FC: EU MORNING BULLETS : 29TH-SEPTEMBER-2017 September 29, 2017 at 08:35AM


* U.S. stocks ended the day with slim gains as the S&P traded just above its flat line over the afternoon closing at another all-time record high.

* 9 out of 11 S&P sectors ended in the positive led up by the material, up 0.7%, and real estate, up 0.6%, sectors.

* Asian stocks positive except Nikkei (-0.03%) after Japanese data and release of BoJ Summary of Opinions.

* Japan retail sales miss expectations -1.7%m/m (exp -0.5%), while CPI rose in line with forecasts in August, up 0.6% y/y.

* Overnight data also saw UK GFK consumer confidence at -9 versus -10 prior and -11 expected.

* ECB’s Praet said banking union and creation of European Monetary Fund are priorities for the euro area, while he added that the economic recovery is not yet feeding into inflation.

* ECB’s Stournaras said further rise in Euro could negatively affect exports and tourism which would dampen the growth outlook.

* German FDP and Green Party are said to have agreed on ministry posts they want in new coalition government. FDP are said to want the Finance, Education and Justice ministries. Greens are said to want Foreign, Development and Environment ministries.

* White House Economic Advisor Cohn said he hopes to get tax reform done in the House by October and Senate by November.

* The White House has launched an internal investigation after it emerged that Donald Trump’s son-in-law and adviser, Jared Kushner, and other senior officials used personal email accounts for official business.

* Fed Vice-Chairman Stanley Fischer say it’s important for the central bank to reverse its massive bond buying program, given that it had previously said they were a temporary measure.

* Friday’s Euro Zone/ECB spotlight on preliminary September CPI (10BST) f/c1.6% y/y from 1.5%, core f/c 1.2% y/y

* UK data watch; monetary aggregates for signs of more debt/lending and final Q2 GDP f/c 0.3% q/q, 1.7% y/y

* German State CPI due from 8am starting with Saxony, EU economic conf at 10am

* BoE Cunliffe talks at 13:00BST, BoE Broadbent talks at 13:30BST, ECB Draghi/BoE Carney talk at 15:15BST, Fed Harker talks at 16:00BST.

* US docket has personal income/spending and core PCE.

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