***Economic Data*** - (US) MBA Mortgage Applications w/e May 28th: 0.9% v 11.3% prior - (US) May Challenger Job Cuts Y/Y: 38.8K v 38.3K prior; -65.1% v -71.1% prior - (US) ICSC/GS weekly chain store sales w/e May 29th: +0.6% w/w; +2.5% y/y - (US) Redbook Retail Sales w/e May 29th: 2.5% y/y; MTD 0.3% v April - (SI) Singapore may Purchasing Managers Index: 52.2 v 51.3e ; Electronic Sector Index: 53.7 v 51.3e - 10:00 (US) Apr Pending Home Sales M/M: 6.0% v 5.0%e; Y/Y: 24.6% v 21.0%e
- US equity markets opened flat to higher and are posting modest gains in the early going. European equity markets were lower overnight once again as debt concerns continued to linger. Traders were taking note of the fact that Euro zone banks placed a record â‚¬316B in the ECB's overnight borrowing facility while sovereign spreads in Portugal and Italy widened out to new all time highs. US equity trade seems to have stabilized things, which has helped European bourses pare back most of their losses with less than an hour to the close. The euro remains weak but has not broken yesterday's 4-year low of 1.2110, and the USD/JPY is making new multi-week highs. Treasury prices are little changed with the 10-year benchmark yield holding just above 3.25%.
- Shares of DIVX have surged more than 20% after getting a buyout offer from Sonic Solutions. Gerdau Ameristeel (GNA) has added more than 50% after parent Gerdau of Brazil offered to acquire the remaining stake it did not already own.
- Oil service names, which lead the weakness yesterday, stabilized on the open helping buoy stock indices. APC remains up on the day but is near session lows while Apache has rolled over into the red. Transocean RIG is making fresh one year lows down 6% as BP continues to struggle to cap the Horizon well in the Gulf. BP is up 1.7% on the day.
- Canadian Solar has given back 14% after providing Q3 shipment guidance and disclosing an investigation by the Board's audit committee. Local.com has added 11% after raising guidance.
- The USD managed to reverse earlier losses against the Euro after reports surfaced that Iran was in the initial process of removing euros from its â‚¬45B of foreign exchange reserves. Reportedly the country will sell euros for USD and gold in 3 stages and this would mark a reversal in its previously stated policy of moving its reserves away from USD. UAE Central Bank member Tamim commented that it held almost all of its $33B of currency reserves in USD (long standing policy) and stressed that it did not hold Euros. The Portuguese Fin Min affirmed that it would hold a general vote on Government austerity measures today with final vote scheduled on Jun 9th. The measures could include tax increases and spending cuts to bring its 2010 budget deficit to 7.3% of GDP. EUR/USD holding below the 1.22 handle in mid-NY morning. The 1.2100 level is cited as an option barrier and more are suspected on an approach to 1.20. The JPY maintained a soft tone and held on to fresh 2-week highs above 92. Dealers noted some good CAD/JPY buying flows dominating the early part of session.
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