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EU Market Update TRADETHENEWS.COM STAFF
Markets pick up as EU earnings get underway; PMI data mixed   
Wed, 23 Apr 05:28 AM EST/10:28 AM GMT
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Notes/Observations
- Price action now seeing an active start following the Easter break
- Ericsson Reports Q1 Net SEK2.12B v SEK2.23Be, Op SEK2.6B v SEK3.5Be, Rev SEK47.5B v SEK50.8Be; both gross and op margins increased. Sales supported by mobile broadband.
- ARM Holdings Reports Q1 Pretax £97.1M v £96Me, Op Profit £76.3M v £64.9M y/y, Rev £186.7M v £170.3M y/y; Expects semiconductor industry to improve in H2
- (JP) Bank of Japan semi-annual Financial System Report: Japan financial system stable on the whole, but banks could have a ¥5.6T loss if interest rates rise by 100bps (note: the est given in Oct was ¥6.0T)
- Spot gold remains little changed early in European session, around $1,284/oz; Chinese buyers seen on dips
- (PT) Portugal PM Coelho: Portugal growth prospects are more robust at this time; country is now able to finance itself in the market - comments from Lisbon
- (AU) Australia Q1 CPI falls to a 3-quarter low (Q/Q: 0.6% v 0.8%e)
- (CN) China Apr Preliminary HSBC China Manufacturing PMI remained in contraction for the 4th straight month: (48.3 v 48.3e)
- Major European PMI data continues to come in mixed (France misses expectations while Germany and Euro Zone beat)
- Australia Q1 CPI was well below estimates, remaining in the 2-3% RBA target range on headline basis and posting a 1-year low on Q/Q Trimmed Mean (core) basis. lower CPI gives RBA more room to preserve its neutral stance for longer and negates expectations of an inevitable rate hike to forestall accelerating property prices ...
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