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agenda 4

Agenda financiera – Calendario semanal: 25 – 01 de marzo 2013(Inglés)

In the euro area, the EU Commission’s confidence index could rise in February, on values rather  low but consistent with a less severe recession in 1Q. Inflation in the euro area should be  confirmed at 2% in January, and the advance  estimate should drop further, to 1.9% in  February. …..


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            In the euro area, the EU Commission’s confidence index could rise in February, on values rather  low but consistent with a less severe recession in 1Q. Inflation in the euro area should be  confirmed at 2% in January, and the advance  estimate should drop further, to 1.9% in  February. January data should indicate a contraction in spending in France, as opposed to a  slight recovery in Germany. The trend of the M3 aggregate is expected to slow in January to  +3.1%, from +3.3% y/y previously. The unemployment rate is forecast on the rise in Italy and  unchanged in Germany and the whole euro area.

            Rich calendar of data releases and events in the United States this week. Data should be positive  on the whole. February business surveys (ISM, Chicago) and the January orders should be  consistent with expansion of the manufacturing sector; auto sales should also come in positive  in February. Households’ confidence is estimated to have recovered in February, after three  months on the decline. Sales of new homes and construction spending in January should  confirm their positive trends, despite some volatility on a monthly basis. Mr. Bernanke’s  testimony before Congress should maintain a cautious stance, confirming indications that the  securities purchase programme will continue, while also signalling forecasts for an improvement  of the economy.
             
            Tuesday 26 February
            United States

            Consumer confidence as surveyed by the Conference Board should improve in February to 61  from 58.6 in January. Mixed factors are weighing on confidence: the tax hike implemented at  the beginning of 2013 and the recent rise in gasoline prices clearly act as drags; on the other,  the positive trend of stock indices, the ongoing rise in home prices, and indications of  improving labour market conditions are all supportive factors. Following the January decline,  when the effects of the tax hikes at the outset of the year prevailed, we now expect a modest  rebound of the confidence index, which in any case will remain well below its long-term
            average (90.50).  

            Sales of new homes in January are estimated to have grown to 380k from 369k in December.  Homebuilders’ confidence kept improving in the closing months of 2012, and points to home  sales keeping up the average trend recorded in 2H 2012.  

            Bernanke will hold his half-yearly testimony on monetary policy before the Senate Banking  Committee, and present the Monetary Policy Report.

            Wednesday 27 February
            Euro area

            Germany. Import prices could be up by 1.1% m/m, with the year-on-year rate stable at 0.3%  y/y in January. While the effective exchange rate has appreciated in the past six months, it is  weaker than a year ago.

            The M3 aggregate  is estimated to slow by two-tenths in January, to 3.1% y/y. The trend of  the M1 may slow further, as transfers from overnight deposits to deposits with one- or two- year maturities may continue, given the smaller  appetite for liquidity shown by institutional  investors in an environment characterised by  low volatility. Therefore, we expect the M2  aggregate to increase further,  whereas the exit from the M3 aggregate is expected to  continue. Among the counterparts of M3, annual loans growth could stay approximately  stable, as statistical effects will weigh on the trend of credit to businesses, while possibly
            playing to the advantage of loans to households.

            The EU Commission’s economic sentiment index  is only expected to recover further in  February, to 89.6 from a previous level of 89.2. The national surveys pointed to improving  confidence in the manufacturing sector in France and Germany, which may be compatible  with a confidence index in the industrial sector of -13, from -13.9 previously; based on the  advance estimate, consumer confidence has also improved, to -23.6 from -23.9. Vice versa,  confidence in the services could turn back down, more tightly bound as it is to the depressed  trend of demand (to -10 from a previous reading of -8.8).

            Germany. The  households’ confidence index is expected to recover to 6.1, from 5.8 the  previous month. Waning uncertainties over the debt crisis in the euro area, and quite good  labour market resilience, should aid a brightening in the sentiment of households.   

            France. Consumer confidence  is expected to prove broadly stable in February at 86.2, after  recovering to 86 the previous month. The index is still on depressed levels, significantly below  the long-term average, due to the generally uncertain environment and to worsening labour  market conditions labour market.
            Italy. The business confidence index drawn up by ISTAT for manufacturing companies could  recover to 88.4, in line with last November,  after dropping by seven-tenths in January. The  index is still below its long-term average, and considering the see-sawing trend of the index  between September and January, this would be at most a cyclical stabilisation on depressed  levels, whereas a reversal is still not in sight for Italian manufacturing.

