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Wednesday March 26, 2008 - 16:26:30 GMT
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U.S. Market Update

Dow -121 S&P -11.8 NASDAQ -24.9

- A negative tone was set for U.S. equity markets after yesterday's close when
the WSJ reported the CCU -16% deal was falling apart. The news that one of the
bellwether LBO deals was having trouble getting financing brought talk of the
credit crunch back into focus. Initially shares of ADS and BCE traded lower in
sympathy. More cautious analyst comments regarding major
U.S. financial institutions added to a
deteriorating tone ahead of the open. The group stands out as one of the major
drags on today's trade despite better than expected Feb new home sales data.
XLF -3% GS -2.4% C -5.4% MER -6.5% LEH -6% WFC -5% Offsetting some of the
weakness seen in financials is strong gains for the energy complex. Goldman
Sachs raised its outlook for coal stocks providing a nice boost there. ANR +10%
CNX +5% ACI +6% MEE +7% Oil stocks are also gaining across the board as futures
contracts have surged following bullish weekly oil inventory data. May crude
has traded back to $105 after testing $100 yesterday while heating oil has
added nearly 4% on the session. XOM +2% OIH +2.8% Commodities are also getting
a familiar push from a weak Dollar. April gold has climbed back to $950 up 1.5%
on the day. Bond markets have seen some bids; most noticeably in the shorter
dated maturities as the risk aversion theme resurfaces. The 2-year is higher by
3 ticks yielding 1.71% while the 10-year has added 10 ticks to yield 3.46%.

- In currencies, the USD was generally softer against most major pairs as
better German data and hawkish ECB speak prior to the NY open helped to whittle
away any recent optimism for the Greenback. However, the USD managed to muster
some strength against the GBP due to dovish comments from BOE members. The USD
was in consolidating tone throughout most of the
US morning aided by better-than-expected
new home sales data coupled with an upward revisions in January Durable goods
data. Overall, the currencies focused on the continued hawkish tone exhibited
by ECB's Trichet and robust European data. EUR/USD approached the 1.5760 as no
visible impact is seen at this time against the Euro-Zone real economy. GBP
traded off its worst levels in the session after BOE's King acknowledged that
the MPC was more predisposed to cutting rates. A risk aversion theme continued
to simmer as chatter continues to circulate that US and European banks could
announce a fresh wave of credit-related write downs. Deutsche bank CEO noted
that the current market environment remains difficult and may need to make
additional write offs. Oppenheimer's bank analysts again slashed Q1 EPS
estimate for numerous
US large commercial banks. JPY and CHF were
generally firmer on this front. USD/JPY has slide back below the 100 handle,
last at 99.07; EUR/JPY trades off 30 pips at 155.90 and EUR/CHF is lower by 60
pips at 1.5690. European fixed-income futures were in the mid- point of the
session trading range during the mid-US morning. June Bunds traded off session
lows to down 1 tick at 116.24. The contract tested below the 116 handle
following the IFO data in pre US trading. June Gilts flat at 110.61 Euro Stoxx
50 -0.9% at 3,600; FTSE 100 Index -0.6% at 5,656; CAC-40 -0.7% at 4,660 and DAX
-0.6% at 6,485.

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AA: Major, A: High, B: Medium

Mon 12 Mar 2018
A 17:00 US- 3-Yr Auction
Tue 13 Mar 2018
A 10:00 DE- ZEW Survey
AA 12:30 US- CPI
A 17:00 US- 10-Yr Auction
Wed 14 Feb 2018
AA 12:30 US- Retail Sales
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 17:00 US- 30-Yr Auction
Thu 15 Mar 2018
A 12:30 US- Weekly Jobless
A 12:30 US- Philly Fed, Empire PMI
A 12:15 US- Industrial Production
Fri 16 Mar 2018
A 10:00 EZ- final HICP
A 12:30 US- Housing Starts/Permits
A 14:00 US- prelim Univ of Mich

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