Cyrrus (Cyrrus)
Markets  |  September 20, 2012 10:24:00

Joint Stock breakfast 09.20 - Asia, Spain, macro PMI

Overview of the main events for Thursday, the 20th September 2012




Maintaining moderate growth rates



Worse macros








Upcoming Events

9:30 PMI GE
10:00 PMI EZ
14:30 Applications USA
16:00 Philadelphia Fed
16:00 Leading Indicators
16:00 Consumer confidence EZ

10:30 Spain sells bonds (maturity 2015 and 2022)

13:30 EU-China Summit (Van Rompuy, Barroso, Wen)


  • Maintaining moderate growth mainly due to better sales of existing homes

Sales of existing homes:

  • Proof of gradual improvement of real estate in the U.S. market
  • Almost to pre-crisis levels


Chinese macro:

  • HSBC Flash China PMi
  • This is a preliminary figure, the final will be reported on 29.9
  • Have eleventh month below 50 points

Japanese macro:

  • Japanese export and import
  • The third monthly decline
  • Exports in August fell by 5.8% (exp. -7.5%)
  • Import of 5.4% (exp. -5.5%)



  • Probably close to a full bailout request
  • Spanish Deputy Prime Minister Saenz yesterday reminded the opposition that the support from the ECB was not what they wanted
  • It seems that the government is paving the way for the application to the domestic political scene
  • At the same time reiterated that Rajoy is still analyzing whether the request or not request
  • He called for support from the ECB 8 months now and he checks in fear of the Troika wants to proceed with the application
  • Meanwhile, the ever-increasing withdrawals from banks and the share of bad loans
  • In the next month there will be two regional elections

Spanish bonds:

  • Today at 10:30 am highly monitored auction in the amount of € 4.5 billion maturing in 2015 and 2022
  • Expected demand decent and most subscription should be 2015 BOND
  • If the entire amount subscribed by the Spaniards, they will have already covered 81% of annual emissions requirements
  • According to the chief economist of the IMF needs Spain depress yield up to 4%



  • Introduced a new buyback plan
  • Over the next four years, buy shares at USD 8 billion
  • Since 2008, there buyback for $ 5 billion, which ends in the next quarter
  • General Meeting held today


  • UBS lowers recommendations for Erste Bank to "neutral" from "buy"
  • Exane raises price target for shares of Heineken by 29% to 51 EUR, recommendations "outperform"



  • The fourth day of fall
  • The reason for yesterday's high inventories and lower Asian macros
  • Brent crude oil prices on the value of $ 107.23 / barrel and WTI crude on the value of $ 90.76 / barrel
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