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Friday December 28, 2012 - 18:37:14 GMT
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| | Email US Market Update: Markets cautious ahead of last ditch fiscal cliff talks US Market Update: Markets cautious ahead of last ditch fiscal cliff talks
Fri, 28 Dec 2012 12:17 PM EST

**Economic Data***
- (IE) Ireland Nov Property Prices M/M: +1.1% v -0.6% prior; Y/Y: -5.7% v -8.1% prior
- (BR) Brazil Nov Central Govt Budget (BRL): -4.3B v +2.1Be
- (IN) India Forex Reserves w/e Dec 21st: $296.5B v $296.6B prior
- (CL) Chile Nov Unemployment Rate: 6.2% v 6.6%e
- (CL) Chile Nov Total Copper Production: 478.6K v 476.2K prior
- (CL) Chile Nov Retail Sales Y/Y:10.7% v 7.2%e
- (CL) Chile Nov Manufacturing Index: 0.8% v 2.7%e
- (ZA) South Africa Nov Trade Balance (ZAR):-7.9B v -17.6Be
- (BR) Brazil Nov Primary Budget Balance (BRL): -5.5B v +5.5Be; Nominal Budget Balance: -21.8B v -6.0Be; Net Debt % GDP: 35.0% v 35.0%e
- 09:45 (US) Dec Chicago Purchasing Manager: 51.0e v 50.4 prior
- 10:00 (US) Nov Pending Home Sales M/M: 1.0%e v 5.2% prior; Y/Y: 12.2%e v 18.0% prior
- 10:30 (US) Weekly EIA Natural Gas Inventories

- Stocks traded lower on continued worries about the US going over the fiscal cliff despite an eleventh hour effort to reach a short term compromise deal in Washington. Congressional leaders are headed to the White House at 3pmET today to hear the President's pitch for a short term "scaled down" deal that would reportedly extend for 60-90 days the Bush tax cuts for all but the wealthiest earners ($400K+), and delay or replace most of the sequester automatic cuts, as well as dealing with pressing AMT tax and unemployment insurance issues. Its unclear yet if Congressional leaders will go along with this proposal to "kick the can" one more time, and no post meeting press conferences have been scheduled yet.

- There was little reaction to any of the morning's positive data points. The December Chicago Purchasing Manager's Index came in a little better than expected at 51.6 v 51e, though the employment component fell to a three year low. US federal mediators also announced a tentative deal to avert a strike at 14 major ports along the east coast and Gulf of Mexico that had threatened to grind shipping to a halt on the eastern seaboard.

- Barnes and Noble share were higher in the pre-market after disclosing an $89M investment by publisher Pearson in BKS' NOOK unit, putting a $1.8B value on NOOK's operations. Barnes and Noble undercut the announcement by slipping some negative news out in a filing, noting expectations that holiday sales trends were below prior projections, including in the NOOK segment. Shares are still trading up 6%.

Fixed Income:
- ECB drains 197.6B vs. 208.5B target in 6-day Term Deposit Tender to offset Govt Bond Purchases (First time in over a year it did not fully sterilize its SMP purchases)

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 5 hours for GMT equivalent)
- 11:00 (US) Weekly DOE U.S. Crude Oil Inventories
- 11:00 (CO) Colombia Nov Urban Unemployment Rate: 10.0%e v 10.2% prior; National Unemployment Rate: No est v 8.9% prior
- 11:00 (US) Fed to Purchase $4.25-5.25B in Notes
- 14:00 (AR) Argentina Oct Economic Activity Index M/M: No est v 0.3% prior; Y/Y: 2.0%e v 0.1% prior
- 14:00 (AR) Argentina Nov Construction Activity M/M: No est v -0.3% prior; Y/Y: No est v -0.9% prior
- 15:00 (US) Congressional leaders to meet with President Obama at White House
- 15:30 (MX) Mexico Nov YTD Budget Balance (MXN): No est v -163.8B prior

- (US) House of Representatives reconvenes




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