Movers Ahead Following

Markets eye whether BOE extends its Asset Purchase Program later today; Greece continues to struggle to form new gov't Economic Data (RU) Russia Central Bank (CBR) left Refinancing Rate unchanged at 8.00%, as expected (ID) Indonesia Central Bank left Reference Rate unchanged at 5.75%, as expected (FI) Finland Mar Industrial Production M/M: -1.5% v -0.2%e; Y/Y: -5.7% v -2.2%e (FR) Bank of France Apr Business Sentiment: 95 v 95e (FR) France Mar Industrial Production M/M: -0.9% v -0.6%e; Y/Y: -0.9% v -1.3%e (FR) France Mar Manufacturing Production M/M:+1.4% v -0.2%e; Y/Y: -0.3% v -2.8%e (FR) France Mar Central Govt. Balance: -€29.4B v -€24.2B prior (ES) Spain Mar House transactions Y/Y: -22.7% v -31.8% prior (CZ) Czech Apr CPI M/M: 0.0% v 0.1%e; Y/Y: 3.5% v 3.6%e (CZ) Czech Mar ...

Major European Services PMI again disappoints; Focus now on US April Non-Farm Payroll report Economic Data (EU) ECB: €983M borrowed in overnight loan facility v €638M prior; €805.7B parked in deposit facility v €803.1B prior (RU) Russia Narrow Money Supply (RUB): 6.90T v 6.91T prior (SE) Sweden Apr Services PMI: 48.6 v 52.6 prior (First contraction since Nov) (ES) Spain Apr Net Unemployment M/M: -6.6K v -15.0Ke (UK) Apr Halifax House Prices M/M: -2.4% v -0.8%e; 3M/Y: -0.5% v +0.4%e (ES) Spain Apr Services PMI: 42.1 v 45.4e (10th straight of contraction) (CH) Swiss Mar Real Retail Sales Y/Y: 4.2% v 1.1%e (SE) Sweden Mar Service Production M/M: 0.9% v 0.4% prior; Y/Y: 2.8% v 1.5%e (IT) Italy Apr PMI Services: 42.3 v 43.7e (FR) France Apr Final PMI Services: 45.2 v 46.4e (DE) ...

Markets focus to see whether the ECB paves the way for further easing Economic Data (RU) Russia Gold & Forex Reserve w/e Apr 27th: $523.3B v $519.5B prior (IN) India Apr Markit Services PMI: 52.8 v 52.3 prior (UK) Apr Nationwide House Prices M/M: -0.2% v +0.5%e; Y/Y: -0.9% v -0.3%e (IE) Ireland Apr NCB Services PMI: 52.2 v 52.1 prior (CH) Swiss Q1 UBS Real Estate Bubble Index: 0.95 v 0.80 prior (HU) Hungary Feb Final Trade Balance: €691.2M v €690.1M prelim (TR) Turkey Apr Consumer Prices M/M: 1.5% v 1.4%e; Y/Y: 11.1% v 11.0%e; Core CPI Y/Y: 0.1% v 7.9% prior (TR) Turkey Apr Producer Prices M/M: 0.1 v 0.4% prior; Y/Y: 7.7% v 8.2% prior (BR) Brazil Apr FIPE CPI: 0.5% v 0.2% prior (UK) Apr PMI Services: 53.3 v 54.1e (HK) Hong Kong Mar Retail Sales Value Y/Y: 17.3% v 14.0%e; Retail Sales ...

Major European PMI Manufacturing data disappoints; Weak German jobs data blamed on Easter holiday Economic Data (EU) ECB: €606M borrowed in overnight loan facility v €619M prior; €789.3B parked in deposit facility v €794.0B prior (Monday) (IN) India Apr Markit Manufacturing PMI: 54.9 v 54.7 prior (DE) Germany Mar ILO Employment (Seasonally Adj): 41.459 v 41.406M prior; Unemployment Rate: 5.6% v 5.6% prior (SE) Sweden Apr Swedbank PMI Survey: 50.2 v 50.5e (PL) Poland Apr Manufacturing PMI: 49.2 v 49.5e (HU) Hungary Mar Producer Prices M/M: +0.2% v -1.3% prior; Y/Y: 6.4% v 6.7%e (NO) Norway Apr PMI: 53.7 v 57.0e (TR) Turkey Apr Manufacturing PMI: 52.3 v 49.6 prior (ES) Spain Apr Manufacturing PMI: 43.5 v 43.6e (three-year low) (TH) Thailand Central Bank leaves Benchmark Interest Rate ...

