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Calendar of Key European Events: Q4 2011
Calendar of Key European Events: Q4 2011
October 4, 2011 Prepared by RBC Capital Markets Fixed Income & Currency Strategy Team
For Required Conflicts Disclosures, please see page 7. See RBCs research at www.rbcinsight.com
October 4, 2011
October 2011
MON 3 -Eurogroup meeting -Greece: 2012 budget submitted to Parliament. Vote expected in coming weeks. TUE 4 -ECOFIN meeting -European Parliament hearing with ECBs Trichet -Slovakia: EFSF debate begins in Parliament WED 5 -Euro area: GDP (Q2final) -UK: GDP (Q2-final) -Greece: general strike -Merkel-Barroso meeting in Brussels 12 -ECB 3m USD tender -France: CPI (Sep) THU 6 -ECB rate decision (last under Trichet) -BOE rate decision -Lagarde-Trichet-Merkel hold currency talks -Spain: bond auction 13 -Original Eurogroup meeting on Greek aid tranche postponed to midNovember -Italy: bond auction 20 -BIS provisional Q2 data -Spain: bond auction -G20 Fin Min/CB Govs meeting (Paris) -Euro area: HICP (Sepfinal) 21 FRI 7 SAT 8 SUN 9 -Poland general election -Merkel-Sarkozy meeting in Berlin -France: Socialist party presidential primaries (1st round) 15 -G20 Fin Min/CB Govs meeting (Paris) 16 -Italy: end of Moodys extended deadline for possible downgrade -France: Socialist party primaries (2nd round) 23 -Switzerland general election -German economy minister -Sarkozy-Lagarde meeting in Paris Roesler leads trade delegation to Athens (Oct 6-7) -Germanys CSU party holds annual conference 14
10
11 -EP hearing with Trichet representing ESRB -Slovakia: earliest date for Parliamentary vote on EFSF -Greece: bill auction
17 -European Council heads of state summit: to discuss EC eurobond proposals & EU position for G20 -Portugal: deadline for 2012 budget presentation 24 -UK: GDP (Q3-first) -EU-China summit (Tianjin)
18
19
22
-European Council heads of -BOE MPC minutes state summit -Norges Bank rate -Greece: bill auction decision and MPR -UK: CPI (Sep) -Greece: general strike 25 26 -ECB quarterly Bank Lending Survey -ECB 3m allotment
27 -Ireland: president. election -Italy: bond auction -Italy: PM Berlusconi set to -Spain: CPI (Oct-flash) testify in bribery trial -Riksbank rate decision -84.98bn of 3m ECB liquidity matures -Italy: linker auction -Germany: CPI (Oct-flash)
28
30
31 -Euro area: HICP (Oct-flash) -Spain: 14.1bn bond redemption -End of Trichets ECB Presidency
Expected in October (date tbc): -Ratification of EFSF changes by remaining euro area member states (Netherlands and Slovakia), expected by mid-October -Greece: Original deadline for PSI debt swap and rollover (may be delayed until November) -Greece: 2012 budget to be voted through parliament by end-October -Ireland: 4th troika Review; Pre-Budget outlook and 3-year MTEF -Italy: Govt to present concrete measures by the middle of the month (Silvio Berlusconi, Oct 3).
October 4, 2011
November 2011
KEY TUE 1 WED 2 THU 3 -G20 summit (Cannes) -ECB rate decision and press conference (first under Draghi) -Spain: bond auction FRI 4 -G20 summit (Cannes) -Discussions on financial transaction tax (US/UK opposed) and FSB to deliver to G20 recommendations on SIFI (systemically important financial institutions) and shadow banking 11 -Spain: GDP (Q3-first) -Ireland: 4.4bn bond redemption -France and Italy shortselling ban set to expire 17 -Spain: bond auction 18 12 -Germany: FDP (junior coalition partner) party convention (Nov 12-13) 13 SAT 5 SUN 6 Economic data -Mario Draghi becomes Central banks new ECB President Events/politics Supply
MON 7 -Eurogroup meeting -Portugal: GDP (Q3-first, release Nov.7-11 tbc) -ECOFIN meeting
10
14 -Italy: bond auction -Germany: CDU (Merkels party) party convention (Nov 14-15)
15 -Euro area: GDP (Q3first) -Germany: GDP (Q3-first) -France: GDP (Q3-first) -UK: CPI (Oct) -Greece: GDP (Q3-first) 22 -BOE MPC minutes -BOE FPC meeting
16 -BOE Inflation Report -Euro area: HICP (Octfinal) -Spain: GDP (Q3-final)
19
21
23
25
26
27
29 -UK Autumn Statement & OBR forecast -Eurogroup meeting -Spain: CPI (Nov-flash) -Italy: bond auction
30
-ECOFIN meeting -Eurogroup meeting on Greek aid tranche (postponed from Oct 13) -Greece: 5.0bn tranche -Portugal: 2nd troika Review available (6th Review) -Greece: 6th troika Review (incl. 1.7bn privatisation target by end-Sep) -UK: Union strikes (tbc) -Euro area: HICP (Novflash) -ECB 3m allotment
October 4, 2011
December 2011
