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EU Market Update TRADETHENEWS.COM STAFF
Major European PMI data mixed in session; German opposition said to reach understanding over economic growth measures
Economic Data
- (EU) ECB: €1.3B borrowed in overnight loan facility vs. €5.8B prior; €779.8B parked in deposit facility vs. €764.5B prior
- (CH) Swiss May Trade Balance (CHF): 2.5B v 1.3B prior; Real Exports M/M: +1.8% v -0.7% prior; Real Imports M/M: -0.1 v 3.1% prior
- (FR) France Jun Preliminary PMI Manufacturing: 45.3 v 44.5e; PMI Services: 47.3 v 45.1e
- (ES) Spain Apr Mortgages-capital loaned Y/Y: -26.4% v -41.5% prior; Mortgages on Houses Y/Y: -31.3% v -42.0% prior
- (CH) Swiss May M3 Money Supply Y/Y: 6.2% v 6.3% prior
- (DE) Germany Jun Advanced PMI Manufacturing: 44.7 v 45.2e; PMI Services: 50.3 v 51.5e
- (NL) Netherlands May House Price Index M/M: -0.5% v -0.8% prior; Y/Y: -5.5% v -5.2% prior
- (NL) Netherlands May Unemployment Rate: 6.2% v 6.2%e
- (EU) Euro Zone Jun Advanced PMI Manufacturing: 44.8 v 44.8e (3-year low); PMI Services: 46.8 v 46.4e; PMI Composite: 46.0 v 45.5e
- (EU) Euro Zone Apr Current Account nsa: €1.6B v €8.7B prior; Current Account Seasonally Adj: €4.6B v €10.3B prior
- (IT) Italy May Non-EU Trade Balance: €306M v -€904M prior
- (ZA) South Africa Q1 Current Account (ZAR): -152.6B v -136.2Be; Percentage to GDP: -4.9% v -4.5%e
- (ZA) South Africa Q1 Trade Balance (ZAR): -42.1B v -17.1B y/y
- (UK) May Retail Sales Ex Auto Fuel M/M: 0.9% v 0.7%e; Y/Y: 3.0% v 2.7%e
- (UK) May Retail Sales w/Auto Fuel M/M: 1.4% v 1.2%e; Y/Y: 2.4% v 2.1%e
- (HK) Hong Kong May CPI Composite Y/Y: 4.3% v 4.3%e
- (HK) Hong Kong Q1 Overall Balance of Payments: $48.2B v $49.8B prior; Current Account: $1.7B v $20.1B prior
- (TW) Taiwan Central Bank left the Benchmark Interest Rate unchanged at 1.875%; as expected
- (RU) Russia Gold & Forex Reserve w/e Jun 15th: $512.2B v $512.4B prior
- (PL) Jun Central/Eastern European ZEW Indicator: 0.0 v 14.6 prior
- (IC) Iceland May Wage Index M/M: +0.4% v -0.1% prior; Y/Y: 11.0% v 11.9% prior
- (UK) Jun CBI Industrial Trends Total Orders:-11 v -20e; Selling Prices: +2 v +12 prior
Fixed Income:
- (ES) Spain Debt Agency (Tesoro)sold total €2.22B vs. €1.0-2.0B indicated range in 2014, 2015 and 2017 on bonds
- Sold €700M in 3.4% April 2014 Bono; Avg Yield 4.706% v 2.069% prior; Bid-to-cover: 3.96x v 2.81x prior; Maximum Yield 4.791% v 2.213% prior
- Sold €918M in 4.0% July 2015 Bono; Avg Yield 5.547% v 4.876% prior; Bid-to-cover: 3.18x v 3.01x prior; Maximum Yield 5.510 % v 4.917% prior
- Sold €602M in 5.5% July 2017 bono; Avg Yield 6.072% v 4.960% prior; Bid-to-cover: 3.44x v 3.14x prior; Max Yield 6.195% v 4.982% prior
- (FR) France Debt Agency (ATF)sold total €8.43B v €7.0-8.5B in 2014, 2015, 2016 and 2017 BTANs
- Sold €2.775B in 0.75% Sept 2014 BTAN; Avg Yield 0.54% v 0.74% prior; Bid-to-cover: 2.23x v 2.97x prior
- Sold €1.22B in 2.0% 2015 BTAN; Avg Yield 0.83% v 1.51% prior; Bid-to-cover: 3.31x v 3.40x prior
- Sold €1.1B in 2.25% Feb 2016 BTAN; avg Yield 1.05% v 1.40% prior; Bid-to-cover: 2.98x v 3.47x prior
- Sold €3.337B in 1.75% Feb 2017 BTAN; avg Yield 1.43% v 1.72% prior; Bid-to-cover: 2.17x v 2.04x prior
