European Market Update: April 15, 2012

(EU) ECB: €2.0B borrowed in overnight loan facility v €1.5B prior; €705.6B parked in deposit facility v €652.9B prior

(ES) Spain Mar ECB Banks Net Borrowings: €227.6B v €152.4B m/m; Gross borrowings: €316.3B v €169.8B m/m

(IE) Ireland Mar ECB bank borrowings at €85.1B v €87.1M m/m

(RU) Russia Narrow Money Supply w/e Apr 9th (RUB): 6.76T v 6.72T prior

(FI) Finland Mar CPI M/M: 0.4% v 0.6% prior; Y/Y: 2.9% v 3.1% prior

(DE) Germany Mar Final Consumer Price Index M/M: 0.3% v 0.3%e; Y/Y: 2.1% v 2.1%e

(DE) Germany Mar Final CPI EU Harmonized M/M: 0.4% v 0.4%e; Y/Y: 2.3% v 2.3%e

(FI) Finland Feb Current Account: -€200M v €180M prior

(HU) Hungary Feb Final Industrial Production M/M: 0.8% v 0.8% prelim; Y/Y: -3.4% v -3.4% prelim

(ES) Spain Mar Consumer Price Index M/M: 0.7% v 0.7%e; Y/Y: % v 1.9%e

(ES) Spain Mar CPI EU Harmonized M/M: 2.2% v 2.2%e; Y/Y: 1.8% v 1.8%e

(ES) Spain Mar Core CPI M/M: 0.5% v 0.0% prior; Y/Y: 1.2% v 1.2% prior

(NL) Netherlands Feb Trade Balance: 2.9B v €3.9B prior

(IT) Italy Feb Industrial Production M/M: -0.7% v -0.7%e; Y/Y: -3.5% v -1.7% prior; Industrial Production wda Y/Y: -6.8% v -5.1%e

(UK) Mar PPI Input M/M: 1.9% v 1.4%e; Y/Y: 5.8% v 4.8%e

(UK) Mar PPI Output M/M: 0.6% v 0.5%e; Y/Y: 3.6% v 3.5%e

(UK) Mar PPI Output Core M/M: 0.1% v 0.2%e; Y/Y: 2.5% v 2.6%e

(IT) Italy Mar Final CPI (NIC incl. tobacco) M/M: 0.5% v 0.5%e; Y/Y: 3.3%e v 3.3% prelim

(IT) Italy Mar Final CPI EU Harmonized M/M: 2.5% v 2.5%e; Y/Y: 3.8% v 3.8%e

Fixed Income

(IN) India sold total INR150B as targeted in 2018, 2021, 2027 and 2036 bonds

(ZA) South Africa sold total ZAR in I/L 2017, 2022 and 2028 Bonds

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Notes/Observations

China Q1 GDP below expectations.

China Premier Wen commented that the Chinese economy remained generally in good shape and will fine tune policies as needed.

North Korea launches rocket and its fails to orbit after a one minute flight.

Singapore to speed appreciation of the SGD currency to deal with inflation.

Spain Mar ECB Banks Net Borrowings surge 50% m/m.

JPM and WFC to report earning.

Equities

FTSE 100 -0.60% at 5675, DAX -1.1% at 6664, CAC-40 -1.3% at 3226, IBEX-35 -2.6% at 7322, FTSE MIB -2% at 14,564, SMI -0.50% at 6096.

European shares dropped on China's lower than expected GDP.

Investors are now expecting an imminent rate cut from the PBoC as a result of slowing growth in a major driver such as the Chinese market.

In corporate news, Repsol [REP.ES] traded lower after press reports noted that the Argentinian govt was p planning to force an acquisition of a majority stake(50.01%) in YPF. Repsol denied having received notice from Argentina, and the Spanish foreign minister called for a meeting with Argentina's ambassador to express concerns about Repsol. L'Oreal [OR.FR] rose over 2% after beating estimates for Q1 sales.