Economic Data
(EU) ECB: €3.3B borrowed in overnight loan facility v €3.0B prior; €491.8B parked in deposit facility vs. €420.9B prior
(FR) France Jan Business Confidence: 91 v 95e; Production Outlook: -37 v -36e; Own-Company Production Outlook: -6 v -2 prior
(DK) Denmark Jan Consumer Confidence: -7.0 v -7.0%r
(CH) Swiss Dec M3 Money Supply Y/Y: 7.7% v 7.3% prior
(CH) Swiss Q4 Real Estate Index Family Homes: 404.6 v 398.6 prior
(IC) Iceland Dec Wage Index M/M: 0.3% v 0.3% prior; Y/Y: 9.2 v 9.0% prior
Fixed Income:
(NO) Norway sold NOK6.0B vs. NOK6.0B indicated in in 4.25% 2017 Bonds; Yield 1.90%
(SK) Slovakia Debt Agency (ARDAL) sold €305.2M in Zero Coupon April 2014 bonds; Yield 3.0469%; Bid-to-cover: 1.74x
(DE) Germany sold €2.54B in 12-Month BuBills; avg yield 0.0700% v 0.3460% prior; Bid-to-cover: 2.2x v 4.3x prior
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
Euro Zone Fin Mins to meet later today to decide what terms of a Greek restructuring they are willing to accept
IIF Chief Dalara: Banks have made 'maximum offer' in Greek debt talks
EU ambassadors said to have agreed to impose Iran oil embargo
Equities:
FTSE 100 +0.10% at 5708, DAX +0.10% at 6358, CAC-40 +0.70% at 3288, IBEX-35 +0.50% at 8463, FTSE MIB +0.60% at 15,367, SMI +0.30% at 6133
European equity indices opened the session mostly lower and are currently trading mixed, amid the lower government bond yields being seen in most European markets. Overall equity markets continue to focus on the talks related to private sector involvement (PSI) in the bailout of Greece. So far on the session, Italy's FTSE MIB has outperformed on gains in the banking sector, while the DAX has underperformed amid losses in shares of Bayer. European banks are mostly higher, despite the rise being seen in the Markit iTraxx Financial index, which is implying higher credit risk on the session for financial. Outperformers in the banking sector include SocGen [GLE.FR], Commerzbank and Unicredit.
In individual movers in the UK, Ocado Group [OCDO.UK] has declined by over 5% after announcing the resignation of its CFO. Thomas Cook [TCG.UK] is lower by more than 3% on concerns about the company's early Jan bookings. Small-cap name Immunodiagnostic Systems [IDH.UK] is down over 10% as the company disclosed a profit warning. Optos [OPTS.UK] is higher by over 2% following the release of its Q1 sales report, while Hunting [HTG.UK] has gained over 3%, after saying that its trading since mid Nov has exceeded its expectations. In Germany, shares of Bayer [BAYN.DE] have lagged the overall DAX, while Continental AG [CON.DE] is lower on speculation that the company may seek to raise capital. ThyssenKrupp [TKA.DE] is little changed, following reports that the firm could seek to merge its stainless steel unit with Outokumpu [OUT1V.FI]. German banking machine manufacturer, Wincor Nixdorf [WIN.DE], has gained over 3%, after reporting its Q1 results. European banks are mostly higher as the talks between Greece and its private sector creditors continue. Also, the FT reported that Germany and France might lobby to have certain Basel III capital rules eased in a move to support economic growth.