- (UK) DMO sold £3.25B in 1.75% Sept 2022 Gilts; Avg Yield 1.92%; Bid-to-cover: 1.63x; Tail 0.5bps
- (HU) Hungary Debt Agency (AKK sold HUF55B vs. HUF45B indicated in 12-Month Bills; Avg Yield 7.39% v 7.58% prior; Bid-to-cover: 2.15x v 1.78x prior
- (FR) France Debt Agency (AFT) sold total €1.44B vs. €1.0-1.5B indicated range in inflation-linked 2022, 2023 and 2027 bonds
- Sold €469M in 1.1% I/L July 2022 OATi; Yield 0.95% v 0.97% prior; Bid-to-cover: 3.16x v 2.46x prior
- Sold €490M in 2.1% I/L July 2023 OATi; Yield 0.91% v 1.12% prior; Bid-to-cover: 2.55x v 1.73x prior
- Sold €482M in 1.85% I/L July 2027 OATi; Yield 1.23% v 1.38% prior; Bid-to-cover: 2.66x v 2.09x prior
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
- Fed downgraded GDP growth and employment forecasts and says it is prepared to do more (Dealer noted that it (the Fed) mostly did nothing)
- China HSBC PMI data disappoints and registers its 8th consecutive contraction
- Germany PMI data misses expectations
- NYMEX front month crude tests below the $80 per barrel level for the first time since Oct 2011
- Spain sells slightly above its intended amount at its note auction; higher yields offset by healthy bid-to-cover ratios
- UK Retail sales beat expectations
- German Gov opposition reaches deal on fiscal compact
Equities
Indices: FTSE 100 -0.50% at 5596, DAX -0.40% at 6368, CAC-40 -0.30% at 3116, IBEX-35 -0.20% at 6783, FTSE MIB +0.40% at 13,779, SMI +0.10% at 6021, S&P 500 Futures -0.24% at 1347.50
- European equity indices are trading mixed following yesterday's Fed decision and as Spain sold debt (issued bonds due 2014, 2015 and 2017). After opening the session lower, banks are trading mixed, while resource related companies have traded broadly lower (tracking declines in commodity prices). As of the time of writing, equity indices have pared losses as a German government official confirmed that parties in the country are close to an agreement related to the fiscal pact and ESM. Italy's FTSE MIB has outperformed, while the Spanish IBEX-35 has moved off of the session worst levels following Spain's debt auction.
- Shares of energy services company Invensys [ISYS.UK] have declined by over 16%, as the company said the merger talks with Emerson Electric had ended. Ahead of the announcement, the company's shares had benefited from ongoing takeover speculation. In other UK movers, Aquarius Platinum [AQP.UK] is lower by over 7% (announced closure of Everest Mine), Micro Focus [MCRO.UK] has gained over 4% (reported FY12 earnings), retailer Dixons [DXNS.UK] has lost ~2% (reported FY12 earnings) and Ashtead Group [AHT.UK] is higher by over 3% (issued Q4 results). In Amsterdam, telecom name KPN [KPN.NL] is lower by over 2%, after disclosing that It was unable to sell its German unit E-Plus. Air France [AF.FR] is trading higher by over 2%, amid renewed speculation that the firm could announce a plan to cut about 5,000 jobs (~5% of total workforce), while pharmaceutical name NicOx [COX.FR] is higher by over 7% (announced licensing agreement related to ocular tests). Italian medical products company Sorin [SRN.IT] has gained over 12% on takeover speculation.
