Notes/Observations
RBA's Stevens: Current Cash Rate appropriate for economy
China Jan New Home Prices rose in 53 of 70 cities vs 54 prior; Y/Y: prices rose in 53 of 70 cities vs 40 prior; first such gain since February 2012 and could prompt more tightening
Singapore and Taiwan Q4 GDP numbers revised higher
German Feb IFO beats expectations and rises at fastest pace since July 2010
EU cuts 2013 GDP growth forecast to -0.3% from +0.1% prior
EU's Rehn: fiscal deadlines could be extended if economic growth did fall short; no ruling until spring
Economic Data
(RU) Russia Narrow Money Supply w/e Feb 15th (RUB): 7.46T v 7.37T prior
(DE) Germany Q4 Final GDP Q/Q: -0.6% v -0.6%e; Y/Y: 0.1% v 0.1%e; GDP wda Y/Y: 0.4% v 0.4%e
(DE) Germany Q4 Private Consumption: 0.1% v 0.1%e; Government Spending: 0.4% v 0.2%e; Domestic Demand: +0.2% v -0.1%e; Construction Investment: -0.1% v -0.8%e; Capital Investment: -0.7% v -1.3%e; Exports: -2.0% v -2.0%e; Imports:-0.6% v -1.0%e
(CZ) Czech Jan PPI (Industrial) M/M: +0.7%e v -0.3% prior; Y/Y: 1.0%e v 1.2% prior
(AT) Austria Dec Industrial Production M/M: +0.6% v -1.3% prior; Y/Y: +2.5 v -0.5% prior
(EU) ECB: €1.0M borrowed in overnight loan facility vs. €3.0M prior; €162.2B parked in deposit facility vs. €165.3B prior
(SE) Sweden Feb Consumer Confidence: -1.0 v -1.0e; Economic Tendency Survey: 94.7 v 91.6e; Manufacturing Confidence: -11 v -15e
(TW) Taiwan Q4 Final GDP 3.7% v 3.4% prelim
(NL) Netherlands Dec Consumer Spending Y/Y: -1.0% v -3.0% prior
(NL) Netherlands Feb Producer Confidence: -3.6 v -5.6 prior
(HK) Hong Kong Jan CPI Composite Y/Y: 3.0% v 3.2%e
(DE) Germany Feb IFO Business Climate: 107.4 v 104.9e; Current Assessment: 110.2 v 108.5e; Expectations Survey: 104.6 v 101.4e
(IC) Iceland Jan Wage Index M/M: 0.3% v v 0.0% prior; Y/Y: 5.0% v 4.7% prior
(IT) Italy Jan Final CPI (NIC incl. tobacco) M/M: 0.2% v 0.2%e; Y/Y: % v 2.2%e
(IT) Italy Jan Final CPI EU Harmonized M/M: -2.0% v -2.0%e; Y/Y: 2.4% v 2.4%e
(IT) Italy Feb Consumer Confidence: 86.0 v 84.6e
Fixed Income:
(ZA) South Africa sold total ZAR800M in I/L 2025, 2038 and 2050 Bonds
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Equities
Indices: FTSE 100 +0.70% at 6,338, DAX +0.60% at 7,625, CAC-40 +1.3% at 3,671, IBEX-35 +0.90% at 8,090, FTSE MIB +0.90% at 16,154, SMI +0.24% at 7,524, S&P 500 Futures +0.40% at 1,507
European equity markets have had a slight rebound from the losses seen on Thursday's session. After declining over 3% on yesterday's session, Italy's FTSE MIB has gained over 1%, as markets focus on the upcoming parliamentary elections (Feb 24-25th). In France the CAC-40 index has outperformed amid gains in banks, France Telecom and Arcelor Mittal. In terms of today's session, traders are focusing on the EU Commission's updated forecasts, German IFO data, ECB announcement related to LTRO repayments and property price data out of China.
UK movers [Bowleven +10% (oil find),Sainsbury +1.5% (broker commentary), Carphone Warehouse +1% (looking to sell French unit); Millenium & Copthorne -2.5% (FY profits declined y/y), Drax Group -2.3% (broker commentary), G4S -2%(broker commentary)]
Germany movers [Air Berlin +9% (Swung to profit in FY12), Fuchs Petrolub +4% (FY12 results above ests), Kloeckner +2% (broker commentary)]
France movers [Technicolor +3% (FY EBITDA and Rev rose y/y), ArcelorMittal +2% (broker commentary),Alcatel-Lucent +2% (named new CEO), Valeo +1% (FY12 sales above ests); Eramet -4% (FY profits declined sharply), SES -2.5% (FY results below ests, CFO change), CNP Assurances -0.50% (FY sales declined y/y),Air France has moved between gains and losses (FY Rev above ests, net loss wider than ests)]
Spain movers [Bankia -5% (renewed speculation regarding FY loss of €19B)]
Dutch movers [ING +0.50% (proposed new CEO); CSM -3% (delays related to unit sale), Wessanen -3% (Q4 results below ests)]
Denmark movers [AP Moeller-Maersk +1% (FY12 profits above ests)]