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Tuesday March 11, 2014 - 10:17:57 GMT
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TradeTheNews.com EU Market Update: Econ Fin Min meeting gets underway, Japan defers additional easing, to focus on tax cut

TradeTheNews.com EU Market Update: Econ Fin Min meeting gets underway, Japan defers additional easing, to focus on tax cut
Tue, 11 Mar 2014 5:24 AM EST

***Notes/Observations***
- (JP) Japan govt tax panel member Doi: Japan decision on corp tax cut possible in June; Japan could rev to cut tax up to 30% - financial press interview
- (CH) Zurich Insurance plans a re-organization and cost cuts including 800 job reductions
- (FR) VIV.FR: Altice affirms 10.9B cash and share offer for 32% stake in combined Numericable/SFR
- (JP) in post rate decision press conference BOJ Gov Kuroda said Japan was moving steadily to 2% CPI target; No need to adjust policy at this time but will not hesitate to do so if necessary
- (US) Manpower's Q2 hiring outlook remains stable q/q and 2% higher y/y.
- (KR) South Korea and Canada complete free trade association talks, deal to start as soon as possible; Canada to phase out Korea auto tariffs over 3 years
- (CN) China State Information Center (SIC) think tank sees Q1 GDP at about 7.5% vs 7.7% in Q4 - China Daily
- (JP) BOJ deferred on further easing ahead of sales tax increase. Maintains its policy with monetary base to rise between 60-70T and keeps economic assessment unchanged for the 7th straight month that economy to recover moderately. Export view was trimmed
- (EU) Eurogroup chief Dijsselbloem: made solid progress on Single Resolution Fund (SRF) agreement

***Equities***
- Market Focal Points: Equity markets open higher on slight rebound in mining shares.

- Indices [Stoxx50 +0.2%, FTSE 100 flat at 6,688, DAX +0.3% at 9,292, CAC-40 flat at 4,371, IBEX-35 +0.1% at 10,208, FTSE MIB +0.2% at 20,795, SMI +0.1% at 8,380, S&P 500 Futures flat at 1,876]

***By Sector***
Energy [Ceres Power CWR.UK +12% (agreement with Cummins)]
Industrials [Geberit GEBN.CH +1.5% (FY profits above ests)]
Consumer Discretionary [Brunello Cucinelli BC.IT +7% (FY13 profits rose sharply), Inchcape INCH.UK +3.5% (raised dividend 20%), DeLonghi DLG.IT +3% (FY profits above ests); Technicolor TCH.FR -4% (share placement)]
Technology [DKSH DKSH.CH +4% (FY profits rose y/y); ComputaCenter CCC.UK -3% (cautious outlook)]
Financials [HannoverRe HNR1.DE -1.5% (Q4 op profit below ests)]
Basic Materials/Resources [K+S SDF.DE +1% (broker commentary); African Barrick Gold ABG.UK -12% (share placement)]
Stoxx50 sectors [Consumer Cyclical +0.6%, Energy +0.5%, Utilities +0.4%, Industrials +0.3% Telecom +0.2%, Consumer Non-Cyclical +0.1%, Technology flat; Basic Materials -0.3%, Financials -0.2%]

***Currencies/Fixed Income***
- Focus was on the JPY currency as participants argued that the BoJ would have to eventually do more to support the economy once the sales tax increase was implemented next month. The last time VAT was hiked back in 1997 sent the Japanese economy into a tailspin. Dealers noted that the failure of USD/JPY pair to break through the bottom of its range on the back of the recent weaker US data or with the recent spat of risk aversion stemming from emerging markets was seen as encouraging by yen bears.

***Key Economic Data***
- (DE) Germany Jan Current Account Balance: 16.2B v 15.3Be; Trade Balance: 15.0B v 15.0Be; Exports M/M: +2.2% v +1.5%e; Imports M/M: +4.1% v +1.4%e
- (SE) Sweden Feb CPI M/M: 0.4% v 0.5%e; Y/Y: -0.2% v -0.2%e; CPI Level: 312.70 v 312.79e
- (IN) India Feb Trade Balance: -$8.1B v -$9.9B prior; Exports Y/Y: -3.7% v 3.8% prior; Imports Y/Y: -17.1% v -18.1% prior

***Looking Ahead***
- 06:00 (IT) Italy Debt Agency (Tesoro) to sell 7.0B in 12-month Bills
- 07:00 (PT) Portugal Q4 Final GDP Q/Q: 0.5%e v 0.5% prelim; Y/Y: 1.6%e v 1.6% prelim
- 08:00 (BR) Brazil Jan Industrial Production M/M: +2.5%e v -3.5% prior; Y/Y: -3.4%e v -2.3% prior
- (EU) OECD Interim Economic Assessment for G7 economies
- (EU) EU and US hold Trade talks in Brussels thru Friday

 

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