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Friday May 23, 2014 - 09:57:20 GMT
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| | Email EU Market Update: Muted session ahead of EU elections over the weekend; German IFO and euro softer

Fri, 23 May 2014 5:25 AM EST

- ECB Noyer: Reiterates Euro Zone recovery remains fragile with growth expected to resume gradually
- Teva and Active Biotech to Continue with the Development of Nerventra(Laquinimod) for Multiple Sclerosis Following Confirmation of negative CHMP Opinion
- Norges Bank Gov Olsen: Reiterates monetary policy based on reaching inflation target over time
- Russia Central Bank gov Nabiullina: Russia cannot support growth via its monetary policy; inflation risks are quite serious at this time
- ECB's Lautenschlager (Germany): AQR to improve confidence and credit conditions - comments from Madrid

- Market Focal Points/Key Themes: Equity markets open mixed ahead of weekend EU and Ukraine elections, FTSE 100 weighed down by energy sector, FTSE MIB outperforms as Italian bonds rise, Astrazeneca trades slightly lower ahead of May 26 (deadline to engage in talks with Pfizer), Deutsche Bank weighed down by ex-dividend, Chinese property developers announce merger amid market slowdown, Germany IFO below ests (follows weaker than expected manufacturing PMI)

- Indices [Stoxx50 +0.2%, FTSE 100 -0.1% at 6,811, DAX +0.3% at 9,744, CAC-40 +0.2% at 4,485, IBEX-35 +0.2% at 10,537, FTSE MIB +0.5% at 20,479, SMI +0.1% at 8,699, S&P 500 Futures +0.1% at 1,891]

***By Sector***
- Financials [Deutsche Bank DBK.DE -1.5% (ex-dividend)]
- Industrials [Symrise SY1.DE +1% (broker commentary)]
- Energy [Mediterranean Oil & Gas +16% (takeover offer)]
- Telecom [Blur Group BLUR.UK -20% (capital raise)]
- Consumer Discretionary [Go-ahead Group GOG.UK +8% (contract award), Stockmann STCBV.FI +7% (CEO change); Pandora PNDORA.DK -3% (share offering), First Group FGP.UK -2.5% (contract loss)]
- Healthcare [BTG Plc BTG.UK +4.5% (FDA approval)]
- Stoxx50 Sectors [Utilities +0.8%, Technology +0.4%, Industrials +0.4%, Energy +0.3%, Financials +0.1%, Consumer Cyclical flat; Telecom -0.6%, Consumer Non-Cyclical -0.4%,Basic Materials -0.1%]

***Currencies/Fixed Income***
- The Euro currency softer following some bearish drivers. Germany May IFO Survey came in softer than expected across the board. The EUR/USD hit a 3-month low of 1.3620 and traded below its 200-day moving average of 1.3636 (**Note: First time below since Sept 6th 2013). Overall recent ECB-speak has remained dovish
- The SEK currency was weaker after another miss in Sweden's confidence data (4th straight monthly miss in the data series).
- EU elections results this weekend had initially put a more defensive tone in Euro Zone peripheral bond markets and recent underperformance in European equities earlier in the week but exit polls suggesting that euro-skeptic not making dramatic gains

***Sovereign Rating Action***
- S&P affirmed Switzerland at AAA; Outlook stable
- S&P upgraded Spain 1 notch to BBB; outlook stable
- S&P affirmed Netherlands at AA+; outlook stable
- S&P affirmed Turkey at BB+; outlook stable
- Fitch upgraded Greece 1 notch to B; outlook stable
- Fitch affirms Israel sovereign rating at A; Outlook Positive

