{"id":942,"date":"2012-03-19T07:00:00","date_gmt":"2012-03-19T07:00:00","guid":{"rendered":"http:\/\/starthostunlimiteddmffassi-ss.stackstaging.com\/bondworld.ch\/home\/sites\/20b\/7\/760c69a11c\/public_html\/investmentworld.ch\/index.php\/2012\/03\/19\/makrooekonomische-daten-19-23-maerz-2012-englisch\/"},"modified":"2012-03-19T07:00:00","modified_gmt":"2012-03-19T07:00:00","slug":"makrooekonomische-daten-19-23-maerz-2012-englisch","status":"publish","type":"post","link":"https:\/\/www.investmentworld.eu\/ch\/makrooekonomische-daten-19-23-maerz-2012-englisch\/","title":{"rendered":"Makro\u00f6konomische Daten: 19 &#8211; 23 M\u00e4rz 2012 (Englisch)"},"content":{"rendered":"<p style=\"text-align: justify;\">In the&nbsp; euro area, consumer confidence (-19.8 from -20.3) and business  confidence indices should start to reflect improved market conditions  and the easing of risks over the past two months. In March the composite  PMI is expected to return into an area compatible with stagnant GDP  growth (49.8 from 49.3). Producer prices will provide an indication&#8230;.<strong> <\/strong> <strong> <\/strong><\/p>\n<p>  <!--more-->  <\/p>\n<ul> <\/ul>\n<ol><\/ol>\n<ol><\/ol>\n<ol><\/ol>\n<ol><\/ol>\n<p><strong>Tuesday 20 March <\/strong><\/p>\n<p><strong>Euro area <\/strong><br \/>&#8211;&nbsp;  Germany. Producer prices could be up by 0.6% m\/m as a result of  tensions generated by oil prices, with the year-on-year rate expected  to&nbsp; come in at 3.3% y\/y thanks to a favourable base effect. Pressures  tied to energy commodity prices are likely to linger in the months  ahead, pushing&nbsp; producer prices up. <\/p>\n<p><strong>United States <\/strong><br \/>&#8211;&nbsp;  In February,&nbsp; housing starts&nbsp; should drop to 685k from 699k in January.  In the past two months, starts grew at a much faster pace than licenses,  driven by milder weather conditions than usual; in February, the pace  of growth should slow to levels more compatible with the trend of  licences. Permits should come in broadly stable at 685k, from 682k in  January.&nbsp;&nbsp; &nbsp;<br \/><strong>  <\/p>\n<hr \/>\n<p>Wednesday 21 March <br \/>United States <\/strong><br \/>&#8211;&nbsp; Sales of existing  homes are estimated at 4.55 million, from 4.57 million in January. In  recent months, pending home sales stabilised, and are not pointing to an  increase in sales. Mild weather conditions are supporting activity in  the sector, but applications for new mortgages dropped last month and  point to a slight slowdown.   <\/p>\n<hr \/>\n<p><strong>Thursday 22 March <br \/>Euro area<\/strong> <br \/>&#8211;&nbsp; The manufacturing PMI  is expected to show a slight recovery in March, staying in any case on  levels (49.5 in March from 49.0 last month) compatible with a stagnation  of production activity. The services PMI could recover less than the  manufacturing index, as it typically lags the latter (49.1 from 48.8).  The composite PMI could climb to 49.8 from a previous level of 49.3. In  the months ahead we expect the PMI and confidence indices to recover at a  brisker pace. The balance of risks has changed significantly since  December, with the marked improvement of labour market conditions and  easing uncertainty reaping positive effects on the confidence, and  therefore on the spending decision, of enterprises and households.  Relative performances within the euro area will continue to be markedly  mixed, with Germany (manufacturing PMI forecast at 51.2 in March)  leading the way, followed suit by France (manufacturing PMI at 50.4),  already back in expansive territory. <br \/>&#8211;&nbsp; Household confidence is  forecast at -19.8 in March, from -20.3 in February, as improved overall  sentiment should positively impact both views on the present macro  situation and spending decisions. Inflation expectations are likely to  rise further, fuelled by tensions on petrol prices.   <\/p>\n<hr \/>\n<p><strong>Friday 23 March <br \/>Euro area <\/strong><br \/>&#8211;&nbsp; France. The&nbsp; INSEE  manufacturing sector confidence index should rise back in March to 93,  from 92 the previous month (long-term average: 99). National confidence  indices remain on more depressed levels than the PMI, and are compatible  with a weaker trend of production in the opening months of 2012  compared to the end of last year, when GDP growth in Frances surprised  on the upside. <\/p>\n<p><strong>United States <\/strong><br \/>&#8211;&nbsp; Sales of new homes in  February should be on the rise to 330k, from 321k in January. Mild  weather conditions and the ongoing improvement in construction sector  confidence bode well for February sales    <\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Appendix<br \/>Analyst Certification<\/strong><br \/>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.<\/p>\n<p><strong>Important Disclosures<\/strong><br \/>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&#8217;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.<br \/>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. <br \/>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\u2019s own  judgement.<br \/>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.  <br \/>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.<br \/>Intesa Sanpaolo S.p.A. has  formalised a set  of principles and procedures for dealing with  conflicts of interest  (\u201cResearch Policy\u201d). The Research Policy is  clearly explained in the  relevant section of Banca IMI\u2019s web site  (www.bancaimi.com).<br \/>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.<br \/>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). <br \/><strong><br \/>Valuation Methodology<\/strong><br \/>Trading   Ideas are based on the market\u2019s expectations, investors\u2019 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.<br \/><strong><br \/>Coverage Policy And Frequency Of Research Reports<\/strong><br \/>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\u2019s 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\u2019s Research Department for a full analysis of valuation   methodology, earnings assumptions and risks. Research is available on   IMI\u2019s web site (www.bancaimi.com) or by contacting your sales   representative.<\/p>\n<p style=\"text-align: justify;\">Source: BONDWorld &#8211; Intesa Sanpaolo \u2013 Research Department<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the&nbsp; euro area, consumer confidence (-19.8 from -20.3) and business confidence indices should start to reflect improved market conditions and the easing of risks over the past two months. In March the composite PMI is expected to return into an area compatible with stagnant GDP growth (49.8 from 49.3). Producer prices will provide an [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"telegram_tosend":false,"telegram_tosend_message":"","telegram_tosend_target":0,"footnotes":"","_wpscp_schedule_draft_date":"","_wpscp_schedule_republish_date":"","_wpscppro_advance_schedule":false,"_wpscppro_advance_schedule_date":"","_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[22],"tags":[],"class_list":["post-942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-makrooekonomische-daten"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/www.investmentworld.eu\/ch\/wp-json\/wp\/v2\/posts\/942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmentworld.eu\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentworld.eu\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentworld.eu\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentworld.eu\/ch\/wp-json\/wp\/v2\/comments?post=942"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentworld.eu\/ch\/wp-json\/wp\/v2\/posts\/942\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentworld.eu\/ch\/wp-json\/wp\/v2\/media\/3421"}],"wp:attachment":[{"href":"https:\/\/www.investmentworld.eu\/ch\/wp-json\/wp\/v2\/media?parent=942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentworld.eu\/ch\/wp-json\/wp\/v2\/categories?post=942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentworld.eu\/ch\/wp-json\/wp\/v2\/tags?post=942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}