            United States

            Bernanke will hold his half-yearly testimony on monetary policy before the House Financial  Services Committee, and present the Monetary Policy Report.  

            Thursday 28 February
            Euro area

            The second estimate should confirm a drop inflation in the euro area to 2% in January, from a  previous rate of 2.2%. In the month, consumer prices should be down by 1% m/m, largely  due to negative seasonal effects. Core inflation is expected to drop to 1.4% from 1.5%  previously.

            France. Consumer spending is expected to contract by 0.4% m/m in January, after stagnating  in December. Data on motor vehicle registrations point to a slowdown in auto sales. Also,  spending on durable goods may retrace at least in part following the previous month’s sharp  increase. On the other hand, spending on clothing and apparel should recover. If confirmed,  the rate would leave the quarterly trend on course for a -0.5% q/q decline in March, from – 0.2% q/q in December, suggesting that household spending, which was resilient at the end of  2012, could slow again in the opening months of the year.

            Germany. We cannot rule out an increase in unemployment numbers in February by five  thousand units, after two monthly declines. However, the monthly rise would not be sufficient  to drive up the unemployment rate, which we see stable at 6.8%. The indications provided by  the IFO and EU Commission surveys point to a stabilisation of German labour market  conditions, although a temporary rise in unemployment to al 7.1-7.3% could be possible as a  result of the past weakening of the cycle.

            Germany. Data from the Laender should  show a 0.6% m/m rise in  consumer prices  in  February, after the previous month’s -0.5% m/m drop, largely due to seasonal factors; the  contribution of the energy component should prove to have been broadly neutral this month.  Inflation is estimated to drop by two-tenths,  to 1.5% at the national level and to 1.6% in  terms of the harmonised rate.

            Germany. Retail sales could show a modest recovery in January (+0.5% m/m. vs. -1.6% m/m  in December). The outlook for consumption in Germany remains much stronger than for the  rest of the euro area, given the strong growth of real disposable income, and the moderately  positive indications on the economic cycle.

            Spain. The detailed estimate of 4Q 2012 GDP should confirm a contraction of 0.7% q/q and  1.8% y/y. We expect domestic demand to have made a markedly negative contribution (- 1.3% q/q), dragged down in particular by consumer spending, which we forecast at -1.3%  q/q from a previous rate of -0.5% q/q. Net exports are estimated to have made a positive  contribution, by 0.5% q/q, due however to a sharper contraction in imports than exports. We  expect the recession in Spain to continue at least at the same pace in the opening months of  2013.

            Spain. The advance e stimate should point to stable  inflation at 2.8% in harmonised terms,  and to a one-tenth rise of the national rate, to 2.6% y/y. Spanish inflation is forecast to drop  gradually towards 2% by the early summer, as pressures from the energy component wane.  As of August, inflation is estimated to stay below 2%, as the VAT hike will no longer affect  the year-on-year comparison.

            United States

            Orders of durable goods in January are estimated to have declined by -3.5% m/m, after rising  by 4.3% m/m in December (revised from +4.6% m/m). In December, the sharp upswing was  largely due to the civil aviation and defence components: these two items (the former  especially) should also be responsible for the January drop. Orders of capital goods net of  defence and aircraft should be up by around 1% m/m, in light of the positive trend of the  orders component of the January ISM index (on the rise to 53.3 from 49.7 in December). Data  should point to an expansion of activity in the manufacturing sector in 1Q 2013.  

            The second estimate of 4Q 2012 GDP should bring an upward revision to +0.4% q/q ann.  compared to an advance estimate of -0.1% q/q ann. Factors of opposite sign will affect the  second estimate. Foreign channel, fixed business investments, residential investments and,  very limitedly, consumer spending, should all be revised upwards, although the positive  contribution of inventories by around 1.3pp should be significantly offset.   

            The Chicago PMI is estimated to correct in February to 54.5, from 55.6 in January. Last month  the index rose by 5.6 points, with output surging to over 60, and orders and employment to  over 58. In February, the output and orders components should normalise, correcting towards  55. The prices paid component should stay above 60. The indications provided by the survey  should continue to point to solid expansion, in the auto sector in particular.

