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Monday September 10, 2007 - 12:21:48 GMT
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Forex Market News - European Market Update - UK PPI Data Mixed in August

 European Market Update - UK PPI Data Mixed in August  09:14 GMT

- The European indices are currently trading in positive territory in the session following a brief dip into negative territory early on. In equity news overnight, Societe Generale's CFO said overnight that there were some difficult market conditions in August, but noted that the company estimates losses to the CIB unit from sub-prime at under €200M in the worst industry case.

- European government bonds are currently trading in negative territory in the session following a surge in equity markets. Similarly in the UK, gilts are trading lower in the session as well.

- On the geopolitical front, Ex-Pakistani Prime Minister Nawaz Sharif boarded a plane to Jeddah overnight Before his arrival, authorities had detained about 4,000 Nawaz supporters and several leaders of his PML(N), including the chairman, as well as three leaders of an allied religious alliance. After a 90 minute standoff Sharif surrendered to authorities, and was reportedly deported to Saudi Arabia.

- French industrial production for the month of July rose by more than expected to 1.3% m/m and to 2.6% y/y from a downwardly revised -0.6% m/m in June, and an upwardly revised -0.6% y/y in June. Manufacturing production also rose by more than expected to 1.5% m/m and to 2.9% y/y from -0.5% m/m in June, and an upwardly revised -0.8% y/y in June. The rise in production figures comes as a result of a strong rebound in the auto industry. The automobile component of industrial production rose to 4.7% in July from -2. 7% in August. Intermediate goods were also strong, rising to 1.7% in July from -1.0% in June.

- Final second-quarter Italian GDP was in line with estimates at 0.1% q/q and 1.8% y/y, down from the 0.3% and 2.3% seen in the first-quarter respectively. Italian economic growth slowed as exports declined. Exports declined to -1.0% in the first quarter from a downwardly revised -0.1% in the first-first quarter, while imports rose to - 0.3% from a downwardly revised -1.1%.

- PPI input in the UK rose by less than expected to -0.5% m/m in August from a downwardly revised -0.8% in July, while PPI input rose by less than expected to 0.6% from an upwardly revised 0.3% in July. PPI output declined to 0.1% m/m from an upwardly revised 0.3% in July, while output y/y remained unchanged from the upwardly revised 2.5% in July. Output core was in line with expectations at 0.2%, and unexpectedly rose to 2.4% y/y from 2.3% in July. Output prices showed the slowest rate of growth since November of 2006 as a result of small gins in the food and transport components. Input prices declined from July as a result of a decline in the crude prices partially due to petrol stocks in the US.

- DCLG house prices unexpectedly rose to 12.4% in July from 12.1% , once again rising to their highest level since March of 2005.

- Spanish finance minister Solbes said overnight that European interest rates are near a point of stabilizing, assign that rates could begin to fall. Solbes reiterated that the Spanish economy is healthy, and said that Spain does not have any US sub-prime exposure.

- The ECB's Constancio said overnight that there is no commitment on the direction of interest rates, adding that the ECB needs more information. Constancio added that if the crisis continues, there will be consequences.

- The EU's Almunia echoed comments made this weekend overnight. Almunia said that downside risks for 2008 GDP forecasts have increased, noting that it is too soon to assess the market impact on economic growth.

- The German DIW research institute said overnight that the liquidity squeeze will not dampen growth. The DIW also maintained its third- quarter German growth forecast of 0.4%.

Change on Day: Global Bond Yields

COD Last At

German 2 0.004 3. 917

German 10 0.006 4.128

UK 2 -0.006 5.222

UK 10 0.001 4.951

US 2 0 3.9

US 10 -0.001 4. 381

French 2 0.008 3.932

French 10 0.005 4. 238

Italian 2 0.012 4.086

Italian 10 0.014 4. 449

Change on Day: Global Indices


DAX -2.47 -0.03% Intersession

CAC 40 2.92 0. 05% Intersession

FTSE 100 29.2 0.47% Intersession

Euro Stoxx 0.28 0.07% Intersession

Swiss Market -3.96 -0. 05% Intersession

IBEX 35 21.9 0. 16% Intersession

S&P/MIB 167 0.43% Intersession

Nikkei 225 - 357.19 -2.22% Closed

Hang Seng 17.09 0.07% Closed

Shanghai 78. 111 1.48% Closed

Shenzhen 21.318 1.46% Closed

ASX 200 13.16 0. 41% Closed

Kospi -49.03 -2.60% Closed

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