2018Feb

FC: EUROPEAN MIDDAY/US MORNING REPORT: FRIDAY – 9TH – MARCH – 2018 March 09, 2018 at 12:01PM

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European cash equity markets are mixed ahead of the midway stage (FTSE 0.0%, DAX -0.5%, CAC +0.1%). The German DAX has underperformed, weighed a drop in German exports for January and auto stocks after US President Trump confirmed overnight that import tariffs would come into effect later this month. In fixed, core EU bonds are in the red, tracking losses in Treasuries overnight amid a broad improvement in risk sentiment amid speculation of a meeting between Trump and North Korean leader Kim Jong Un. Data releases were largely on the soft side with German, French and UK industrial production figures all falling short of expectations. The UK trade deficit also widened in January after a notable downward revision to the December deficit.  In currency space, the Japanese Yen is at the bottom of the G10 pile amid the heightened risk-appetite while the Dollar Index sits flat for the day. The Norwegian Krone is the outperformer after February CPI data surprised to the upside. Elsewhere, oil prices are ahead with US crude futures approaching gains of one-percent in recent trade while gold is a few dollar offside. Looking ahead, futures are pointing to a flat open on Wall Street with investors focused on the US jobs report at 13:30 GMT. Canadian jobs data and wholesale inventories are also due before comments from Boston Fed President Rosengren and Chicago Fed President Evans later today.

 

Key Headlines/Data:

*  Speaking after the BoJ policy decision, Governor Kuroda said there are no plans to change the current monetary policy framework or weaken it before the two-percent target is met.

*  German Industrial Production M/M (Jan) -0.1% versus +0.5% expected, previous -0.6% revised to -0.5%

*  German Trade Balance (Jan) €21.3 Bln versus €21.1 Bln expected, previous €21.4 Bln

  • Exports M/M -0.5% versus +0.3% expected
  • Imports M/M -0.5% versus -0.1% expected

*  French Industrial Production M/M (Jan) -2.0% versus -0.2% expected, previous +0.5% revised to +0.2%

  • Manufacturing Production M/M -1.1% versus -0.3% expected, previous +0.3% revised to -0.1%

*  Spanish Industrial Production Y/Y (Jan) +1.2% versus +5.1% expected, previous +6.1% revised to +5.8%

*  UK Industrial Production M/M (Jan) +1.3% versus +1.5% expected, previous -1.3%

  • Manufacturing Production M/M +0.1% versus +0.2% expected, previous +1.4%
  • Construction Output M/M -3.4% versus -0.3% expected, previous +1.6%

*  UK Trade Balance (Jan) -£12.32 Bln versus -£12.00 Bln expected, previous -£13.58 Bln revised to -£11.77 Bln

*  BoE/TNS Inflation Survey sees UK inflation at +2.9% in 12-months, unchanged from November.

*  German Finance Minister and SPD lawmaker Scholz has also been nominated as Vice Chancellor in the new government.

*  Sources suggest the Italian Five Star Movement is said to prefer an alliance with the Democratic Party but is also open to the Northern League.

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