Speakers:
- Finland Parliament ratified the ESM and approved second supplementary budget for 2012
- German Chancellor Merkel stated that she look forward to good cooperation with new Greek PM Samaras and would be happy to meet him at the European soccer game in Poland
- Germany CDU member Barthle commented that the government and opposition parties made "considerable progress" on the fiscal pact talks. According to a related report, CDU/CSU parliamentary leader Kauder stated that the coalition and main opposition parties would be able to reach a compromise on the EU fiscal compact by the end of the week. There were expectations that the measure could pass on June 29th.
- Cyprus might request aid from the EFSF next week
- Russia Dep Fin Min commented that its had not receive loan request from Cyprus. BRICS countries to look at fx swap idea and consider establishing joint anti-crisis fund.
- China May Crude Oil Imports at 25.48M tons, +18.2% y/y. Saudi May Crude imports +12.4% y/y while Iranian imports were at 521.9K bpd, -2.3% y/y
- IEA Chief commented that he was pleased with results of the OPEC meeting and indicated desire remained to meet customer demand
Currencies:
- FX focus was on the JPY currency with the yen softer over the last 24 hours against the major pairs as dealers noted the confirmation of two ultra-dovish economists to the central bank. The Tankan Survey was also cited as a factor as it turned negative for first time in four months. BoJ member Ishida reiterated that it would continue powerful easing. The USD/JPY traded above the 79.70 level while EUR/JPY cross probed above the 101 handle.
- The EUR/USD stayed within recent range but was a touch softer during the European session. The pair hovered around the 1.2665 area as the NY morning approached. The PMI data provided a headwind particularly Germany's weak reading. The Euro supported by optimism that considerable progress" was made on the German fiscal pact talks ahead of the planned Jun 29th vote on the measure
- The GBP was lifted from session lows by better UK retail sales data
- The NYMEX front month crude tested below the $80 per barrel level for the first time since Oct 2011 as Far East and European PMI data renewed concerns of the global growth prospects. The AUD and CAD currencies were slightly weaker in the session.
- Dealers again pondered whether ECB had reactivated its SMP program as peripheral yields decline in session. Most dealers believed that the ECB has NOT been reactivated and that risk-on factors were more likely for the decline in yields (Greece forming a govt; German opposition reaching deal with Merkel on fiscal pact). The Spanish 10-year gov't yield was at 6.51% vs. 6.72 earlier today and the Italy 10-year gov't yield at 5.62% vs. 5.80% earlier today
Political/ In the Papers:
- The FT indicated that the Muslim Brotherhood, members of Parliament, and other political groups are refusing to recognize the move by the military to dissolve Egyptian parliament and retake legislative authority. As a reminder, official results of presidential expected on June 21st. Both candidates have claimed victory in the weekend elections.
- Germany CDU party member Barthle said that the government and opposition parties made "considerable progress" on the fiscal pact talks. The German Press noted that according to a related report, CDU/CSU parliamentary leader Kauder said the coalition and main opposition parties would be able to reach a compromise on the EU fiscal compact by the end of the week. There are expectations that the measure could pass on June 29th.
- Eurostat data placed 2011 Irish GDP per capita the fourth highest in the EU at 27%above average behind Luxembourg, the Netherlands and Austria. Luxembourg was the highest, at more than 2.5x the EU 27 average. Finland, Belgium and Germany were at 15-20% above average; France and UK at 5-10% above.
