European market update_ german ifo survey moves off 3 year highs – action forex

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European Market Update
Japan Dec Trade Balance beats expectations (¥641B v ¥281Be) as exports rose for 1st time in 15 months; Overall Trade Balance registers its 1st surplus in six years
(FR) France Jan Business Confidence (miss): 104 v 105e; Manufacturing Confidence: 106 v 106e, Production Outlook Indicator: 8 v 6e, Own-Company Production Outlook: 11 v 8e
Indices [Stoxx50 +1.1% at 3,316, FTSE +0.2% at 7,163, DAX +1.1% at 11,726, CAC-40 +1.0% at 4,877, IBEX-35 +1.6% at 9,534, FTSE MIB +0.2% at 19,546, SMI +1.1% at 8,335, S&P 500 Futures +0.2%]
Market Focal Points/Key Themes: European equity indices are trading sharply higher after an overall positive end to the Asian session overnight; major Banking shares leading the gains across the board; IBEX outperforming as the large Spanish banking stocks trade notably higher in large volume; commodity and mining stocks generally lower but mixed in the FTSE 100 as copper prices trade lower intraday despite shares of Antofagasta trading higher after releasing higher y/y copper production in Q4.
A plethora of upcoming scheduled US earnings (pre-market) include Abbott Laboratories, Amphenol, Boeing, BankUnited, BOK Financial, Cullen/Frost Bankers, CommVault, Brinker, Freeport McMoran, WW Grainger, Huntington Bancshares, Hess, Illinois Tool Works, Meredith, McCormick, Norfolk Southern, New York Community Bancorp, Progressive, Rockwell Automation, Rollins, Santander Consumer, State Street, TE Connectivity, Textron, United Technologies, and Wipro.
Healthcare: [Neovacs ALNEV.FR +2.3% (positive immunogenicity results for ifna kinoid), Novartis NOVN.CH +2.0% (Q4 results), Vectura VEC.UK -1.7% (FY16 Seebri/Ultibro sales, triggers $5M milestone payment)]
Industrials: [Antofagasta ANTO.UK +4.3% (Q4 production), Wartsila WRT1V.FI +1.1% (strategic performance-based partnership with Carnival Corp valued at €900M long-term)]
EU official: Latest mission to Athens did not achieve any breakthrough. The millionaire real estate investor pdf Good chance that EU and IMF would agree to end the Greek bailout review but IMF participation was a condition to end the review. Funny jokes Portugal situation was not good with weaknesses remaining in its banking sector
IFO Economists noted that it did not see any Trump effect on its business sentiment; waiting for action, not just words. Exchange rate us to nz Export expectations were higher – even in auto sector
Poland Central Bank’s Gatnar noted that the base scenario remained that no interest rates change seen during 2017. Euro egyptian pound exchange rate A reaction in policy would be needed when CPI was sustained above the 1.5% level. Hedging in the financial futures market End-2017 CPI seen between 1.7-1.8% with GDP forecasted at 3.5% (**Note: On Jan 8th Dec Final CPI YoY reading came in at 0.8%)
FX markets saw tight ranges in the first part of the European session. European stock market futures live Dealers seemed reluctant to test USD upside amid potential jawboning to stem a stronger dollar from Trump and administration officials
The TUR currency (Lira) maintained a soft tone following the Turkish central bank decision on Thursday. Gender differences psychology TRY was weaker by 1% against both the USD and Euro pairs. Xauusd investing Market watching lira liquidity operations to as to whether the central bank will continue to force banks to tap the late-liquidity window
Bund futures trade at 162.07 down 68 ticks a 6 week low continuing the downward trend, with the yield curve continuing to steepen as risk on trade takes hold. Usd to kes Continuation lower targets 161.82 followed by 161.19. Usd yen A move back higher targets 162.60 to close the gap then 163.38 followed by 163.82.
Gilt futures trade at 123.59 down 65 ticks, down with Bunds on continued risk aversion takes hold, with yields trading at 5 week highs. Usd to rmb conversion Support moves to 123.35 followed by 123.12. Cool pictures of animals Resistance moves to 124.13 to close the gap then 124.55 followed by 124.84. Exchange rate pound sterling to us dollar Short Sterling futures trade flat to -3bp with Jun17Jun18 steepening to 22/23bp.
Wednesday’s liquidity report showed Tuesday’s excess liquidity fell to €1.258T a fall of €2B from €1.260T prior. Aud usd forecast 2016 This was primarily due to AFs and MonPol portfolios rising to negative €789.8B. Famous quotes about success AFs are negative when the MonPol portfolios exceeds the liquidity absorbing effect of AFs. Gold usd price Use of the marginal lending facility rose to €62M from €10M prior.
Corporate issuance saw $4.65B come to market via 3 deals headlined by IBM 4 part $2.75B issue, as issuance remains subdued due to earnings lockout. Currency exchange aed to usd Monthly issuance surpasses $130B.

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