Trade The News | Mar 14, 2013 07:42AM ET
Notes/Observations
New Zealand central bank leaves Cash Rate unchanged (as expected) but cuts GDP outlook; says strong Kiwi currency is a significant concern
South Korea Central Bank (BOK) leaves seven-Day Repo Rate unchanged at 2.75% (as expected but was not unanimous); Analysts see rate cut ahead as economy stagnates
Australia Feb Employment data registers highest monthly increase in a decade; CPI hits five-month high; Markets respond by re-pricing expectations of another RBA easing, sending Australian equities down by 1%.
Japan lower house lawmakers endorse Kuroda as next BoJ Gov; Also approve Nakaso and Iwata as BoJ Dep Govs, as expected; Upper House vote on Friday
China formally elects Xi as president. 3000 delegates and only one no vote.
EU Summit Draft: EU to endorse plans for a structural assessment of member budgets (ie may allow some countries extra time on deficits)
SNB leaves both Interest Rates and EUR/CHF Cross levels unchanged, as expected
Norway Central Bank lowers outlook for its Deposit Rate Path and sees the next hike out further than previously anticipated
Spain sells bonds in special auction at lower yields and strong bid-to-cover; but overall amount below analysts' soft target between €1-2B
Economic Data
Equities
FTSE 100 +0.20% at 6,496, DAX +0.70% at 8,028, CAC-40 +0.60% at 3,858, IBEX-35 +0.90% at 8,573, FTSE MIB +1% at 15,903, SMI +0.50% at 7,821, S&P 500 Futures +0.20% at 1,552
European equity markets are mostly higher, tracking the gains in Asian and U.S. markets. Today's gains have been led by the Italian FTSE MIB, as the index underperformed on Wednesday's session. Earlier during the session, the DAX index hit a fresh multi-year high near 8045. European banks are trading mixed. Outperformers include BNP and Santander, while shares of UK banks and Commerzbank have lagged. Resource related firms are mostly lower, despite the gains in oil and copper prices.
UK movers [Home Retail +15% (SSS above ests), Ocado +12% (talks related to agreement with WM Morrison), Aggreoko +2.5% (supply agreement), William Morrison +1.5% (raised dividend)]
Germany movers [Lufthansa +3% (guided FY13 op profit higher y/y), K+S +3% (Outlook above ests, short-covering), HeidelbergCement +2% (FY results above ests), Leg Immobilien +1% (broker commentary); SGL Carbon -3% (FY results below ests), Volkswagen -2.5% (reaffirmed FY13 guidance), Wacker Chemie -2% (guided FY13 profits lower y/y)]
France movers [Altran +2.5% (swung to profit in FY12)]
Italy movers [Generali +5% (guided FY13 op profit higher y/y), Eni +1.5% (asset sale)]
Switzerland movers [Bucher +2% (FY results above sts), Holcim +1% (joint venture agreement); Oerlikon -2% (CEO resigned)]
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