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Thursday March 13, 2014 - 10:08:53 GMT
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(EU) EU Market Update: Euro hits 2-yr high; China Feb Industrial production, Retail sales disappoints

Thu, 13 Mar 2014 5:33 AM EST

- (ES) Retail sales in Spain have provided more evidence that the country's recovery is taking hold
- (FR) ECB's Coeure (France): Reiterates Council view that ready to act if inflation scenario doesn't materialize or borrowing costs do not fall - comments from Paris
- (UK) Shell: Guides Q1 dividend +4%; Cutting Americas upstream spending by 20%, impacted by losses in resources plays, like shale
- (UK) WM Morrison reported FY13 Underlying pretax profit 785M v 901M y/y, Rev 17.68B v 18.1B y/y; LFL Sales -2.8% y/y; Raised dividend 10%
- (CN) China Premier Li Keqiang downplays debt risk, hints at growth tolerance
- (NZ) New Zealand Central Bank (RBNZ) hiked its Official Cash Rate by 25bps to 2.75% (as expected)
- (KR) Bank of Korea (BoK) left its 7-Day Repo Rate unchanged at 2.50%; as expected, for its 10th consecutive pause
- (AU) Australia Feb Employment Change hits a 10-month high (+47.3K v +15.0Ke) with Unemployment Rate steady at 6.0% ; quiets speculation over more RBA cuts

- Market Focal Points: Equity markets trade mixed following disappointing China industrial production data, European supermarkets decline following earnings reports (Delhaize, WM Morrison), Share placement weighs on shares of Adecco, Lufthansa rises on better than expected profits, Bouygues confirmed higher bid for SFR, Copper producers continue to trade with heavy tone, FTSE MIB supported by gains in the financial sector.

- Indices [Stoxx50 +0.2%, FTSE 100 -0.1% at 6,615, DAX +0.2% at 9,205, CAC-40 flat at 4,308, IBEX-35 flat at 10,072, FTSE MIB +0.5% at 20,880, SMI -0.1% at 8,299, S&P 500 Futures +0.2% at 1,871]

***By Sector***
Consumer Discretionary [Adecco ADEN.CH -7.5% (share placement); Lufthansa LHA.DE +5% (Q4 profits above ests, raised dividend), Home Retail HOME.UK +4% (upbeat outlook)]
Consumer Staples [WM Morrison MRW.UK -8% (cautious outlook), Sainsbury SBRY.UK -6% (tracking declines in Morrison), Delhaize DELB.BE -4% (Q4 profits below ests)]
Industrials [Boskalis BOKA.NL +4% (share buyback)]
Financials [Commerzbank CBK.DE +2% (broker commentary)]
Basic Materials/Resources [K+S SDF.DE -6% (cautious outlook)]
Healthcare [Galapagos GLPG.BE +8% (unit sale)]
Stoxx50 [Basic Materials -0.5%, Consumer Cyclical -0.4%, Financials -0.3%, Industrials -0.3%, Technology -0.1%, Energy -0.1%; Consumer Non-Cyclical flat, Utilities flat, Telecom flat]

***Currencies/Fixed Income***
- The USD continued its defensive stance against the major currencies and commodity-related pairs
- The EUR/USD at a two-year high and moved closer to the 1.40 handle as market participants decided that if the ECB was not concerned about deflation nor should they be.
- Better employment data out of Australia aided the Aussie currency while the Kiwi got a boost from the RBNZ rate hike
- (RU) Russia Central Bank (CBR) again adjusted the floating Ruble corridor by 10 kopecks to 35.90-42.90 in dollar/euro basket

***Economic Data***
- (CN) China Feb YTD Urban Assets Y/Y: 17.9% v 19.4%e
- (CN) China Feb YTD Retail Sales Y/Y: 11.8% v 13.5%e
- (CN) China Feb YTD Industrial Production Y/Y: 8.6% v 9.5%e; lowest since Aug 2009

- (FR) France Feb CPI M/M: 0.6% v 0.5%e; Y/Y: 0.9% v 1.0%e; CPI Ex-Tobacco Index: 125.71 v 125.78e

***Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- 06:00 (IT) Italy Debt Agency (Tesoro) to sell combined 7.75B in 3-year, 7-year, 14-year and 23-year BTP Bonds
- 06:00 (IE) Ireland Debt Agency (NTMA) to sell up to 1.0B in 3.40% March 2024 IGB Bond
- 06:30 (UK) DMO to sell 1.5B in 0.125% I/L 2019 Gilts
- 08:15 (DE) German Chancellor Merkel
- 08:30 (US) Feb Advance Retail Sales M/M: +0.2%e v -0.4% prior; Retail Sales Ex Auto M/M: 0.1%e v 0.0% prior; Retail Sales Ex Auto and Gas: +0.2%e v -0.2% prior; Retail Sales Control Group: +0.2%e v -0.3% prior
- 08:30 (US) Initial Jobless Claims: 330Ke v 323K prior; Continuing Claims: 2.91Me v 2.907M prior

- 08:30 (US) Feb Import Price Index M/M: 0.5%e v 0.1% prior; Y/Y: -1.9%e v -1.5% prior




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