***Economic Data***
- (RU) Russia Narrow Money Supply w/e May 16th (RUB): 8.17T v 8.15T prior
- (SG) Singapore Apr CPI M/M: -0.2% v 0.0%e; Y/Y: 2.5% v 2.6%e
- (UK) Retailer John Lewis reports weekly LFL Partnership sales for week ending May 17th: +6.4% v +8.8% prior
- (DE) Germany Q1 Final GDP Q/Q: 0.8% v 0.8%e; Y/Y: 2.5% v 2.5%; GDP WDA Y/Y: 2.3% v 2.3%e
- (DE) Germany Q1 Private Consumption Q/Q: 0.7% v 0.6%e; Government Spending Q/Q: 0.4% v 0.3%e; Capital Investment Q/Q: 3.2% v 2.1%e; Construction Investment Q/Q: 3.6% v 3.2%e; Domestic Demand Q/Q: 1.9% v 1.4%e; Exports Q/Q: 0.2% v 0.6%e; Imports Q/Q: 2.2% v 1.0%e
- (FI) Finland Apr Preliminary Retail Sales Volume Y/Y: +2.4% v -1.9% prior
- (SE) Sweden May Consumer Confidence: 100.4 v 100.7e; Manufacturing Confidence: 94.5 v 102.9e; Economic Tendency Survey: 98.8103.0e
- (AT) Austria Mar Industrial Production M/M: -1.8% v -2.5% prior; Y/Y: 0.8 v 2.3% prior
- (EU) ECB 183M borrowed in overnight loan facility vs. 35.0M prior; 19.9B parked in deposit facility vs. 18.7B prior - Daily Eurosystem Liquidity Conditions
- (TW) Taiwan Q1 Final GDP Y/Y: 2.8% v 3.0%e
- (CN) Shanghai Futures Exchange (SHFE) Weekly Copper Stockpiles: 92.7K v 97.0K prior
- (TW) Taiwan Apr Industrial Production Y/Y: 4.8% v 3.6%e; Commercial Sales Y/Y: 5.0% v 1.4%e
- (DE) Germany May IFO Business Climate: 110.4 v 110.9e; Current Assessment: 114.8 v 115.4e; Expectations Survey: 106.2 v 106.5e
- (IT) Italy Mar Retail Sales M/M: -0.2% v 0.0% prior; Y/Y: -3.5% v -1.0%e
- (IT) Italy Apr Hourly Wages M/M: 0.0% v 0.0% prior; Y/Y: 1.2% v 1.4% prior

***Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (UK) UK Sovereign Debt Rating May Be Published by Moody's
- (FR) France Sovereign Debt Rating May Be Published by Moody's
- (SI) Slovenia Sovereign Debt Rating May Be Published by Moody's
- (IL) Israel Apr Leading 'S' Indicator M/M: No est v 0.1% prior
- 06:00 (RU) Russia President Putin interviewed on CNBC
- 06:00 (EU) ECB announces weekly 3-Year LTRO Repayment vs. 4.8Be
- 06:10 (UK) DMO to sell 2.0B in 1-month, 3-month and 6-month Bills
- 06:45 (US) Daily Libor Fixing
- 07:00 (EU) EMA Releases Drug Approvals & Safety Decisions
- 07:00 (BR) Brazil May FGV Consumer Confidence: No est v 106.3 prior
- 07:30 (TR) Turkey May Capacity Utilization: No est v 74.4% prior; Real Sector Confidence: No est v 112.7 prior
- 07:30 (IN) India Forex Reserves w/e May 16th: No est v $313.8B prior
- 07:30 (ES) Spain Fin Min De Guindos
- 08:15 (US) Baltic Dry Bulk
- 08:30 (CA) Canada Apr CPI M/M: 0.4%e v 0.6% prior; Y/Y: 2.0%e v 1.5% prior; CPI Price Index: 124.9e v 124.8 prior
- 08:30 (CA) Canada Apr CPI Core M/M: 0.2%e v 0.3% prior; Y/Y: 1.4%e v 1.3% prior
- 08:30 (CA) Canada Apr CPI Seasonal Adj M/M: 0.2%e v 0.2% prior; CPI Core Seasonally Adj M/M: No est v 0.1% prior
- 09:00 (BE) Belgium May Business Confidence: -4.8e v -4.6 prior
- 09:00 (MX) Mexico Mar Economic Activity Index Y/Y: 3.6%e v 1.7% prior
- 09:00 (MX) Mexico Q1 GDP Q/Q: 0.5%e v 0.2% prior; Y/Y: 2.1%e v 0.7% prior
- 09:00 (CL) Chile Apr PPI M/M: No est v -2.9% prior
- 09:30 (BR) Brazil Apr Current Account Balance: -$6.5Be v -$6.3B prior; Foreign Direct Investment (FDI): $5.4Be v $5.0B prior
- 10:00 (US) Apr New Home Sales: 425Ke v 384K prior
- 10:00 (MX) Mexico Q1 Current Account Balance: -$5.5Be v -$4.7B prior
- 11:00 (DE) German Chancellor Merkel speech at EU Parliamentary Election Rally: Dusseldorf
- 13:30 (DE) German Chancellor Merkel gives EU Election Campaign Speech in Saarlouis
- 14:00 (DE) German Fin Min Schaeuble at EU Parliamentary Election Rally, Hofstetten
- 15:00 (AR) Argentina Apr Industrial Production M/M: No est v -1.8% prior; Y/Y: -6.1%e v -5.9% prior
- 17:00 (CO) Colombia Mar Trade Balance: -$322.0Me v -$505.6M prior; Total Imports: $4.9Be v $5.0B prior
- (DE) German Parliament Commemorates 65th Anniversary of Basic Law

- (UR) Ukraine Presidential elections
- (EU) EU Parliamentary elections




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