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FC: EUROPEAN MIDDAY/US MORNING REPORT: WEDNESDAY – 27TH – SEPTEMBER – 2017 September 27, 2017 at 01:22PM

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EUROPEAN MIDDAY/US MORNING REPORT

WEDNESDAY27TH – SEPTEMBER – 2017

* European cash equity markets are higher (FTSE +0.4%, DAX +0.5%, CAC +0.2%), with banking stocks outperforming on the latest comments from Fed Chair Yellen. Bulls have also been tempted by the unveiling of US tax reform plans later today, said to include both individual and corporate tax cuts.

* European government bonds are lower, on the growing expectations of another rate hike in the US before year-end, US tax plans and firmer Eurozone data. Core European government bond yields gained up to 7bps, ergo the US fixed space followed suit as the 10-year T-note reached a 2-month high of almost 2.30%.

* In FX, the US dollar leads the way, extending its upward momentum against all of its major rivals after Fed Reserve Chair Yellen reaffirmed expectations for a rate hike later in 2017. Eur/Usd trades at its lowest since mid-July, while Usd/Jpy has broken through September’s highs, finding some resistance around 113.00.

* Eurozone M3 Money Supply Y/Y (Aug) +5.% versus +4.6% expected, previous +4.5%

* Italian Industrial Orders Data (Jul):

  • Industrial Orders M/M +0.2%, previous +4.3%
  • Industrial Orders Y/Y +10.1%, previous +13.7%

* Italian Confidence Indicators (Sep):

  • Manufacturing Confidence 110.4 versus 108.2 expected, previous 108.1
  • Consumer Confidence Index 115.5 versus 110.6 expected, previous 110.8

* French Consumer Confidence (Sep) 101 versus 103 expected, previous 103

* Swiss Credit Suisse Survey Expectations (Sep) 28, previous 25

* Swiss UBS Consumption Indicator (Aug) 1.53, previous 1.38 revised to 1.34

* Spanish Mortgage Data (Jul):

  • Total Mortgage Lending Y/Y +11.9%, previous +14.3%
  • House Mortgage Approvals Y/Y +32.9%, previous +16.5%

* UK CBI Retailing Reported Sales (Sep) 42 versus 8 expected, previous -10

* UK sells £950 Mln of 0.125% I/L 2036 Bonds: Avg. yield 1.54% | Bid-to-cover 2.57

* US MBA Mortgage Applications W/W (Sep 22) -0.5%, previous +9.7%

* US President Donald Trump (@realDonaldTrump) tweeted: We will have the votes for Healthcare but not for the reconciliation deadline of Friday, after which we need 60. Get rid of Filibuster Rule!

* Sources reports suggest UK PM May took dictation from the European Commission when she announced her intentions to pay a Brexit divorce bill during her speech in Florence last week.

* Iraqi parliament ‘gives mandate’ to PM al-Abadi to deploy troops in the disputed oil producing region of Kirkuk.

* Russian Energy Minister Novak said they will examine extending the OPEC oil output pact beyond March if it makes sense.

* Looking ahead, US highlights includes MBA Mortgage Applications, Durable Goods Orders and Pending Home Sales, and there will be Fed speak from Bullard, Brainard and Rosengren.

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