Date: Wednesday 13 Jun 2012
-Banks deposit €798bn overnight at ECB
-EU President Barroso speaks before European parliament
-Spanish and Italian debt auctions on tap
Stoxx 600: 0.20%
The main European equity benchmarks have begun today’s session with slight gains. That ahead of important macroeconomic data expected out Stateside this afternoon and ahead of key debt auctions in Italy and Germany this morning.
As well, European Union president Jose Manuel Durao Barroso is speaking before the European parliament, asking for support for the creation of Eurobonds. This after Germany’s Bundesbank yesterday criticized plans for a banking union as premature.
Italy plans to auction €6.5bn of 364- day bills today and debt maturing in 2015, 2019 and 2020 tomorrow. Germany is seeking to sell €5bn euros of 10-year bonds and €1bn euros of inflation-linked bonds maturing in 2018 this morning. The latter following losses yesterday on the back of negative comments out of Fitch.
From a sector stand-point the best performers now on the DJ Stoxx 600 are: insurance (1.61%), retail (0.94%) and technology (0.91%).
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