Looking Ahead
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (EG)) Egypt Presidential Election Results
- 7:00 (TR) Turkey Central Bank Interest Rate Decision: Expected to leave the Benchmark Repo Rate unchanged at 5.75%
- 8:00 (EU) EU's Almunia speaks at Frankfurt Banking State-Aid Conference
- 8:00 (BR) Brazil Jun IBGE CPI IPCA-15 M/M: 0.4%e v 0.5% prior
- 8:00 (BR) Brazil May Unemployment Rate: No est v 6.0% prior
- 8:00 (RO) Romania to sell Jan 2016 Bonds
- 8:30 (CA) Canada Apr Retail Sales M/M: 0.2%e v 0.4% prior; Retail Sales Less Autos M/M: 0p.3%e v 0.1% prior
- 8:30 (US) Initial Jobless Claims: 383Ke v 386K prior; Continuing Claims: 3.278Me v 3.278M prior
- 8:58 (US) Jun Markit PMI: 53.3e v 54.0 prior
- 9:30 (US) Weekly commercial paper data
- 10:00 (EU) Euro-Area Finance Ministers meet in Luxembourg
- 10:00 (EU) Euro Zone Jun Advanced Consumer Confidence: -20.0e v -19.3 prior
- 10:00 (US) Jun Philadelphia Fed: 0.0e v -5.8 prior
- 10:00 (US) May Existing Home Sales: 4.57Me v 4.62M prior
- 10:00 (US) Apr House Price Index M/M: 0.4%e v 1.8% prior
- 10:00 (US) May Leading Indicators: +0.1%e v -0.1% prior
- 10:30 (US) Weekly EIA Natural Gas Storage Inventories
- 11:00 (US) Treasury 2-year, 5-year and 7-year note refunding announcement
- 11:00 (BR) Brazil to sell Zero Coupon Fixed Rate 2012, 2014, 2016, 2018 and 2023 Bills
- 11:00 (US) Fed to purchase $4.25-5.25B in Notes
- 11:30 Spain to present external audit results
- 11:30 (CA) Bank of Canada's Carney speaks in Halifax Nova Scotia
- 12:00 (CO) Colombia Q1 GDP Y/Y: 5.1%e v 6.1% prior
- 13:00 (US) Treasury to sell $7.0B in 30-Year TIPS Reopening
- 13:30 (UK) BOE member Weale
- 14:00 (EU) Eurogroup press conference
- (EU) ECB: €1.3B borrowed in overnight loan facility vs. €5.8B prior; €779.8B parked in deposit facility vs. €764.5B prior
- (CH) Swiss May Trade Balance (CHF): 2.5B v 1.3B prior; Real Exports M/M: +1.8% v -0.7% prior; Real Imports M/M: -0.1 v 3.1% prior
- (FR) France Jun Preliminary PMI Manufacturing: 45.3 v 44.5e; PMI Services: 47.3 v 45.1e
- (ES) Spain Apr Mortgages-capital loaned Y/Y: -26.4% v -41.5% prior; Mortgages on Houses Y/Y: -31.3% v -42.0% prior
- (CH) Swiss May M3 Money Supply Y/Y: 6.2% v 6.3% prior
- (DE) Germany Jun Advanced PMI Manufacturing: 44.7 v 45.2e; PMI Services: 50.3 v 51.5e
- (NL) Netherlands May House Price Index M/M: -0.5% v -0.8% prior; Y/Y: -5.5% v -5.2% prior
- (NL) Netherlands May Unemployment Rate: 6.2% v 6.2%e
- (EU) Euro Zone Jun Advanced PMI Manufacturing: 44.8 v 44.8e (3-year low); PMI Services: 46.8 v 46.4e; PMI Composite: 46.0 v 45.5e
- (EU) Euro Zone Apr Current Account nsa: €1.6B v €8.7B prior; Current Account Seasonally Adj: €4.6B v €10.3B prior
- (IT) Italy May Non-EU Trade Balance: €306M v -€904M prior
- (ZA) South Africa Q1 Current Account (ZAR): -152.6B v -136.2Be; Percentage to GDP: -4.9% v -4.5%e
- (ZA) South Africa Q1 Trade Balance (ZAR): -42.1B v -17.1B y/y
- (UK) May Retail Sales Ex Auto Fuel M/M: 0.9% v 0.7%e; Y/Y: 3.0% v 2.7%e
- (UK) May Retail Sales w/Auto Fuel M/M: 1.4% v 1.2%e; Y/Y: 2.4% v 2.1%e
- (HK) Hong Kong May CPI Composite Y/Y: 4.3% v 4.3%e
- (HK) Hong Kong Q1 Overall Balance of Payments: $48.2B v $49.8B prior; Current Account: $1.7B v $20.1B prior
- (TW) Taiwan Central Bank left the Benchmark Interest Rate unchanged at 1.875%; as expected
- (RU) Russia Gold & Forex Reserve w/e Jun 15th: $512.2B v $512.4B prior