UK PMI Manufacturing comes in below expectations but holds above the 50 level Economic Data (AU) Reserve Bank of Australia (RBA) cuts Cash Target by 50bps to 3.75%; more than expected (PE) Peru Apr Consumer Price Index M/M: 0.5% v 0.4%e; Y/Y: 4.1% v 3.9%e (JP) Japan Apr Vehicle Sales Y/Y: 92.0% v 78.2% prior (IN) India Mar Trade Balance: -$13.9B v -$13.9Be; Exports Y/Y: -5.7% v + 4.3% prior; Imports Y/Y: 24.3% v 20.7% prior (IE) Ireland Apr NCB Manufacturing PMI: 50.1 v 51.5 prior (AU) Australia Apr RBA Commodity Price Index Au: 99.5 v 99.1 prior; Commodity Index SDR Y/Y: -4.2% v 2.1% prior (DK) Denmark Mar Retail Sales M/M: 0.2 v 0.1% prior; Y/Y: +1.2% v -0.2% prior (UK) Apr PMI Manufacturing: 50.5 v 51.5e (lowest since Dec 2011) (DK) Denmark Apr PMI Survey: 61.8 v 53.0 prior (12-month ...

Spain's bond auction demand was overly sufficient but yields were mixed Economic Data (RU) Russia Gold & Forex Reserve w/e Apr 13th: $518.8B v $516.7B prior (DK) Denmark Apr Consumer Confidence: +0.6 v +1.5e (HU) Hungary Feb Avg Gross Wages Y/Y: 6.9% v 6.0%e (NL) Netherlands Mar Unemployment Rate: 5.9% v 5.9% prior (PH) Philippines Mar Balance of Payments: -$209.0M v +$588M prior (GR) Greece Feb Current Account: -€1.1B v -€1.5B prior (IT) Italy Feb Industrial Orders M/M: -2.5% v -1.1%e; Y/Y: -13.2% v -6.2%e (IT) Italy Feb Industrial Sales M/M: +2.3% v -4.9% prior; Y/Y: -1.5% v -4.4% prior (PH) Philippines Central Bank left its Overnight Borrowing Rate unchanged at 4.00%; as expected (HK) Hong Kong Mar Unemployment Rate: 3.4% v 3.5%e Fixed Income (ES) Spain Debt Agency (Tesoro) sold ...

Weekly Focus: Concerns about Fragile Global Recovery Market movers ahead Eurogroup and ECOFIN meetings in Copenhagen on Friday and Saturday are set to focus on whether to increase the rescue mechanism by combining the European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM). Ben Bernanke is due to give three speeches this week. The most interesting is likely to be the one on Monday on a 'view from the Federal Reserve'. We expect US durable goods orders, Chicago PMI and consumer confidence measures to show that the US recovery remains on firm ground. We will watch the German ifo index carefully following the disappointing PMI readings. We foresee a small setback though mainly in the current condition. Global update Chinese HSBC and euro ...

Weekly Focus: The US Bond Market Finally Surrendered Market Movers ahead US markets will be dominated by housing data. Housing starts and building permits are expected to lay flat, while existing home sales are expected to improve. Flash PMI for March should be watched intensively. We expect that it will show some improvement as the euro area is heading out of a short recession. The Greek CDS auction following the ISDA ruling that the Greek sovereign default was indeed a default will take place on 19 March. UK data will also be interesting with CPI and the monthly CBI report on Tuesday and retail sales on Thursday. Global Update With the Greek debt swap in place, focus could return to the remainder of the eurozone. The Eurogroup and ECOFIN meeting did not attract ...

Market movers ahead Following a week of improved economic indicators, we are headed for a light data calendar, with consumer confidence the most interesting data in the US in the coming week. However, we expect a Greek PSI deal to be struck very soon, so we might know more about the losses that investors will suffer on their holdings of Greek debt as early as Monday. The ECB will probably take some comfort from the slightly brighter economic outlook but leave rates as they are. We expect inflation in China to have increased but only because of the Chinese New Year. Data out of Sweden will indicate whether GDP really slowed as fast in Q4 11 as indicators have so far suggested. Global update PMIs from most of the world increased in January, signalling an ...