Trade The News | Dec 14, 2012 06:42AM ET
Notes/Observations
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Equities
Indices
European equity markets are currently mixed, despite the more than 4% rally seen for the Chinese Shanghai Composite index. In terms of fundamentals, euro zone manufacturing PMI data missed market expectations, while the services PMI surprised to the upside. In China, Dec manufacturing PMI expanded for the second straight month, following 12 months of contraction. Despite the Chinese data, European resource related firms are mixed. European banks are mostly lower, led by shares of Credit Agricole and Deutsche bank. In news related to the banking sector, in Nov Spanish banks cut their reliance on ECB funding for the third straight month, a similar trend has been seen with Italian banks. In terms of the peripheral corporate bond markets, as issuance conditions have shown improvement, Telecom Italia is marketing seven-year EUR-denominated bonds in the area of 295bps/midswaps. In Sept, the company marketed five-yr EUR denominated bonds near 375bps/midswaps.
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