- (PL) Jun Central/Eastern European ZEW Indicator: 0.0 v 14.6 prior
- (IC) Iceland May Wage Index M/M: +0.4% v -0.1% prior; Y/Y: 11.0% v 11.9% prior
- (UK) Jun CBI Industrial Trends Total Orders:-11 v -20e; Selling Prices: +2 v +12 prior
Fixed Income:
- (ES) Spain Debt Agency (Tesoro)sold total €2.22B vs. €1.0-2.0B indicated range in 2014, 2015 and 2017 on bonds
- Sold €700M in 3.4% April 2014 Bono; Avg Yield 4.706% v 2.069% prior; Bid-to-cover: 3.96x v 2.81x prior; Maximum Yield 4.791% v 2.213% prior
- Sold €918M in 4.0% July 2015 Bono; Avg Yield 5.547% v 4.876% prior; Bid-to-cover: 3.18x v 3.01x prior; Maximum Yield 5.510 % v 4.917% prior
- Sold €602M in 5.5% July 2017 bono; Avg Yield 6.072% v 4.960% prior; Bid-to-cover: 3.44x v 3.14x prior; Max Yield 6.195% v 4.982% prior
- (FR) France Debt Agency (ATF)sold total €8.43B v €7.0-8.5B in 2014, 2015, 2016 and 2017 BTANs
- Sold €2.775B in 0.75% Sept 2014 BTAN; Avg Yield 0.54% v 0.74% prior; Bid-to-cover: 2.23x v 2.97x prior
- Sold €1.22B in 2.0% 2015 BTAN; Avg Yield 0.83% v 1.51% prior; Bid-to-cover: 3.31x v 3.40x prior
- Sold €1.1B in 2.25% Feb 2016 BTAN; avg Yield 1.05% v 1.40% prior; Bid-to-cover: 2.98x v 3.47x prior
- Sold €3.337B in 1.75% Feb 2017 BTAN; avg Yield 1.43% v 1.72% prior; Bid-to-cover: 2.17x v 2.04x prior
- (UK) DMO sold £3.25B in 1.75% Sept 2022 Gilts; Avg Yield 1.92%; Bid-to-cover: 1.63x; Tail 0.5bps
- (HU) Hungary Debt Agency (AKK sold HUF55B vs. HUF45B indicated in 12-Month Bills; Avg Yield 7.39% v 7.58% prior; Bid-to-cover: 2.15x v 1.78x prior
- (FR) France Debt Agency (AFT) sold total €1.44B vs. €1.0-1.5B indicated range in inflation-linked 2022, 2023 and 2027 bonds
- Sold €469M in 1.1% I/L July 2022 OATi; Yield 0.95% v 0.97% prior; Bid-to-cover: 3.16x v 2.46x prior
- Sold €490M in 2.1% I/L July 2023 OATi; Yield 0.91% v 1.12% prior; Bid-to-cover: 2.55x v 1.73x prior
- Sold €482M in 1.85% I/L July 2027 OATi; Yield 1.23% v 1.38% prior; Bid-to-cover: 2.66x v 2.09x prior
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
Notes/Observations
- Fed downgraded GDP growth and employment forecasts and says it is prepared to do more (Dealer noted that it (the Fed) mostly did nothing)
- China HSBC PMI data disappoints and registers its 8th consecutive contraction
- Germany PMI data misses expectations
- NYMEX front month crude tests below the $80 per barrel level for the first time since Oct 2011
- Spain sells slightly above its intended amount at its note auction; higher yields offset by healthy bid-to-cover ratios
- UK Retail sales beat expectations
- German Gov opposition reaches deal on fiscal compact
Equities
Indices: FTSE 100 -0.50% at 5596, DAX -0.40% at 6368, CAC-40 -0.30% at 3116, IBEX-35 -0.20% at 6783, FTSE MIB +0.40% at 13,779, SMI +0.10% at 6021, S&P 500 Futures -0.24% at 1347.50
- European equity indices are trading mixed following yesterday's Fed decision and as Spain sold debt (issued bonds due 2014, 2015 and 2017). After opening the session lower, banks are trading mixed, while resource related companies have traded broadly lower (tracking declines in commodity prices). As of the time of writing, equity indices have pared losses as a German government official confirmed that parties in the country are close to an agreement related to the fiscal pact and ESM. Italy's FTSE MIB has outperformed, while the Spanish IBEX-35 has moved off of the session worst levels following Spain's debt auction.