Expected in December (date tbc): -Spain: planned privatisation of AENA airports -Blackrock review of Greek bank loans due by end of the year (review is being conducted on behalf of the central bank and started in September according to local newspapers). MON 5 TUE 6 -BOE FPC minutes -Euro area: GDP (Q3second) 12 -BIS Quarterly Review (Q2) -UK: CPI (Nov) -France: CPI (Nov) 13 WED 7 -ECB 3m USD tender THU 1 -49.36bn of 3m ECB liquidity matures -BOE Fin. Stability Report -Spain: bond auction 8 -ECB rate decision and press conference (updated forecast) -BOE rate decision 14 -Ireland: 11.5bn tranche available (4th Review) -Norges Bank rate decision -Italy: bond auction -Euro area: HICP (Novfinal) 20 -Riksbank rate decision -BOE MPC minutes -ECB 3m allotment -Italy: GDP (Q3-final) 21 -140.63bn of 3m ECB liquidity matures -UK: GDP (Q3-final) -Greece: 1.0bn bond redemption 28 -Greece: 5.2bn bond redemption -Italy: bond auction -Germany: CPI (Dec-flash) 29 -Greece: 0.7bn bond redemption -Portugal: 11.4bn tranche available (2nd Review) -SNB rate decision & MPR -Spain: bond auction 15 9 -European Council heads of state summit -Greek short-selling ban set to expire 16 17 18 10 FRI 2 SAT 3 SUN 4 -General elections in Russia, Croatia and Slovenia 11
23
24
25
26
27
30
31 -Targets for IMF Reviews of Greece (7th), Ireland (5th) and Portugal (3rd)
October 4, 2011
Q1/2012
Beginning 2012: Changes in EU Economic governance (Six pack plan) expected to come into force Jan 1: DENMARK takes over EU presidency Jan 22: FINLAND presidential election (first round) Jan 25-29: DAVOS World Economic Forum Feb 5: FINLAND presidential election (second round, if needed) Mar 1-2: European Council heads of state summit Mar 5: IRELAND 5.5bn bond redemption Mar 20: GREECE 14.4bn bond redemption
Q2/2012
Apr 22: FRANCE presidential election (first round) May 6: FRANCE presidential election (second round, if needed) May 18: GREECE 8bn bond redemption May 25: European Council heads of state summit Jun 10: FRANCE legislative election Jun 15: PORTUGAL 10.2 bond redemption Jun 28-29: European Council heads of state summit
Q3/2012
Jul 1: CYPRUS takes over EU presidency Aug 20: GREECE 7.7bn bond redemption
Q4/2012
Oct 18-19: European Council heads of state summit Nov 6: U.S. presidential election Dec 13-14: European Council heads of state summit Dec 22: GREECE 2.0bn bond redemption
Other dates
2013: ESM ratification by national parliaments to be completed by 1 Jan 2013 with the ESM coming into force in mid-2013
Source: Bloomberg, Reuters, European Commission, IMF, RBC Capital Markets
Calendar of Key European Events: Q4/2011 RBC Capital Markets Fixed Income & Currency Strategy
RBC Capital Markets, LLC: Stevyn Schutzman Europe RBC Europe Limited: James Ashley Norbert Aul Gustavo Bagattini Adam Cole Christophe Duval-Kieffer Sam Hill Jens Larsen Elsa Lignos Peter Schaffrik Nikhil Talwar Global Head of FIC Strategy & Research and Chief Macro Strategist (212) 618-2553 stevyn.schutzman@rbccm.com
October 4, 2011
Senior European Economist European Rates Strategist European Economist Global Head of FX Strategy Global Inflation Linked Strategist UK Fixed Income Strategist Chief European Economist G10 Currency Strategist Head of European Rates Strategy Fixed Income Strategist
+44-20-7029-0133 +44-20-7029-0122 +44-20-7029 0147 +44-20-7029-7078 +44 20-7029-0184 +44-20-7029-0092 +44-20-7029-0112 +44-20-7029-7077 +44-20-7029-7076 +44-20-7029-0049
james.ashley@rbccm.com norbert.aul@rbccm.com gustavo.bagattini@rbccm.com adam.cole@rbccm.com christophe.duval-kieffer@rbccm.com sam.hill@rbccm.com jens.larsen@rbccm.com elsa.lignos@rbccm.com peter.schaffrik@rbccm.com nikhil.talwar@rbccm.com
Asia-Pacific Royal Bank of Canada Sydney Branch: Su-Lin Ong Head of Australian and New Zealand FIC Strategy Michael Turner Fixed Income & Currency Strategist Royal Bank of Canada Hong Kong Branch: Sue Trinh Senior Currency Strategist North America RBC Dominion Securities Inc.: Mark Chandler David Watt Stewart Hall Ian Pollick George Davis Paul Borean RBC Capital Markets, LLC: Michael Cloherty Tom Porcelli Jacob Oubina Chris Mauro Joshua Acheatel Dan Grubert
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October 4, 2011
Required Disclosures
Conflicts Disclosures
The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including total revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated by investment banking activities of the member companies of RBC Capital Markets and its affiliates.
Conflicts Policy
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October 4, 2011
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