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European Market Update: March 19, 2012

Published 03/19/2012, 03:21 AM
Updated 01/01/2017, 02:20 AM
UK100
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DE40
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ES35
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IT40
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TLW
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AVIA
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SMI
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MAR
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(RU) Russia Narrow Money Supply (RUB): 6.86T v 6.77T prior (ES) Spain Q4 Labour Costs Y/Y: 1.6% v 1.5% prior

(TR) Turkey Feb Consumer Confidence: 93.2 v 92.2 prior

(IT) Italy Jan Total Trade Balance: -€4.4B v +€1.2B prior; Trade Balance EU: +€756M v -€873M prior

(PL) Mar Central/Eastern European ZEW Indicator: No est v -19.5 prior

(IT) Italy Jan Current Account: No est v €402M prior

(EU) Euro Zone Jan Trade Balance seasonally adj: €5.9B v €6.0Be; Euro-Zone Trade Balance: -€7.6B v -€3.0Be

Fixed Income:

(ZA) South Africa sells total ZAR800M in I/L 2017, 2022 and 2028 Bonds

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Notes/Observations

China Vice Commerce Min Chen Jian: Yuan has appreciated "too much" recently

UK govt said to be planning to cut income taxes for the country's top earners from 50% to 40%

US Treasury Sec Geithner: There is no quick fix for higher gasoline prices; Reflects uncertain times in the world

German Chancellor said to proposes Schaueble to head Eurogroup

Equities

FTSE 100 +0.40% at 5964, DAX +0.10% at 7150, CAC-40 +0.10% at 3581, FTSE MIB +0.20% at 17,026, IBEX-35 -0.10% at 8416, SMI +0.10% at 6336

European shares remained in positive territory during the session as economic data continue to be positive. However, auto names were trading lower after Bernstein downgraded the sector.

Among individual names, Tullow Oil [TLW.UK] rose after announcing that Deepwater Tano licence offshore Ghana, has successfully encountered oil. Air Berlin [AB1.DE] fell after reporting a wider than expected loss due to extraordinary charges as a result of German aviation tax and the increase in fuel prices.

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