- Shares of energy services company Invensys [ISYS.UK] have declined by over 16%, as the company said the merger talks with Emerson Electric had ended. Ahead of the announcement, the company's shares had benefited from ongoing takeover speculation. In other UK movers, Aquarius Platinum [AQP.UK] is lower by over 7% (announced closure of Everest Mine), Micro Focus [MCRO.UK] has gained over 4% (reported FY12 earnings), retailer Dixons [DXNS.UK] has lost ~2% (reported FY12 earnings) and Ashtead Group [AHT.UK] is higher by over 3% (issued Q4 results). In Amsterdam, telecom name KPN [KPN.NL] is lower by over 2%, after disclosing that It was unable to sell its German unit E-Plus. Air France [AF.FR] is trading higher by over 2%, amid renewed speculation that the firm could announce a plan to cut about 5,000 jobs (~5% of total workforce), while pharmaceutical name NicOx [COX.FR] is higher by over 7% (announced licensing agreement related to ocular tests). Italian medical products company Sorin [SRN.IT] has gained over 12% on takeover speculation.
Speakers:
- Finland Parliament ratified the ESM and approved second supplementary budget for 2012
- German Chancellor Merkel stated that she look forward to good cooperation with new Greek PM Samaras and would be happy to meet him at the European soccer game in Poland
- Germany CDU member Barthle commented that the government and opposition parties made "considerable progress" on the fiscal pact talks. According to a related report, CDU/CSU parliamentary leader Kauder stated that the coalition and main opposition parties would be able to reach a compromise on the EU fiscal compact by the end of the week. There were expectations that the measure could pass on June 29th.
- Cyprus might request aid from the EFSF next week
- Russia Dep Fin Min commented that its had not receive loan request from Cyprus. BRICS countries to look at fx swap idea and consider establishing joint anti-crisis fund.
- China May Crude Oil Imports at 25.48M tons, +18.2% y/y. Saudi May Crude imports +12.4% y/y while Iranian imports were at 521.9K bpd, -2.3% y/y
- IEA Chief commented that he was pleased with results of the OPEC meeting and indicated desire remained to meet customer demand
Currencies:
- FX focus was on the JPY currency with the yen softer over the last 24 hours against the major pairs as dealers noted the confirmation of two ultra-dovish economists to the central bank. The Tankan Survey was also cited as a factor as it turned negative for first time in four months. BoJ member Ishida reiterated that it would continue powerful easing. The USD/JPY traded above the 79.70 level while EUR/JPY cross probed above the 101 handle.
- The EUR/USD stayed within recent range but was a touch softer during the European session. The pair hovered around the 1.2665 area as the NY morning approached. The PMI data provided a headwind particularly Germany's weak reading. The Euro supported by optimism that considerable progress" was made on the German fiscal pact talks ahead of the planned Jun 29th vote on the measure
- The GBP was lifted from session lows by better UK retail sales data
- The NYMEX front month crude tested below the $80 per barrel level for the first time since Oct 2011 as Far East and European PMI data renewed concerns of the global growth prospects. The AUD and CAD currencies were slightly weaker in the session.