            Friday 1 March
            Euro area

            The  second reading of the February manufacturing PMI should confirm the preliminary  estimate, little changed at 47.8 (from 47.9 in January). The manufacturing sector survey was  considerably more encouraging than the services survey, which revealed a surprise  deterioration in confidence in the month. The recovery in new orders should be confirmed  (hitting a new two-year high), fuelled principally by foreign orders. The first reading of the  Italian PMI index could show a decline, to 47.5 from 47.8 the previous month.

            The advance estimate for February should point to lower  inflation in the euro area, to 1.9%  from a previous level of 2%. Inflation the euro area is expected to drop in March to 1.7%,  and then to rise back towards 2% by July. It should then fall back below that threshold by the  end of the summer.

            The unemployment rate should stay at 11.7% for the fourth consecutive month in January.  The jobless rate could be down in Germany, as opposed to a rise in most other countries, with  the periphery at the fore. The unemployment rate will continue to rise for at least the next six  months.

            Italy. Consumer prices are expected to come in one-tenth higher in February (half as much as  in the two previous months). Based on the harmonised EU index, on the other hand, prices  should be down by one-tenth (after contracting by a hefty 2% m/m in January). Inflation will  slow by three-tenths (from 2.2% to 1.9% at  the national level, and from 2.4% to 2.1% in  terms of the harmonised index). There seems to be room for a further decline of the CPI in the  months ahead.

            Italy. Unemployment  is estimated to have risen again in  January, after staying flat for three  months. We expect a one-tenth rise, to 11.3%. Indexes referred to temporary redundancy  schemes and unemployment benefit applications, as well as a plunge in hiring intentions  among manufacturing companies, all point to renewed labour market weakness in the  opening months of 2013. The quarterly survey of workforces should place the jobless rate at  11.2% in 4Q 2012 (from 10.6% the previous quarter), placing the 2012 average at 10.6%  (from 8.4% in 2011).

            Italy. Annual national accounts and public finance data should indicate a -2.2% contraction in  real GDP, with the nominal rate down by -1.2% in 2012. Unadjusted data should not differ  greatly compared to the figures adjusted by workdays, as 2012 only had one workday more  than 2011. The public administration deficit is expected to amount to 2.9% of GDP (with  some risk of a higher rate by one-tenth).

            United States

            Personal spending in January is estimated to have increased by +0.2% m/m, based on the  weak indications provided by retail sales. Personal income levels should contract sharply, by – 2.4% m/m, from +2.6% m/m in December. Both December and January were affected by  extraordinary factors. In December 2012, income was inflated by early dividend payments,  aimed at avoiding higher expected taxation as of January 2013. In January, the payroll tax hike  from 4.2% to 6.2% will weigh negatively; the higher tax rate on high incomes should only  have repercussions on disposable income, estimated to drop more sharply than overall  income. In January, the savings rate should correct from 6.5% in December, driven by the  extraordinary dividend payments.
            Construction spending in January is forecast to rise by 0.1% m/m, after rebounding by +0.9%  m/m in December. The non-residential and public components should correct in January.

            The manufacturing sector ISM should drop slightly in February, to 52.5 from 53.1 in January.  The first indicators referred to February are solid (Empire, Philly Fed), but the rise in the  regional surveys mostly consists of the closing of the differential that had opened a few  months earlier compared to the national survey. On a par with the other surveys, the ISM  should that growth is accelerating already in the opening months of 2013.  

            The final reading of the February University of Michigan  consumer confidence should move  further up, albeit only slightly, to 77 from 76.3 of the preliminary estimate, as the effects of  January’s tax increases wane.

            Auto sales in February should improve to 15.3 million, from 15.2 million in January, resuming  the uptrend of 2012, interrupted by volatility generated by Hurricane Sandy. The February  reading could be held back in part by the suspension of activity on the East Coast, due to  snow storms.


            Appendix

            Analyst Certification
            The financial analysts who prepared this report, and whose names and roles appear on the first page, certify that: (1) The views expressed on companies mentioned herein accurately reflect independent, fair and balanced personal views; (2) No direct or indirect compensation has been or will be received in exchange for any views expressed. Specific disclosures: The analysts who prepared this report do not receive bonuses, salaries, or any other form of compensation that is based upon specific investment banking transactions.

