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Monday March 10, 2014 - 10:21:25 GMT
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| | Email EU Market Update: Feb China data dominates the markets; Chiquita and Fyffes to merge EU Market Update: Feb China data dominates the markets; Chiquita and Fyffes to merge
Mon, 10 Mar 2014 5:21 AM EST

- (UK) Fyffes to merge with Chiquita, in stock for stock deal; Chiquita to hold 50.7% of ChiquitaFyffes, combined equity value $1.07B (implied value for Fyffes is $526M and $544M for CQB)
- (US) USGS: Earthquake hits offshore Northern California with a revised 6.9 magnitude from 6.1
- (CH) Raiffeisen Bank CEO: The only sure way the SNB can cool the Swiss mortgage market is by raising interest rates - Swiss press
- (CN) Former China Commerce Min (MOFCOM) Chen Deming: Jan and Feb trade data 'basically normal' and always volatile due to lunar new year holiday
- (FR) Michelin awarded contract to supply Boeing with tires for the 737 MAX; terms not disclosed
- (CN) China Feb data: Trade deficit $22.98B (first trade deficit in 11 months; largest deficit in 2 years); inflation in line at 2.0% y/y, hits 13-month low; new yuan loans CNY644.5B lower than expected
- (RU) Pro-Russian forces advancing in the Crimean peninsular against Westerns calls to prevent a military takeover before a separatist referendum next Sunday
- (CN) Former PBoC adviser Li Daokui: China's economic fundamentals are sound, to start pro growth policy in Q2

Market Focal Points: Equity markets open mixed amid weaker than expected trade and inflation data from China, DAX continues to underperform, French telecoms gain on consolidation talk, China data weighs on copper producers.

- Indices [Stoxx50 +0.4%, FTSE 100 +0.1% at 6,721, DAX -0.2% at 9,330, CAC-40 +0.6% at 4,392, IBEX-35 +0.6% at 10,224, FTSE MIB +0.1% at 20,757, SMI flat at 8,376, S&P 500 Futures -0.2% at 1,875]

***By Sector***
- Telecom [Iliad ILD.FR +13% (talks with Bouygues), Bouygues EN.FR +6% (asset sale talks); Deutsche Telekom DTE.DE -0.5% (broker commentary)]

- Industrials [Clarkson CKN.UK +6% (FY profits rose, raised dividend), Hochtief HOT.DE +2% (Seeking to raise stake in Leighton Holdings); Evonik EVK.DE -1% (broker commentary)]

- Consumer Discretionary [Fyffes FFY.UK +18% (merger with Chiquita)]
Stoxx50 sectors [Telecom +1.1%, Energy +0.7%, Consumer Non-Cyclical +0.3%, Utilities +0.2%; Consumer Cyclical -0.6%, Basic Materials -0.3%, Financials -0.2%, Technology -0.1%, Industrials -0.1%]

***Currencies/Fixed Income***
- Risk aversion was on the front burner after an unexpected drop in Chinese exports and weaker than expected GDP data in Japan. ; Chinese officials blamed seasonal distortions around the Lunar New Year holiday for the trade deficit. However,
- Commodity-related currencies (AUD and CAD) were softer. Shanghai Copper traded limit down by 5.0% hitting its lowest level since Oct 2009. Oil was lower by over 1% in both Brent and WTI.
- The USD maintained the defensive with EUR/USD still hovering the 1.39 area and just below the redrawn 6-year financial crisis downtrend line.
- (JP) The JPY currency was softer as the European session progressed as European markets brushed aside any risk aversion concerns for the time being.
- (GR) Eurozone finance ministers meet today in Brussels but Greece unlikely to see any approval of any new tranches

***Key Economic Data***
- (FR) France Jan Industrial Production M/M: -0.2% v +0.3%e; Y/Y: -0.1% v +1.3%e
- (FR) France Jan Manufacturing Production M/M: 0.7% v 0.3%e; Y/Y: 1.4% v 1.4%e
- (ES) Spain Jan Industrial Output NSA Y/Y: -0.1% v +4.3%e; Industrial Output SA Y/Y: 1.1% v 1.8%e
- (DK) Denmark Feb CPI M/M: 0.7% v 1.0%e; Y/Y: 0.5% v 0.9%e
- (TR) Turkey Jan Industrial Production M/M: 1.1% v 0.5%e; Y/Y: 7.3% v 2.9%e
- (CN) China Feb New Yuan Loans (CNY): 644.5B730Be
- (CN) China Feb Aggregate Financing (CNY): 939B v 1.312Te
- (CN) China Feb M2 Money Supply Y/Y: 13.3% v 13.2%e; M1 Money Supply Y/Y: 6.9% v 7.0%e; M0 Money Supply Y/Y: 3.3% v 7.7%e
- (IT) Italy Jan Industrial Production M/M: 1.0% v 0.4%e; Y/Y: -1.7% v +2.4% prior; Industrial Production WDA Y/Y: +1.4% v -0.3%e

***Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (EU) EU, U.S. hold Trade talks in Brussels thru Friday
- (CH) Swiss Parliament spring session in Bern
- 06:15 (US) Fed's Plosser with Bank of France's Noyer on Panel in Paris
- 06:30 (DE) Germany to sell 2.0B in 6-month BuBills

- -09:00 (EU) Euro Area Finance Ministers meet in Brussels
- 09:50 (FR) France Debt Agency (AFT) to sell combined 7.4B total in 3-month, 6-month and 12-month Bills




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