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Monday's European Market Update

Published 12/03/2012, 07:32 AM
Updated 01/01/2017, 02:20 AM
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  • Greece 10-year bond yields decline over 120bps to post debt restructuring low of 14.20% after Govt provided debt-buyback details
  • Major European PMI Manufacturing data mixed but remain in contraction territory
  • Notes/Observations
    • Greece 10-year bond yields decline over 120bps to post debt restructuring low of 14.20% after Govt provided debt-buyback details
    • Moodys downgrades ESM and EFSF citing recent France downgrade; cuts ratings one notch to A1 from Aaa; maintains negative outlook
    • ECB's Noyer: Negative deposit rate not excluded but not a major issue at this time
    • Spain PM Rajoy: May be "very complicated" to achieve 6.3% deficit to GDP target in 2012
    • German Chancellor Merkel: Reiterates view that aid to Greece is in Germany's best interests; May consider a "haircut" on Greek debt holdings
    • (CN) China Nov Manufacturing PMI: 50.6 V 50.8E (7-month high; 2nd consecutive expansion)
    • (CN) China Nov HSBC Manufacturing PMI: 50.5 V 50.4E (first expansion in 13 months)
    • (CN) China Nov Manufacturing PMI: 55.6 V 55.5 PRIOR (9th month of expansion)
    • Tsy's Geithner: Cannot promise US will not go over the fiscal cliff, decision is in the Republicans hand
    • Plethora of central bank decision this week including RBA, BOE and ECB.
    • Australia Retail Sales weaker than expected with calls for more interest rate cuts
    • Major European PMI Manufacturing mixed but remain in contraction territory
    Economic Data
    • (IE) Ireland Nov NCB Manufacturing PMI: 52.4 v 52.1 prior (9th straight month of growth)
    • (SE) Sweden Nov Swedbank PMI Survey: 43.2 v 44.0e
    • (PL) Poland Nov Manufacturing PMI: 48.2v 47.4e (8th straight month of contraction)
    • (NO) Norway Nov PMI: 50.1 v 48.8e
    • (HU) Hungary Nov PMI: 52.3 v 49.9 prior
    • (TR) Turkey Manufacturing PMI: 51.6 v 52.5 prior (3rd straight month of growth)
    • (TR) Turkey Nov Consumer Prices M/M: 0.4% v 0.9%e; Y/Y: 6.4% v 6.9%e; CPI Core Y/Y: 5.7% v 5.8%e
    • (TR) Turkey Nov Producer Prices M/M: 1.7% v 0.2% prior; Y/Y: 3.6 v 2.6% prior
    • (EU) ECB: €1.9B borrowed in overnight loan facility €1.7B prior; €237.8B parked in deposit facility vs. €235.0B prior
    • (FR) France Nov new car registrations -19.2%; YTD -13.8% y/y
    • (CH) Swiss Oct Real Retail Sales Y/Y: 2.7% v 3.8%e
    • (ES) Spain Nov Manufacturing PMI: 45.3 v 43.9e (highest since June 2011 but 19th straight month of contraction)
    • (CH) Swiss Nov PMI Manufacturing: 48.5 v 47.0e
    • (CZ) Czech Republic Nov Manufacturing PMI: 48.2 v 47.5e
    • (AT) Austria Nov Unemployment Rate: 7.2% v 6.7% prior
    • (IT) Italy Nov PMI Manufacturing: 45.1 v 46.0e (16th straight month of contraction
    • (FR) France Nov Final PMI Manufacturing: 44.5 v 44.7e (3-month high but the 9th straight monthly contraction)
    • (DE) Germany Nov Final PMI Manufacturing: 46.8 v 46.8e (9th straight month of contraction)
    • (EU) Euro Zone Nov Final PMI Manufacturing: 46.2 v v 46.2e ((16th straight month of contraction)
    • (GR) Greece Nov Manufacturing PMI: 41.8 v 41.0 prior (39th consecutive month of contraction)
    • (NO) Norway Oct Credit Indicator Growth Y/Y: 6.9% v 6.8%e
    • (ZA) South Africa Nov Kagiso PMI: 49.5 v 47.6e
    • (UK) Nov PMI Manufacturing: 49.1 v 48.0e (highest reading since Aug but 8th straight month of contraction)
    • (DK) Denmark Nov PMI Survey: 56.7 v v 55.6 prior

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