***Economic data*** - (PO) Portugal July Industrial Sales M/M: +6.0% v +0.1% prior; Y/Y: 5.5% v 10.5% prior - (CL) Chile Aug Trade Balance: $530.0M v $925.0M - (CL) Chile Aug Copper Exports: $ v $3.2B prior
- Renewed concern that Europe's debt crisis will worsen again galvanized weakening investor sentiment into the NY morning across a variety of asset classes. Major US indices have moved lower from the open matching declines in Europe and Japan while US Treasury markets have seen good demand. The safe haven theme has moved money into precious metals following the opening of the Comex pit with fund managers hustling into Gold and Silver against the Euro. Spot gold approached its all-time highs of $1,265.10/oz set back in late June. The Peripheral spreads continued to maintain lofty premiums with the Irish and Portuguese debt climbed to all-time highs against the German Bund, while the German-Greek yield spread increased to the widest since May.
- Mining stocks are some of the best performing names in the early going helped by the gains in both gold and silver prices. Financial stocks are lagging weighed down by the debt concerns resurfacing in Europe. The XLF is off more than 1.1% relative to the S&P 500's 0.8% decline. Shares of Oracle are up 6% on news former HP CEO is being named Co-President at ORCL. US Steel is climbing once again on continued takeover speculation which is goosing options activity in letter X.
- EUR/CHF cross also reflected the risk aversion sentiment and drifted lower towards its all-time lows just under the 1.2850 area from late Aug. The price level in the EUR/CHF cross has dealers again focusing on the Eastern European countries due to the stress of potential carry-related in their respective currencies (e.g CHF/HUF cross). The trading environment was also beneficial for the JPY as USD/JPY hit fresh 15-year lows as the pair test 83.50 level and EUR/JPY probed the 106.50 neighborhood
***Looking Ahead*** - 11:00 (HU) Hungary Aug YTD Budget Balance (HUF): No est v -997.5B prior - 11:00 (US) Fed to Purchases Notes/Bonds - 13:00 (US) Treasury to sell $33B in 3-Year Notes - 17:00 (US) ABC Consumer Confidence w/e Sept 5th: -44e v -45 prior
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