***Economic Data*** - (CL) Chile Trade Balance: $214.9M v $1.1Be - (BR) Brazil Oct Vehicle Production: 321.8K v 308.2K prior; Vehicle Sales: 303.2K v 307.1K prior; Vehicle Exports: 78.1K v 71.4K prior - (RU) Russia Oct Official Reserve Assets:$497.1B v $504.0Be - (CA) Canada Oct Housing Starts: 167.9K v 183.0Ke
- US equities opened lower this morning, with the dollar stronger and little economic data on tap to drive trading. Note that a lingering European peripheral debt fears sent the dollar higher, with worries about the ability of the Irish government to pass its 2011 budget and questions about the country's long-term solvency still out there. Crude has not moved too much, with trading concentrated within the $86 handle, while gold remains near all time highs, at $1,392 after making a run towards $1400 during Asian trading hours. US Treasury prices holding close to the unchanged mark ahead of a crowed calendar for new issues. The long bond is outperforming a little pushing the yield down 3 basis points and narrowing some of those curve spreads that moved out to their widest levels on record last week.
- Earnings season will wind down this week, with few major companies left to release results from the September quarter. Food service company Sysco met expectations in its Q1 report. Healthcare name Warner Chilcott missed revenue targets and warned that generic competition to one of its main profit centers would further impact sales in FY11. In acquisitions, Amazon acquired online sales competitor Quidsi for $540M. The WSJ reported that AOL has hired financial advisors to explore strategic options including joining with Yahoo.
- EUR/USD is off its worst levels but still faces headwinds from the European peripheral situation. In a separate development, the ECB noted that over â‚¬700M was settled in the most recent week under its government bond buying scheme. This figure came in lower than some earlier estimates but still highlights the continued stress on sovereign funding as markets move toward 2011. EUR/CHF fell 100bps to re-approach the 1.34 handle. In an address to the European Parliament, EU Commissioner Juncker said there is a need to offer Eurobonds along with the development of a permanent EU crisis mechanism. On the currency front he noted that the USD was not at the level it should be against the Euro and that there is a risk of the key pair spiraling out of control. USD/JPY continues to simmer below the post-BoJ solo intervention trend line at 81.50 and appears coiled for another attempt above this level.
***Looking Ahead*** - 11:00 (HU) Hungary Oct YTD Budget Balance (HUF): No est v -1.1B prior - 12:30 (US) Fed's Bullard to Speak to New York Analysts Society - 12:30 (GE) German Fin Min Schaeuble Holds Speech on Public Finances - 13:00 (US) Treasury to sell $32B in 3-Year Notes - 13:00 (US) Fed's Fisher Speaks in San Antonio - 14:00 (EU) EU President Van Rompuy Gives Speech - 15:30 (US) Fed's Warsh Speaks at Sifma Conference in New York
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