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Monday March 25, 2013 - 15:46:50 GMT
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TradeTheNews.com US Market Update: Markets Swing from Euphoria to Dread after Cyprus Deal

TradeTheNews.com US Market Update: Markets Swing from Euphoria to Dread after Cyprus Deal
Mon, 25 Mar 2013 11:14 AM EST

***Economic Data***
- (BR) Brazil Mar FGV Consumer Confidence: 113.9 v 116.2 prior; Construction Costs M/M: 0.3% v 0.3%e
- (US) Feb Chicago Fed National Activity Index: +0.44 v -0.49 prior
- (MX) Mexico Jan Global Economic Indicator: 3.2% v 2.6%e
- (US) Mar Dallas Fed Manufacturing. Activity: 7.4 v 3.7e

- Asian and European equity indices rallied hard overnight after the troika and Cyprus reached a deal on a bailout package. Actual hard details of the package continue dribble out this morning, and as the full ramifications of the deal become clear investors are selling risk assets. European markets have given up all their gains to trade flat or into the red, while the momentary gains on US indices are gone as well. Note that the S&P500 traded within a point of its all-time closing high of 1,565.15 from back in October 2007 before reversing. As of writing, the DJIA is down 0.24%, the S&P500 is down 0.05% and the Nasdaq is down 0.14%.

- EUR/USD has given up all of the ground it gained from Friday through early Monday morning in the period leading up to the conclusion of the Cyprus bailout deal. After nearly topping 1.3050 overnight, EUR/USD has plummeted rapidly and tested briefly below 1.2880, around the 200-day moving average. The euro softness corresponds with slightly higher yields on Spanish and Italian debt. Note that various figures, including a Cyprus parliament member, said that Cyprus should start looking at the potential benefits of a eurozone exit. Gold traded lower on the earlier risk appetite, with spot gold bottoming out around $1,590 before the open. Spot gold retook $1,600 on the slide in equities.

- The Dell board disclosed that it has received two alternative proposals, following the expiration of the go-shop period in the company's going-private deal. Blackstone is offering shareholders $14.25/shr in cash while Carl Icahn is offering the equivalent of $15/shr in cash. Recall that the Michael Dell/Silverlake deal is $13.65/shr in cash and equity, in a total deal worth $24.4B. Michael Dell is reported to be willing to explore the possibility of working with third parties regarding alternative offers, while Icahn has said he is would be open to joining forces with Blackstone.

- The long-running saga of what Vodafone plans to do with its minority stake in Verizon Wireless was back in headlines over the weekend. According to reports, Vodafone is now looking to totally withdraw from the venture. Verizon is said to be close to buying the 45% of Verizon Wireless it does not already own. The deal could be valued at about $115 billion for Vodafone.

- Shares of discount retailer Dollar General rose nearly 5% in the premarket after the firm's Q4 earnings topped expectations and its initial FY13 guidance was firmly ahead of estimates. Note that DG warned its Q1 comps would be very difficult. Share of DG gave up nearly all their gains and are only +1% presently.

***Looking Ahead***
- 11:00 (US) Fed to purchase $1.25-1.75B in Notes
- 11:30 (US) Treasury to sell combined $65B in 3-Month and 6-Month Bills
- 11:45 (CH) SNB's Danthine speech
- 12:00 (UK) Commons Treasury panel hears testimony on UK budget
- 12:15 (US) Fed's Dudley (Voter) at Economics Club in NY
- 13:15 (UK) Fed's Bernanke, BOE's King, IMF's Blanchard speak in London
- (US) Fed's Dudley to Speak at Economic Club of New York

 

 

 

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15:00 US- Existing Homes Sales
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13:30 US- Weekly Jobless
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