December 24, 2015
Global Markets Minesweeper
Markets and Products Analysis
INVESTMENT PORTFOLIO
ANALYSIS DIVISION
Thin trading activity is expected the week ahead mainly due to Christmas and New Year’s Holidays. The
main announcements during the following week are consumer confidence index and pending homes sales
in the US.
In the US, consumer confidence index (Conference Board) may have rebounded in December (29/12), after the
lowest level in more than a year registered in November. Pending home sales (30/12) have probably increased in
November on MoM basis for the second consecutive month. The Chicago Purchasing Managers Index (31/12)
may signal expansion of the sector in December.
In the Eurozone, the economic calendar is extremely quite the reaming days of 2015. Money supply M3 for
November will be released on December 30.
In Japan, industrial production (28/12) may have declined in November on MoM basis, after two straight months of
increases. Retail sales for November will be released on December 28.
The rise of the US dollar and the slowing down of the global economy affected negatively the prices of
commodities in the year of 2015. Federal Reserve’s first interest rate hike in more than six years
strengthened further the dollar index. In addition, 2015 was positive for the Eurozone’s stock market,
which was mainly affected by the quantitative easing measures adopted by the European Central Bank.
Chinese and emerging stock markets exhibited high volatility in 2015.
Year to date % change (in local currency)
Shanghai Stock Index
Dax
CAC 40
DXY Dollar Index
Nikkei 225
EUR/GBP
Bund
USD/JPY
USD/CHF
S&P 500
10Y Treasury note
GBP/USD
FTSE 100
Gold Spot
EUR/USD
EUR/JPY
LME Copper 3m
WTI
-30
-28
-26
-24
-22
-20
-18
-16
-14
-12
-10
-8
-6
-4
-2
0
2
4
6
8
10
12
Source: Bloomberg
1
December 24, 2015
Global Markets Minesweeper
Event Risk Calendar, 28 - 31 December, 2015
Monday 28/12
Period
Survey
Prior

Industrial Production (MoM)
Nov P
-0.50%
1.40%

JN
Industrial Production (YoY)
Nov P
0.50%
-1.40%

28/12 01:50
JN
Retail Trade (YoY)
Nov
1.30%
1.80%

28/12 01:50
JN
Retail Sales (MoM)
Nov
-0.60%
1.20%

28/12 10:00
SZ
Total Sight Deposits (CHF)
25-Dec
--
468.4b

28/12 10:00
SZ
Domestic Sight Deposits (CHf)
25-Dec
--
406.1b

28/12 17:30
US
Dallas Fed Manf. Activity
Dec
-6
-4.9

Date Time
Country
28/12 01:50
JN
28/12 01:50
Event

U.K. stock and bond markets are closed for the Boxing Day holiday

Auctions
US

U.S. to sell 2-Year Notes (20:00)

Tuesday 29/12
Period
Survey
Prior

Consumer Confidence Index
Dec
117
118.4

IT
Business Confidence
Dec
104.4
104.6

29/12 11:00
IT
Economic Sentiment
Dec
--
107.1

29/12 15:30
US
Advance Goods Trade Balance
Nov
-$60.740b
-$58.411b

29/12 16:00
US
S&P/CS 20 City SA (MoM)
Oct
0.60%
0.61%

29/12 16:00
US
S&P/CS Composite-20 (YoY)
Oct
5.55%
5.45%

29/12 16:00
US
S&P/Case-Shiller US HPI (MoM)
Oct
--
0.83%

29/12 16:00
US
S&P/Case-Shiller US HPI (YoY)
Oct
--
4.86%

29/12 17:00
US
Consumer Confidence Index
Dec
93.8
90.4

Date Time
Country
29/12 11:00
IT
29/12 11:00
Event

Auctions
IT
Italy to sell Up to EUR1.5 Bln Zero 2017 Bonds (12:00)

US
U.S. to sell 5-Year Notes (20:00)


Wednesday 30/12
Date Time
Country
30/12 09:00
UK
30/12 09:00
Period
Survey
Prior
Nationwide House PX (MoM)
Dec
0.40%
0.10%
UK
Nationwide House Px NSA (YoY)
Dec
3.80%
3.70%
30/12 10:00
SP
CPI EU Harmonised (MoM)
Dec P
-0.20%
0.20%
30/12 10:00
SP
CPI EU Harmonised (YoY)
Dec P
0.10%
-0.40%
30/12 11:00
EC
M3 Money Supply )YoY)
Nov
5.20%
5.30%
30/12 11:00
IT
PPI (MoM)
Nov
--
-0.10%
30/12 11:00
IT
PPI (YoY)
Nov
--
-3.50%
Global Markets Minesweeper
Event

2
December 24, 2015
30/12 13:00
PO
Retail Sales (MoM)
Nov
--
1.00%
30/12 13:00
PO
Retail Sales (YoY)
Nov
--
3.70%
30/12 13:00
PO
Industrial Production (MoM)
Nov
--
2.80%
30/12 13:00
PO
Industrial Production (YoY)
Nov
--
4.20%
30/12 17:00
US
Pending Home Sales (MoM)
Nov
0.70%
0.20%
30/12 17:00
US
Pending Home Sales NSA (YoY)
Nov
2.90%
2.10%
Auctions
IT
Italy to sell up to EUR2.25 Bln 0.65% 2020, EUR2.25 Bln 2% 2025 & EUR1.5 Bln
Floating 2022 Bonds (12:00)
US
U.S. to sell 7-Year Notes (20:00)
GE
German Chancellor Angela Merkel delivers her address for the new year
Eco Event

Thursday 3/12
Period
Survey
Prior

26-Dec
270k
--

ISM Milwaukee
Dec
49
45.34
Chicago Purchasing Manager
Dec
50.4
48.7
Date Time
Country
Event
31/12 15:30
US
Initial Jobless Claims
31/12 16:00
US
31/12 16:45
US

Europe and U.S. markets close early (New Year's Eve)
Markets and Products Analysis
+30 210-3282791
[email protected]
Panos Remoundos
[email protected]
Maria Koutouzi
Ioannis Kouravelos, CFA
Konstantinos Anathreptakis
[email protected]
[email protected]
[email protected]
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Global Markets Minesweeper
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