European stock market, economy and companies update (May 25, 2015)

***Notes/Observations***
- Japan Trade Balance better than expected but still moves back into deficit
- Greece Fin Min urges creditors to compromise while more rhetoric of possibly missing IMF payments due in June unless an agreement is reached


*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
**Equities**
Indices [Stoxx50 -0.7%, FTSE 100 closed for holiday, DAX closed for holiday, CAC-40 -0.6% at 5,110, IBEX-35 -1.7% at 11,348, FTSE MIB -1.8%lat at 23,349, SMI closed for holiday, Athens Stock Exchange -0.2%, S&P 500 Futures flat at 2,122]

**Speakers**
- BOJ Gov Kuroda: Reiterated stance to adjust policy if needed
- India Fin Min Jaitley reiterated that interest rates have to go lower. He also noted that country to comfortably meet the 3.9% fiscal deficit to GDP target
- Indonesia Central Bank to try to diversify its FX Reserves. To purchase CNY currency (Yuan) and Euros. It also planned to purchase gold

**Currencies***
- USD tried to build upon its gains last week in which it saw it best weekly performance since Sept 2011. The greenback was aided by signs of recovery following a weak Q1 for the US and continued concerns over Greece bailout extension negotiations as little signs of progress being made. The EUR/USD remains below the 1.10 level in a quiet session. Resistance seen at the 1.1070 area but dealers taking note that the 2015 lows just under 1.05 will remain vulnerable.

**Political/In the Papers:
- (PL) Poland Presidential challenger Duda (Law and Justice Party) heads for election victory; signals shift to the right
- (GR) Greece Interior Min Voutsis: Greece will not have the money to repay €1.6B to the IMF next month (June) unless a new deal with creditors is reached
- (ES) Spain ruling Popular Party suffers losses in regional elections. Spanish voters punished the governing Popular Party in regional and municipal elections, throwing significant support to two upstart parties that capitalized on anger over high unemployment, cuts in public spending and corruption

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- 05:30 (VN) Vietnam VBSP to sell total VND1.1T in 3-year, 5-year, 10-year and 15-year bonds
- 06:00 (IL) Israel Apr Unemployment Rate: No est v 5.3% prior
- 06:00 (RO) Romania to sell 6-month Bills
- 07:30 (BR) Brazil Central Bank Weekly Economists Survey
- 09:00 (IL) Israel Central Bank Interest Rate Decision: Expected to leave Base Rate unchanged at 0.10%
- 09:00 (MX) Mexico Apr Trade Balance: $0.0Be v $0.5B prior
- 09:10 (US) Fed's Mester speaks to Academic Conference in Reyjavik
- 10:00 (MX) Mexico Q1 Current Account Balance: -$7.1Be v -$5.3B prior
- 13:30 (BR) Brazil Apr Total Federal Debt (BRL): No est v 2.441T prior
- 17:00 (KR) South Korea May Consumer Confidence: No est v 104 prior
- 18:00 (HU) Hungary May Business Confidence: No est v 4.9 prior; Consumer Confidence: no est v -25.0 prior
- 18:45 (NZ) New Zealand Apr Trade Balance (NZD): No est v 0.6B prior
- 20:00 (SG) Singapore Q1 Final GDP Q/Q: 2.0%e v 1.1% prelim; Y/Y: 2.25e v 2.1% prelim
- 21:00 (PH) Philippines Mar Trade Balance: -$0.4Be v -$0.8B prior; Imports Y/Y: 5.5%e v 11.2% prior
- 21:00 (AU) Australia to sell Index-Linked Bonds
- 22:30 (KR) South Korea to sell KRW750B in 20-Year Bond
- 23:30 (HK) Hong Kong to sell 3-month and 6-month Bills
- 23:45 (JP) Japan to sell 20-Year JGB Bonds


**Economic data***
- (SG) Singapore Apr CPI M/M: -0.6% v -0.1%e; Y/Y: -0.5% v 0.0%e; Core Y/Y: 0.4% v 0.7%e
- (FI) Finland Apr PPI M/M: 0.5% v 0.5% prior; Y/Y: -0.3% v -0.8% prior
- (CZ) Czech may Business Confidence: 12.7 v 11.9 prior; Consumer Confidence Index: 1.3 v 2.0 prior; Composite: 10.4 v 10.0 prior
- (ES) Spain Apr PPI M/M: 0.4% v 0.5% prior; Y/Y: -1.0% v -1.1%e
- (EU) ECB €82M borrowed in overnight loan facility vs. €77.0M prior; €93.0B parked in deposit facility vs. €89.5B prior - Daily Eurosystem Liquidity Conditions
- (TW) Taiwan Apr Industrial Production Y/Y: 1.1% v 4.5%e; Commercial Sales Y/Y: -2.0% v -0.7%e
- (TW) Taiwan Apr M2 Money Supply Y/Y: 6.5% v 6.6% prior; M1 Money Supply Y/Y: 5.9% v 5.9% prior

Fixed Income:
- None seen

Contributed by Trade The News