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Wednesday March 27, 2013 - 15:37:09 GMT
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| | Email US Market Update: Cyprus To Implement Capital Controls, Italy Has Trouble Forming Govt US Market Update: Cyprus To Implement Capital Controls, Italy Has Trouble Forming Govt
Wed, 27 Mar 2013 11:21 AM EST

***Economic Data***
- (ES) Spain Jan Total Housing Permits M/M: +19.7% v -18.5% prior; Y/Y: -26.8% v -44.3% prior
- (BR) Brazil Feb Central Govt Budget (BRL): No est v 26.1B prior
- (US) MBA Mortgage Applications w/e Mar 22nd: +7.7% v -7.1% prior
- (BR) Brazil Mar FGV Inflation IGP-M M/M:0.2% v 0.3%e; Y/Y: 8.1% v 8.1%e
- (BR) Brazil Feb Manufacturing PPI M/M: -0.3 v -0.1% prior; Y/Y: 7.3% v 7.7% prior
- (CA) Canada Feb Consumer Price Index M/M: 1.2% v 0.7%e; Y/Y: 1.2% v 0.8%e
- (CA) Canada Feb Core CPI M/M: 0.7% v 0.3%e; Y/Y: 0.7% v 1.0%e
- (US) Feb Pending Home Sales M/M: -0.4% v -0.3%e; Y/Y: 5.0% v 8.7%e

- Cyprus is preparing capital controls to buttress the reopening of banks tomorrow, while in Italy the Beppe Grillo's Five Star movement is doing its best to torpedo the formation of a government in Rome. These European Dramas sent European equity indices to session lows just ahead of the open of US cash equity trade. US indices opened in the red, and as of writing the DJIA is down 0.30%, the S&P500 is off 0.27% and the Nasdaq has lost 0.21%.

- Concrete, official details of Cyprus's capital controls have not been confirmed. So far, press reports suggest that the Cyprus controls will be in force on checking accounts and overseas payments for seven days and apply to all accounts and currencies. Individuals will be limited to taking 3,000 cash when going abroad and will limit use of credit and debit cards abroad to 5,000 per month.

- In Italy, the Five Star movement promised to vote against any Bersani government in a confidence vote, and even ruled out the possibility of the party's MPs walking out on a confidence vote to allow the formation of a government. There has been another round of Italy sovereign downgrade rumors, as always happens at times of stress in Rome. Bersani is scheduled to meet with Italy President Napolitano on Friday in order to discuss the formation of a government. Note that in a sign of trouble, the bid-to-cover in the Italian five-year bond auction this morning was the lowest in over a decade. The euro is tanking, with EUR/USD at fresh four-month lows around 1.2770, well below the 200-day moving average. The US ten-year yield is below 1.85%, close to its lows of the year.

- Shares of iron ore name Cliffs Natural are down 14% this morning thanks to some sharp analyst comments this morning. Analysts from both Credit Suisse and Morgan Stanley warned that iron oversupply in key Great Lakes markets would pummel the stock over the next three years. Note that Cliffs' stock has fallen 70% over the past 12 months, and CLF is at four-year lows this morning.

***Looking Ahead***
- 11:30 (US) Fed's Rosengren (voter) speaks on economy in NH
- 11:30 (US) Fed's Pianalto (non-voter) speaks on monetary policy in Cleveland, OH
- 13:00 (US) Fed's Kocherlakota (non-voter) speaks on monetary policy in MN
- 12:00 (CO) Colombia Feb National Unemployment Rate: No est v 12.1% prior; Urban Unemployment Rate: 12.3%e v 13.1% prior
- 12:00 (CA) Canada to sell 10 Year Notes
- 13:00 (US) Treasury to sell $35B in 5-Year Notes
- 14:00 (BR) Brazil Feb Central Govt Budget (BRL): 1.7Be v 26.1B prior
- 15:00 (AR) Argentina Feb Construction Activity M/M: No est v -0.5% prior; Y/Y: No est v -1.9% prior
- 16:30 (MX) Mexico Feb YTD Budget Balance (MXN): No est v 21.1B prior



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