Markets quiet for long holiday weekend

EU Market Update: EU Commisison said to consider an extension to France on deficit; Markets quiet for long holiday weekend

Notes/Observations

- European price action non-existent due to holiday conditions

- (FR) EU Commission willing to consider an extension of up to two years for France to reduce its deficit to below 3% of GDP - French press

- Samsung Electronics partners with Globalfoundries, to use the same production process when they upgrade chip manufacturing, making them "the same" for companies like Apple looking to use their production abilities - financial press

- (IT) Italy looking at ways to reduce energy costs for small and medium sized companies - Italian press

- (GR) German Fin Min Schaeuble encourages Greece to stick to its reforms - Greek press

Equities

- Major equity markets across Europe including Germany, UK, France, Spain, Italy, and Switzerland were closed for the Good Friday holiday. Russia is only on major European market open today. The MICEX index is higher by 2.3%, its biggest gain since March 26th, after four-party talks on Ukraine issued a joint statement calling for a de-escalation of the situation and curbs to the violence. Vimpelcom and Global Telecom signed a purchase agreement for the sale of Global Telecom's 51% interest in Orascom Telecom Algerie SpA to Fonds National d'Investissement. US markets will be closed as well for Good Friday, reopening on Monday. European markets will be closed on Easter Monday and will resume trading on Tuesday, April 22nd.

Currencies/Fixed Income:

- FX markets were little changed as European participant were out for the Good Friday holiday. Overall looking ahead markets will gauge the April CPI and, the value of the EUR as extremely important bellwether to the outlook for easing at the ECB.

Economic Data

- (RU) Russia Narrow Money Supply w/e Apr 11th (RUB): No est v 7.91T prior

- (NL) Netherlands Apr Consumer Confidence Index: -5 v -5e

- (CN) Shanghai Futures Exchange (SHFE) Weekly Copper Stockpiles: 132.5K v 142.7K prior

- (IT) Italy Feb Industrial Sales M/M: -1.5% v +1.2% prior; Y/Y: 1.2% v 3.0% prior

- (IT) Italy Feb Industrial Orders M/M: -3.1% v +4.8% prior; Y/Y: 2.8% v 2.6% prior

- (IT) Italy Mar Hourly Wages M/M: 0.0% v 0.1% prior; Y/Y: 1.4% v 1.4% prior

Looking Ahead

All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)

- (IT) Italy Cabinet to pass bill on tax cuts for lower-income workers

- 07:30 (TR) Turkey Central Bank TCMB Survey of Expectations

- 07:30 (IN) India Forex Reserves w/e April 11th: No est v $306.7B prior

- 11:30 (IT) Italy PM Renzi speaks on income tax cuts