Spanish-German 10-Year Spread Widens Above 410 To Its Widest Level Since Late NovemberEconomic Data
(CH) Swiss Mar Unemployment Rate: 3.2% v 3.3%e; Unemployment Rate Seasonally Adj. 3.1% v 3.1%e.
(FI) Finland Feb Industrial Production M/M: +1.4 v -4.5% prior; Y/Y: -2.9% v -4.4% prior.
(DE) Germany Feb Current Account: €11.1B v €12.0Be; Trade Balance: €14.7B v €12.0Be v €13.1B prior; Exports M/M: +1.6% v -1.2%e; Imports M/M: 3.9% v 1.3%e.
(JP) Japan Mar Preliminary Machine Tool Orders Y/Y: +2.4% v -8.6% prior.
(ZA) South Africa Mar Net Reserves: $48.9B v $49.8Be; Gross Reserves: $50.7B v $51.5Be.
(AU) Australia Mar Foreign Reserves: A$46.1B v A$49.1B prior.
(FR) Mar Bank of France Business Sentiment: 95 v 96e.
(IN) India Mar Local Car Sales: 229.9K v 211.4K prior.
(FR) France Feb Industrial Production M/M: 0.3% v 0.3%e; Y/Y: -1.7% v -1.2%e.
(FR) France Feb Manufacturing Production M/M: -1.2% v 0.0%e; Y/Y: -3.7% v -1.7%e.
(CZ) Czech Mar CPI M/M: 0.2% v 0.3%e; Y/Y: 3.8% v 3.8%e.
(CZ) Czech Mar Unemployment Rate: 8.9% v 9.0%e.
(DK) Denmark Mar CPI M/M: 0.5% v 1.3% prior; Y/Y: 2.7 v 2.8% prior.
(DK) Denmark Mar CPI EU Harmonized M/M: 0.6% v 1.0% prior; Y/Y: 2.7 v 2.7% prior.
(ES) Spain Feb House transactions Y/Y: -31.8% v -26.3% prior.
(NL) Netherlands Feb Industrial Production M/M: -0.7 v -2.8% prior; Y/Y: -3.3% v -2.0% prior; Industrial Sales Y/Y: 1.5 v 8.3% prior.
(SE) Sweden Feb Industrial Production M/M: -5.2% v -0.3%e; Y/Y: -7.1% v +0.5%e.
(SE) Sweden Feb Industrial Orders M/M: -5.5% v -3.0% prior; Y/Y: -8.3 v -2.0% prior
(SE) Sweden Mar Budget Balance (SEK): 9.5B v 32.5B prior.
(NO) Norway Mar CPI M/M: -0.1% v +0.1%e; Y/Y: 0.8% v 0.9%e.
(NO) Norway Mar CPI Underlying M/M: 0.4% v 0.3%e; Y/Y: 1.5% v 1.4%e.
(NO) Norway Mar Producer Prices incl.Oil M/M: 1.5% v 1.0% prior; Y/Y: 6.6 v 7.6% prior.
(HK) Hong Kong Mar Foreign Currency Reserves: $294.7B v $294.7B prior.
(EU) Euro Zone Apr Sentix Investor Confidence: -14.7 v -9.1e.
Fixed Income
(NL) Netherlands Debt Agency (DSTA) sold €3.00B vs. €2.5-3.5B indicated in 2.5% Jan 2017 Bonds; avg yield 1.276% v 1.347% prior.
(AT) Austria Debt Agency (AFFA) sold total €1.32B vs. €1.32B indicated in 2017 and 2022 Bonds.
Sold €715M in 3.2% Feb 2017 RAGBs Avg Yield 1.733% v 1.974% prior; Bid-to-cover: 2.2x v 2.0x prior.
Sold €605M in 3.4% Nov 2022 RAGBs Avg Yield 2.905% v 2.890% prior; Bid-to-cover: 2.34x v 2.0x prior.
(GR) Greece Debt Agency (PDMA) sold €1.3V vs. €1.0B indicated in 26-week Bills; Avg Yield 4.55% v 4.80% prior; Bid-to-cover: 2.62x v 2.63x prior.
(EU) ECB allotted €55.4B in 7-day Main at fixed 1.0% vs. €62Be.
(EU) ECB allotted €11.4B in 1-month MRO operation at fixed 1.0% vs. €10.0Be.
(ZA) South Africa sold total ZAR2.1B vs. ZAR2.1B indicated in 2017, 2021 and 2041 Bonds.
(HU) Hungary Debt Agency (AKK) sold HUF55B in 3-Month Bills; Avg Yield 7.26% v 7.26% prior; Bid-to-cover: 1.68x v 2.09x prior.
Notes/Observations
US March payrolls pave the way for more QE?
China trade balance moves back into surplus as imports slump.
Bank of Japan leaves interest rates unchanged, as expected.
European sovereign spreads widen in session.
Alcoa kicks off US Corporate earnings after the NYSE close today.
Equities
FTSE 100 -0.60% at 5687, DAX -0.60% at 6734, CAC-40 -0.80% at 3292, IBEX-35 -0.60% at 7609, FTSE MIB -1.8% at 14,944, SMI -0.80% at 6113.
European shares declined at the opening after a 4-day Easter break in the wake of weaker than expected US employment data. Investors continue to worry about global growth.
Among movers, Thomas Cook [TCG.UK] rallied after announcing it was in talks with banking group about extending its financing arrangements. Randgold Resources [RRS.UK] also rallied after noting that the political disruptions in Mali had not materially affected its gold production in that country.