Notes/Observations
(JP) The BoJ left its Target Rate Range unchanged between 0.0-0.1% (as expected); vote was unanimous; No member proposed additional easing action; JPY currency strengthens.
Italy PDL official Berusconi: No real problems to form government led by Letta.
Italy sells 6-month Bills with an Avg Yield of 0.503% (EMU record low)
Economic Data
(SG) Singapore Mar Industrial Production M/M: 6.2% v 7.1%e; Y/Y: -4.1% v -3.0%e
(RU) Russia Narrow Money Supply w/e Apr 22nd (RUB): 7.65T v 7.53T prior
(DE) Germany Mar Import Price Index M/M: -0.1% v -0.1%e; Y/Y: -2.3% v -2.3%e
(FI) Finland Q1 House Prices: +0.7% v -0.6% prior; Y/Y: 1.9% v 2.7% prior
(FR) France Apr Consumer Confidence: 84 v 83e
(HU) Hungary Mar Unemployment Rate: 11.8% v 11.7%e
(CH) Swiss Apr KOF Swiss Leading Indicator: 1.02 v 0.98e
(EU) ECB: €2.0B borrowed in overnight loan facility vs. €5.30B prior; €111.5B parked in deposit facility vs. €114.1B prior
(SE) Sweden Apr Consumer Confidence: 5.2 v 3.9e; Manufacturing Confidence: -8 v -9e; Economic Tendency Survey: 94.1 v 96.1e
(SE) Sweden Mar Trade Balance (SEK): 6.8B v 7.1B prior
(SE) Sweden Mar Household Lending Y/Y: 4.6% v 4.6%e
(TW) Taiwan Mar Leading Index M/M: 0.4 v 0.5% prior; Coincident Index M/M: -0.3% v -0.2% prior
(EU) Euro Zone Mar M3 Money Supply Y/Y: 2.7% v 3.0%e; M3 three-month Avg: 3.0% v 3.2%e
(GR) Greece Central Bank: Mar Greece household and business bank deposits €164.1B vs. €164.0B m/m
Fixed Income
(IT) Italy Debt Agency (Tesoro) sells €8.0B vs. €8.0B indicated in 6-month Bills ; Avg Yield: 0.503% (EMU record low)v 0.831% prior; Bid-to-cover: 1.40x v 1.64x prior
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Equities
FTSE 100 -0.50% at 6,408, DAX -0.50% at 7,790, CAC-40 -1.2% at 3,796, IBEX-35 -1.1% at 8,274, FTSE MIB -0.70% at 16,527, SMI -0.60% at 7,855, S&P 500 Futures -0.30% at 1,577
European equity markets are broadly lower, as disappointing bank earnings have once again weighed on the Spanish IBEX-35. Equities have also declined, amid the rise seen in Italian sovereign bond yields. In terms of the ongoing ECB rate cut speculation, official Asmussen (Germany) reiterated that the impact of further rate cuts would be limited. European corporate earnings have been mixed. BASF reported better than expected results, while Spain's BBVA's earnings missed analyst expectations. Total quarterly earnings were in line and PPR's sales missed analyst expectations. Alcatel-Lucent swung to a loss in Q1. European banks are mostly lower, led by German banks. The decline in copper prices has weighed on resource related firms.
UK movers [Colt Telecom -2% (Q1 sales declined y/y), Standard Life -1.5% (CFO resigned)]
Germany [BASF +2.5% (Q1 results above ests); Loewe -32% (Q1 loss widened), SGL Carbon -1.5% (cut FY sales forecast)]
France movers [PPR -5.5% (Q1 sales below ests), Alcatel-Lucent -2% (Reported Q1 loss), EADS -1.5% (share placement), Vivendi -1% (broker commentary), Total -1% (Q1 production declined y/y)]
Spain movers [BBVA -1.5% (Q1 profits below ests as provisions rose)]
Switzerland movers [Bucher +3.5% (reaffirmed forecast)]
The Netherlands movers [USG -2.5% (Q1 results below ests)]