            Important Disclosures
            This research has been prepared by Intesa Sanpaolo S.p.A. and distributed by Banca IMI S.p.A. Milan, Banca IMI SpA-London Branch (a member of the London Stock Exchange) and Banca IMI Securities Corp (a member of the NYSE and NASD). Intesa Sanpaolo S.p.A. accepts full responsibility for the contents of this report. Please also note that Intesa Sanpaolo S.p.A. reserves the right to issue this document to its own clients. Banca IMI S.p.A. and Intesa Sanpaolo S.p.A. are both part of the Gruppo Intesa Sanpaolo. Intesa Sanpaolo S.p.A. and Banca IMI S.p.A. are both authorised by the Banca d’Italia, are both regulated by the Financial Services Authority in the conduct of designated investment business in the UK and by the SEC for the conduct of US business.
            Opinions and estimates in this research are as at the date of this material and are subject to change without notice to the recipient. Information and opinions have been obtained from sources believed to be reliable, but no representation or warranty is made as to their accuracy or correctness. Past performance is not a guarantee of future results. The investments and strategies discussed in this research may not be suitable for all investors. If you are in any doubt you should consult your investment advisor.
            This report has been prepared solely for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any financial products. It should not be regarded as a substitute for the exercise of the recipient’s own judgement.
            No Intesa Sanpaolo S.p.A. or Banca IMI S.p.A. entities accept any liability whatsoever for any direct, consequential or indirect loss arising from any use of material contained in this report.
            This document may only be reproduced or published together with the name of Intesa Sanpaolo S.p.A. and Banca IMI S.p.A.. Intesa Sanpaolo S.p.A. and Banca IMI S.p.A. have in place a Joint Conflicts Management Policy for managing effectively the conflicts of interest which might affect the impartiality of all investment research which is held out, or where it is reasonable for the user to rely on the research, as being an impartial assessment of the value or prospects of its subject matter. A copy of this Policy is available to the recipient of this research upon making a written request to the Compliance Officer, Intesa Sanpaolo S.p.A., 90 Queen Street, London EC4N 1SA.
            Intesa Sanpaolo S.p.A. has formalised a set of principles and procedures for dealing with conflicts of interest (“Research Policy”). The Research Policy is clearly explained in the relevant section of Banca IMI’s web site (www.bancaimi.com).
            Member companies of the Intesa Sanpaolo Group, or their directors and/or representatives and/or employees and/or members of their households, may have a long or short position in any securities mentioned at any time, and may make a purchase and/or sale, or offer to make a purchase and/or sale, of any of the securities from time to time in the open market or otherwise. Intesa Sanpaolo S.p.A. issues and circulates research to Qualified Institutional Investors in the USA only through Banca IMI Securities Corp., 245 Park Avenue, 35th floor, 10167 New York, NY,USA, Tel: (1) 212 326 1230. Residents in Italy: This document is intended for distribution only to professional investors as defined in art.31, Consob Regulation no. 11522 of 1.07.1998 either as a printed document and/or in electronic form. Person and residents in the UK: This document is not for distribution in the United Kingdom to persons who would be defined as private customers under rules of the FSA.
            US persons: This document is intended for distribution in the United States only to Qualified Institutional Investors as defined in Rule 144a of the Securities Act of 1933. US Customers wishing to effect a transaction should do so only by contacting a representative at Banca IMI Securities Corp. in the US (see contact details above).

            Valuation Methodology

            Trading Ideas are based on the market’s expectations, investors’ positioning and technical, quantitative or qualitative aspects. They take into account the key macro and market events and to what extent they have already been discounted in yields and/or market spreads. They are also based on events which are expected to affect the market trend in terms of yields and/or spreads in the short-medium term. The Trading Ideas may refer to both cash and derivative instruments and indicate a precise target or yield range or a yield spread between different market curves or different maturities on the same curve. The relative valuations may be in terms of yield, asset swap spreads or benchmark spreads.

            Coverage Policy And Frequency Of Research Reports

            Intesa Sanpaolo S.p.A. trading ideas are made in both a very short time horizon (the current day or subsequent days) or in a horizon ranging from one week to three months, in conjunction with any exceptional event that affects the issuer’s operations. In the case of a short note, we advise investors to refer to the most recent report published by Intesa Sanpaolo S.p.A’s Research Department for a full analysis of valuation methodology, earnings assumptions and risks. Research is available on IMI’s web site (www.bancaimi.com) or by contacting your sales representative.

            Source: ETFWorld – Intesa Sanpaolo – Research Department

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