Weekly USDA Net Export Sales
- 09:00 (MX) Mexico Apr Industrial Production M/M: No est v 0.0% prior; Y/Y: No est v 1.7% prior; Manufacturing Production Y/Y: No est v 3.1% prior
- 10:00 (US) Apr Business Inventories: No est v 0.1% prior
- 10:30 (US) Weekly EIA Natural Gas Inventories
- 12:00 (US) Q1 Household Change in Net Worth: No est v $1517B prior
- 12:00 (IS) Iceland May International Reserves (ISK): No est v 584B prior
- 13:00 (US) Treasury to sell 30-Year Bonds Reopening
- 17:00 (CL) Chile Central Bank Interest Rate Decision: Expected to leave Overnight Rate Target unchanged at 3.00%
- 17:00 (KR) South Korea May Import Price Index M/M: No est v -2.4% prior; Y/Y: No est v -17.1% prior
- 17:00 (KR) South Korea May Export Price Index M/M: No est v -2.0% prior; Y/Y: No est v -6.1% prior
- 19:00 (PE) Peru Central Bank Interest Rate Decision: Expected to leave Reference Rate unchanged at 3.25%

 

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