European Market Update: March 28, 2012
Trade The News | Mar 28, 2012 07:41AM ET
(DE) Germany Apr GfK Consumer Confidence: 5.9 v 6.0e
(DE) Germany Feb Import Price Index M/M: 1.0% v 0.9%e; Y/Y: 3.5% v 3.5%e
(FI) Finland Mar Business Confidence: -4 v -2e; Consumer Confidence: 8.0 v 10.0e
(SZ) Swiss Feb UBS Consumption Indicator: 0.87 v 0.93 prior
(FR) France Mar Consumer Confidence Indicator: 87 v 82e
(NL) Netherlands Q4 Final GDP Q/Q: -0.6% v -0.7% prelim; Y/Y: -0.6 v -0.7% prior
(SE) Sweden Feb PPI M/M: 0.4% v 0.5%e; Y/Y: 0.5% v 0.3%e
(SE) Sweden Feb Trade Balance (SEK) 5.9B v 8.0Be
(SE) Sweden Feb Household Lending Y/Y: 5.0% v 5.0%e
(TW) Taiwan Feb Leading Index M/M: 0.9% v 0.8% prior; Coincident Index M/M: -0.7%v -0.5% prior
(HK) Hong Kong Feb Trade Balance (HKD): -45.8B v -30.5Be; Exports Y/Y: +14.0% v +4.9%e; Imports Y/Y: +20.8% v +9.8%e
Fixed Income:
(PH) Philippines rejected all bids in its March 2019 Bonds citing high yields
(ID) Indonesia sold total IDR355B vs. IDT1.0T target in 6-year, 10-year, 15-year and 25-year Project Based Sukuks
(ZA) South Africa sells total ZAR2.1B vs. ZAR2.1B indicated in 2017, 2020 and 2041 Bonds
(ES) Spain Debt Agency (Tesoro) sold €2.5B vs. €2.-3.0B indicated range in 3-Month and 6-Month Bills
Sold €1.5B in 3-month Bills; Avg Yield 0.381% v 0.396% prior; Bid-to-cover: 3.51x v 4.04x prior
Sold €1.1B in 6-month Bills; Avg Yield 0.836% v 0.764% prior; Bid-to-cover: 5.56x v 10.2x prior
(IT) Italy Debt Agency (Tesoro) sold €2.82B vs. €2.0-3.0B in Jan 2014 CTZ; avg yield 2.352% v 3.013% prior; bid-to-cover: 1.86x v 1.93x prior
(IT) Italy Debt Agency (Tesoro) sold €1.0B vs. €1.0B indicated in I/L 2019 and 2021 BTPi
(EU) ECB allotted €61.1B vs. €55Be in 7-Day Main Refinancing Tender at fixed 1.0%
(HU) Hungary Debt Agency (AKK) sold HUF50B in 3-Month Bills; avg yield 7.26% v 7.26% prior; Bid-to-cover: 1.26x
Notes/Observations
Risk appetite continues to find traction after Fed's Bernanke dovish assessment on Monday.
Spain 6-month Bill auction saw higher yield and lower bid-to-cover.
Equities
FTSE 100 +0.30% at 5919, DAX +0.70% at 7126, CAC-40 +0.50% at 3520, IBEX-35 +0.80% at 8293, FTSE MIB +0.60% at 16,724, SMI +0.30% at 6299
European shares rallied after comments from Fed's chief Bernanke who said yesterday that the US would maintain its accommodative monetary policy.
Among notable individual movers, RBS [RBS.UK] rallied over 5% after announcing yesterday after the EU close that the UK govt would sell its 84% stake in the lender to Abu Dhabi investors. Swiss cement maker Holcim [HOLN.CH] fell after announcing its share sale of an amount of 5M. Out of the UK, PZ Cussons [PZC.UK] fell after announcing that continuing tensions in Nigeria will impact Group's overall performance causing it to be below expectations, although trading so far had been in line with management's views. CPP Group [CPP.UK] also fell significantly after guiding 2012 results significantly lower on a yearly basis.
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