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Wednesday May 29, 2013 - 15:22:11 GMT
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| | Email US Market Update: UST Yields Back Off Record Highs, US Equities Follow Asia, Europe Lower US Market Update: UST Yields Back Off Record Highs, US Equities Follow Asia, Europe Lower
Wed, 29 May 2013 11:04 AM EST

***Economic Data***
- (UK) May CBI Industrial Reported Sales: -11 v +3e
- (IE) Ireland May Consumer Confidence: 61.2 v 58.9 prior
- (US) MBA Mortgage Applications: -8.8% v -9.8% prior
- (BR) Brazil May FGV Inflation IGP-M M/M: 0.0% v 0.0%e; Y/Y: 6.2% v 6.2%e
- (DE) Germany May CPI Baden Wuerttemberg M/M: +0.5 v -0.5% prior; Y/Y: 1.4% v 0.9% prior
- (US) ICSC/GS weekly chain store sales w/e May 24th w/w: -0.9%; y/y: +2.8%
- (DE) Germany May Preliminary Consumer Price Index M/M: 0.4% v 0.2%e; Y/Y: 1.5% v 1.3%e
- (DE) Germany May Preliminary CPI EU Harmonized M/M: 0.3% v 0.2%e; Y/Y: 1.7% v 1.4%e
- (BR) Brazil Q1 GDP Q/Q: 0.6% v 0.9%e; Y/Y: 1.9% v 2.3%e; 4 quarters accumulated: 1.2% v 0.9% prior
- (CA) Canada Mar Avg Weekly Earnings: % v 3.1% prior
- (US) Redbook Retail Sales w/e May 24th: +2.7% y/y, May MTD: +0.6% m/m; May MTD: +2.6% y/y
- (CA) Bank of Canada (BOC) leaves Interest Rates unchanged at 1.00%, as expected

- US equities are following in the wake of momentum in Asia and Europe given the absence of impactful data this morning. Overnight the Nikkei had another tumultuous session and closed flat, while European stocks tumbled from the open and are looking to close at their lows following some poor German jobs data and an OECD downgrade of eurozone growth. As of writing the DJIA is down 1.2%, the S&P500 is down 1.2% and the Nasdaq is down 1%.

- Yields on US treasuries have given up the big gains seen during yesterday's session in today's general risk off atmosphere. The benchmark 10-year yield pushed out to 13-month highs around 2.24% overnight but has declined to around 2.14% this morning. Yesterday's gain was the biggest one-session increase since late 2011.

- The euro has maintained its gains against the greenback seen overnight, leaving EUR/USD back in the 1.29 handle. Dealers seemed to be fixing on talk that the ECB would not ease monetary policy further by cutting its deposit or main refinancing rates in the coming months.

- The deal of the day is news that Chinese ag giant Shuanghui International has reached an agreement to acquire pork producer Smithfield Foods for $4.7 billion in cash. The deal is sure to be highly controversial: Shuanghui has plenty of ties to the Chinese government and the deal faces review by the U.S. Committee on Foreign Investment (CFIUS). Investors should recall the Nexen deal in Canada that played out with a great deal of drama over the course of last year, although CNOOC managed to pull it off in the end.

- Sprint and Japan's SoftBank said they had reached a national security agreement with US authorities related to Softbank's pending $20.1 billion deal to acquire Sprint. CIFUS completed its review of the proposed deal and that there were no unresolved issues.

- Trina Solar reported a bigger-than-expected quarterly loss in its Q1 and revenue widely missed targets. Shares of TSL are down nearly 11% on the news, with other Chinese solar names down in sympathy, including YGE down more than 4%. A notable exception to the trend is Suntech Power, which is up 9%.

- Shares of Tesla continued their steady rise in the premarket this morning, topping $110 briefly, but have traded down more than 7% in mid morning trade. Note that there has been chatter Einhorn or another notable short seller has taken a short position in the name.

- Apple is actually in the black this morning, up by nearly one percent. CEO Cook was interviewed last night at the All Things D conference last night and shared some candid thoughts about the business. He said Apple has several more "game changers" in development and said that larger format smartphones have too many tradeoffs.

***Looking Ahead***
- 11:30 (US) Treasury to sell $70B in 52-Week Bills
- 11:30 (US) Treasury to sell $70B in 4-Week Bills
- 11:30 (BR) Brazil Central Bank Weekly Currency Flows
- 13:00 (US) Fed's Rosengren speaks on Economy in Minneapolis
- 13:00 (US) Former Fed Chairman Volcker speaks in New York
- 13:00 (US) Treasury to sell $35B in 5-Year Notes
- 14:00 (BR) Brazil Apr Central Govt Budget (BRL): 11.1Be v 0.3B prior
- 15:00 (AR) Argentina Apr Shop Center Sales Y/Y: No est v 19.4% prior
- 16:30 (US) Weekly API U.S. Crude Oil Inventories
- (BR) Brazil Central Bank (COPOM) Interest Rate Decision: Expected to raise SELIC Target by 25bps to 7.75%




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