- Dealers again pondered whether ECB had reactivated its SMP program as peripheral yields decline in session. Most dealers believed that the ECB has NOT been reactivated and that risk-on factors were more likely for the decline in yields (Greece forming a govt; German opposition reaching deal with Merkel on fiscal pact). The Spanish 10-year gov't yield was at 6.51% vs. 6.72 earlier today and the Italy 10-year gov't yield at 5.62% vs. 5.80% earlier today
Political/ In the Papers:
- The FT indicated that the Muslim Brotherhood, members of Parliament, and other political groups are refusing to recognize the move by the military to dissolve Egyptian parliament and retake legislative authority. As a reminder, official results of presidential expected on June 21st. Both candidates have claimed victory in the weekend elections.
- Germany CDU party member Barthle said that the government and opposition parties made "considerable progress" on the fiscal pact talks. The German Press noted that according to a related report, CDU/CSU parliamentary leader Kauder said the coalition and main opposition parties would be able to reach a compromise on the EU fiscal compact by the end of the week. There are expectations that the measure could pass on June 29th.
- Eurostat data placed 2011 Irish GDP per capita the fourth highest in the EU at 27%above average behind Luxembourg, the Netherlands and Austria. Luxembourg was the highest, at more than 2.5x the EU 27 average. Finland, Belgium and Germany were at 15-20% above average; France and UK at 5-10% above.
Looking Ahead
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (EG)) Egypt Presidential Election Results
- 7:00 (TR) Turkey Central Bank Interest Rate Decision: Expected to leave the Benchmark Repo Rate unchanged at 5.75%
- 8:00 (EU) EU's Almunia speaks at Frankfurt Banking State-Aid Conference
- 8:00 (BR) Brazil Jun IBGE CPI IPCA-15 M/M: 0.4%e v 0.5% prior
- 8:00 (BR) Brazil May Unemployment Rate: No est v 6.0% prior
- 8:00 (RO) Romania to sell Jan 2016 Bonds
- 8:30 (CA) Canada Apr Retail Sales M/M: 0.2%e v 0.4% prior; Retail Sales Less Autos M/M: 0p.3%e v 0.1% prior
- 8:30 (US) Initial Jobless Claims: 383Ke v 386K prior; Continuing Claims: 3.278Me v 3.278M prior
- 8:58 (US) Jun Markit PMI: 53.3e v 54.0 prior
- 9:30 (US) Weekly commercial paper data
- 10:00 (EU) Euro-Area Finance Ministers meet in Luxembourg
- 10:00 (EU) Euro Zone Jun Advanced Consumer Confidence: -20.0e v -19.3 prior
- 10:00 (US) Jun Philadelphia Fed: 0.0e v -5.8 prior
- 10:00 (US) May Existing Home Sales: 4.57Me v 4.62M prior
- 10:00 (US) Apr House Price Index M/M: 0.4%e v 1.8% prior
- 10:00 (US) May Leading Indicators: +0.1%e v -0.1% prior
- 10:30 (US) Weekly EIA Natural Gas Storage Inventories
- 11:00 (US) Treasury 2-year, 5-year and 7-year note refunding announcement
- 11:00 (BR) Brazil to sell Zero Coupon Fixed Rate 2012, 2014, 2016, 2018 and 2023 Bills
- 11:00 (US) Fed to purchase $4.25-5.25B in Notes
- 11:30 Spain to present external audit results
- 11:30 (CA) Bank of Canada's Carney speaks in Halifax Nova Scotia
- 12:00 (CO) Colombia Q1 GDP Y/Y: 5.1%e v 6.1% prior
- 13:00 (US) Treasury to sell $7.0B in 30-Year TIPS Reopening
- 13:30 (UK) BOE member Weale
- 14:00 (EU) Eurogroup press conference
Copyright (c) 2012 Trade The News, Inc.
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Above listed TradeTheNews.com market updates are delayed 5 minutes. To sample the live audio broadcasts, real-time headlines and research on demand in real time, please go to http://www.tradethenews.com for your no-obligation FREE trial.