European Market Update: March 30, 2012

(DE) Germany Feb Retail Sales M/M: -1.1% v +1.1%e; Y/Y: +1.7% v +0.1%e

(FI) Finland Jan Final Trade Balance: -€207M v -€180M prelim

(ZA) South Africa Feb Private Sector Credit Y/Y: 7.9% v 7.0%e; M3 Money Supply Y/Y: 5.9% v 7.0%e

(RU) Russia Narrow Money Supply Narrow w/e Mar 26th (RUB): 6.82T v 6.84T prior

(HU) Hungary Q4 Current Account: €139M v €439M prior

(FR) France Feb Producer Prices M/M: 0.4%e v 0.6% prior; Y/Y: 4.0%e v 4.2% prior

(FR) France Feb Consumer Spending M/M: +0.2%e -0.4% prior; Y/Y: -2.5%e v -2.2% prior

(ES) Spain Feb Adjusted Real Retail Sales Y/Y: -6.4% v -6.4%e; Real Retail Sales Y/Y: -3.4% v v -4.6% prior

(CH) Swiss Mar KOF Swiss Leading Indicator: +0.08 v +0.07e

(TR) Turkey Feb Trade Balance: -$5.9B v -$6.9Be

(DK) Denmark Q4 Final GDP Q/Q: -0.1% v +0.2%e; Y/Y: 0.4% v 0.6%e

(HU) Hungary Feb Producer Prices M/M: -1.3% v +0.3% prior; Y/Y: 6.2% v 6.4%e

(NO) Norway Mar PMI: 59.7 v 56.7 prior

(CH) Switzerland Q4 Current Account Q/Q: CHF26.5B v CHF191.1B prior

(AT) Austria Feb Producer Price Index M/M: 0.7% v 0.1% prior; Y/Y: 2.1% v 1.9% prior

(TH) Thailand Feb Business Sentiment Index: 52.7 v 50.8 prior

(TH) Thailand Feb Current Account Balance: $1.1B v $1.2Be; Total Trade Account Balance: $2.1B v $522M prior; Overall Trade Balance: $2.1B v -$160M prior

(CZ) Czech Feb Money Supply Y/Y: 6.8 v 6.0% prior

(IT) Italy Feb PPI M/M: 0.4% v 0.6%e; Y/Y: 3.2% v 3.3%e

(NO) Norway Feb Retail Sales Volume M/M: +1,1% v -0.2%e; Y/Y: 7.4% v 2.7%e

(ES) Spain Jan Current Account: -€5.7B v -€3.6B prior

(EU) Euro Zone Mar CPI Estimate Y/Y: 2.6% v 2.5%e

(HK) Hong Kong Feb M3 Money Supply Y/Y: 9.8% v 5.5% prior; M1 Money Supply Y/Y: 2.3% v 1.3% prior

(IT) Italy Mar Preliminary CPI (NIC incl. tobacco) M/M: 0.5% v 0.3%e; Y/Y: 3.3% v 3.2%e

(IT) Italy Mar Preliminary CPI EU Harmonized M/M: 2.5% v 2.0%e; Y/Y:3.8% v 4.2%e

(IC) Iceland Feb Final Trade Balance (ISK): 16.3BM v 12.5M prelim

Fixed Income

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

Notes/Observations

Quarter end with likely thinning liquidity conditions.

Eurogroup meets today to decide on firewall (range between €700-940B).

Australia posted better-than-expected loans and housing data.

Japan Feb Industrial Production data weaker than expected.

Dealers note that China release of April Manufacturing PMI over the weekend is perhaps more important than next week's RBA decision.

CNY currency weakened against the USD on a quarterly basis (first time since 2009).

NY Mega Lotto has retirement written all over it!!!! (over $500M prize).

Equities

FTSE 100 +0.50% at 5767, DAX +0.80% at 6932, CAC-40 +0.90% at 3412, IBEX-35 +0.60% at 7955, FTSE MIB +0.40% at 15,973, SMI +0.30% at 6194

European shares snapped out of a three-day losses streak and are trading in positive territory. In Europe, finance ministers will meet in Copenhagen and are expected to agree on a €800B amount for the firewall, as suggested by Germany.

Total [FP.FR] continued to decline after failing to rapidly contain the North Gas leak. Company stated that it was considering using helicopter, firefighting vessels or nitrogen purge as precaution against blast. Roche [ROG.CH] rose after announcing that its breast cancer drug showed positive results in a Phase III clinical trial.