- Higher than expected EZ industrial production
- Spain´s Socialist party calls for PM´s resignation
- Long-term periphery bond yields firmly lower
- Bild: ECB worried Euro strength will hurt recovery in periphery

FTSE-100: 0.17%
Dax-30: 0.59%
Cac-40: 0.08%
FTSE Mibtel 30: 0.35%
Ibex 35: 0.51%
Stoxx 600: 0.18%

The main European equity benchmarks have moved firmly into the blue following the latest debt auctions in Germany and Italy and, perhaps, also after the Bank of England indicated that it is prepared to act further to help the economy if necessary.

That also comes as investors digest a rather uncompromising speech by US President Obama, last night.

Of interest, about 54% of the 312 western European companies that have reported earnings since January 8th beat analysts' projections for profit, according to Bloomberg data. Of the 358 that have posted sales, 51% exceeded forecasts.

Italy has sold approximately €6.6bn in medium and long-term debt, while Germany has auctioned €5bn in medium-term bonds. The Italian Treasury saw bid-to-cover ratios drop. Nevertheless, periphery bonds are now trading firmly higher.

Kabel Deutschland rockets higher

Kabel Deutschland was 9% higher at one in point in the morning session on reports that Vodafone might be interested in making a bid.

France's second-largest bank, Societe Generale has posted a fourth-quarter of €476m, mainly due to extraordinaries.

The Netherlands' largest financial-services company, ING, will shed 2,400 jobs after unveiling a fourth-quarter profit figure below expectations.

Peugeot this morning announced an adjusted loss before interest and taxes of €576m euros for 2012, down from a profit of 1.09 billion euros a year earlier. Analysts had expected more red ink.

From a sector stand-point the best performers today are: Construction (1.59%), Chemicals (1.08%) and Basic resources (1.06%).

Dutch inflation overshoots
Eurozone industrial production data grew by 0.7% month-on-month in December (Consensus: 0.2%), led by an 0.8% rise in German output and with production rates in capital goods and durable consumer goods.

Swiss import prices fell by 0.1% month-on-month in January (Consensus: 0.0%).

Germany´s wholesale prices increased by 0.3% month-on-month in January.

Dutch CPI rose to a 3.0% rate in January, versus the previous month´s reading of 2.9% (Consensus: 2.7%).

Other asset classes trading mixed
The euro/dollar is now edging higher by 0.12% to 1.3469.

Front month Brent crude futures are now rising, by 0.084 dollars to the 118.76 dollar level on the ICE.



AB

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