Economic Data
(IN) India May Trade Balance: -$ v -$16.3Be; Exports Y/Y: -4.2% v +3.2% prior; Imports Y/Y: -7.4% v +3.8% prior
(RU) Russia Jun Manufacturing PMI: 51.0 v 53.2 prior
(IN) India Jun Manufacturing PMI: 55.0 v 54.8 prior
(JP) Japan Jun Vehicle Sales Y/Y: 40.9% v 66.3% prior
(IE) Ireland Jun NCB Manufacturing PMI: 53.1 v 51.2prior
(AU) Australia Jun RBA Commodity Price Index Au: 97.5% v 99.1 prior; Commodity Index SDR Y/Y: -10.5% v -10.2% prior
(SE) Sweden Jun Swedbank PMI Survey: 48.4 v 48.5e
(PL) Poland Jun Manufacturing PMI: 48.0 v 48.6e; third month of contraction and a 35-month low
(TR) Turkey Jun Manufacturing PMI: 51.4 v 50.2 prior
(NO) Norway Jun PMI: 46.3 v 54.6e
(TR) Turkey Q1 GDP Q/Q: 0.2% v 0.2% prior; Y/Y: 3.0% v 32%e; GDP WDA Y/Y: 2.3% v 4.7% prior
(ES) Spain Jun Manufacturing PMI: 41.1 v 41.3e, lowest since May 2009)
(CH) Swiss May Real Retail Sales Y/Y: 6.2% v 0.2% prior
(CZ) Czech Republic Jun Manufacturing PMI: 49.4 v 47.0e
(CH) Swiss Jun PMI Manufacturing: 48.1 v 45.0e
(IT) Italy Jun PMI Manufacturing: 44.6 v 44.6e; (11th consecutive contraction
(FR) France Jun Final PMI Manufacturing: 45.2 v 45.3e
(DE) Germany Jun Final PMI Manufacturing: 45.0 v 44.7e
(EU) Euro Zone Jun Final PMI Manufacturing: 45.1 v 44.8e
(GR) Greece Jun Manufacturing PMI: 40.1 v 43.1 prior
(IT) Italy May Preliminary Unemployment Rate: 10.1% v 10.3%e
(NO) Norway May Credit Indicator Growth Y/Y: 6.7% v 6.7%e
(UK) Jun PMI Manufacturing: 48.6 v 46.5e
(EU) Euro Zone May Unemployment Rate: 11.1% v 11.1%e, fresh EMU record high
(DK) Denmark Jun Danish PMI Survey: 53.0 v 54.0 prior
(ZA) South Africa Jun Kagiso PMI: 48.2 v 53.6 prior
(NO) Norway Jun Housing Prices M/M: +0.9%; Y/Y: +7.7%
(BE) Belgium May Unemployment Rate: 7.2% v 7.4% prior
(NO) Norway Jun Housing Prices M/M: +0.9%; Y/Y: +7.7%
(ES) Spain June New Car Registration Y/Y: -12.1% v -8.2% prior
Fixed Income:
(NO) Norway sold NOK3.0B vs. NOK3.0B indicated in 12-month Bills; Yield 1.61%; bid-to-cover: 2.17x
(NL) Netherlands Debt Agency (DSTA) sold total €2.1B vs. €4.0B indicated in 3-month and 12-month Bills
Sold €1.08B vs. €2.0e in 3-month Bills; Yield -0.013% v 0.000% prior (record low); Bid-to-cover: 4.44x v 4.43x prior
Sold €1.03B vs. €2.0e in 12-month Bills; Yield 0.050% v 0.050% prior; Bid-to-cover: 2.70x
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
China official PMI data
Session saw slight upward revisions the major European PMI Manufacturing data
Peripheral yields continue to tighter following last week's EU Leader Summit
Spain 2-year yield moves below 4% for the first time in over a year
Equities
FTSE 100 +0.8% at 5616, DAX +1.0% at 6482, CAC-40 +1.2% at 3235, IBEX-35 -0.1% at 7,094, FTSE MIB +1.1% at 14,433, SMI +0.7% at 6108, S&P 500 Futures at 1360
European equities continued to move higher following last week's EU Leader Summit agreement on its Roadmap. Various bourses hit two-month highs in the session aided by upward revisions in the European Manufacturing PMI data. There remained headwinds to optimism as the Chinese data PMI reminded of the difficulties in global growth