Economic Data
(EU) ECB: €11.5B borrowed in overnight loan facility v €11.8B prior; €765.2B parked in deposit facility vs. €758.8B prior
(DE) Germany Feb Producer Prices M/M: 0.4% v 0.5%e; Y/Y: 3.2% v 3.2%e
(FI) Finland Feb Unemployment Rate: 7.7% v 8.0%e
(ZA) South Africa Jan Leading Indicator: 132.9 v 132.3 prior
(TW) Taiwan Feb Export Orders Y/Y: +17.6% v +13.0%e
(HU) Hungary Jan Avg Gross Wages Y/Y: 4.3% v 5.8%e
(CH) Swiss Q4 Industrial Production Q/Q: +7.9% v +2.6%e; Y/Y: -1.4% v -2.0%e
(NL) Netherlands Mar Consumer Confidence: -39 v -35e
(ES) Spain Jan Bad Loan Ratio at 7.91% v 7.62% prior Dec reading
(GR) Greece Jan Current Account: -€1.5B v -€2.2B prior
(IS) Israel Mar Inflation Forecast: 2.6% v 2.4% prior
(IS) Israel Feb Money Supply Y/Y: +0.7 v -0.8% prior
(ZA) South Africa Q4 Non-Farm Payrolls Q/Q: 0.3% v 0.7% prior; Y/Y: 1.6% v 2.5% prior
(UK) Feb CPI M/M: 0.6% v 0.4%e; Y/Y: 3.4% v 3.3%e (lowest since Nov 2010); Core CPI Y/Y: 2.4% v 2.3%e (lowest since Nov 2009)
(UK) Feb RPI M/M: 0.8% v 0.6%e; Y/Y: 3.7% v 3.5%e; RPIX Y/Y: 3.8% v 3.6%e; Retail Price Index: 239.9 v 239.4e
Fixed Income:
(ZA) South Africa sold total ZAR2.1B vs. ZAR2.1B indicated in 2018, 2026 and 2031 Bonds
(ID) Indonesia sold total IDR7.3T vs. IDR6.0T indicated in 5-Year and 20-year bonds
(DK) Denmark sold total DKK5.4B in 2021 and 2039 Bonds
(ES) Spain Debt Agency (Tesoro) sold total €5.05B vs.€4.5-5.5B indicated range in 12-month and 18-month Bills
Sold €3.6BB in 12-month Bills; Avg Yield 1.418% v 1.899% prior; Bid-to-cover: 2.1x v 2.3x prior; Max Yield 1.473% v 1.949% prior
Sold €1.45B in 18-month Bills; Avg Yield 1.711% v 2.308% prior; Bid-to-cover: 2.9x v 2.88x prior; Max Yield 1.770% v 2.395% prior
(GR) Greece Debt Agency (PDMA) sold €1.3B v €1.0B in 13-week Bills; Avg Yield 4.25% v 4.61% prior; Bid-to-cover: 2.69x v 2.70x prior
(EU) ECB allots €59.5B vs. €42.2B prior in 7-Day Main Refinancing Tender at fixed 1.0%
(HU) Hungary Debt Agency (AKK) sold HUF60B vs. HUF50B indicated in 3-Month Bills; Avg Yield 7.26% v 7.25% prior
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
BHP exec: China iron ore growth is flattening out
RBA: Appropriate for interest rates to stay at current levels
UK CPI a bit above expectations but YoY at lowest level since Nov 2010
Equities
FTSE 100 -0.90% at 5906, DAX -1.2% at 7070, CAC-40 -1.1% at 3537, IBEX-35 -0.40% at 8555, FTSE MIB -0.80% at 16,999, SMI -0.50% at 6300
European shares were still trading in negative territory ahead of US housing starts due out in NY morning. Automakers were pressuring the market as China's association of automakers expect vehicle delivers to grow only 5% from 8% prior.
Metro [MEO.DE] reported EBIT and Revenues in line with analysts' expectations and forecast a flat profitability but higher sales. Company also noted that macroeconomic conditions have worsened noticeably compared to 2010.