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Tuesday June 4, 2013 - 15:28:41 GMT
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TradeTheNews.com US Market Update: Global Equities Flat Ahead of Fed Speak

TradeTheNews.com US Market Update: Global Equities Flat Ahead of Fed Speak
Tue, 04 Jun 2013 11:13 AM EST


***Economic Data***
- (ZA) South Africa Q2 BER Business Confidence: 48.0 v 50.0e
- (IR) Ireland Apr Property Prices M/M: +0.8% v -0.5% prior; Y/Y: -1.2% v -3.0% prior
- (IE) Ireland Apr Industrial Production M/M: +3.0% v -1.6% prior; Y/Y: +1.8 v -3.5% prior
- (EU) OECD Apr annual inflation: 1.3% v 1.6% prior; lowest since Mar 2009
- (US) ICSC Chain Store Sales w/e May 31st: w/w +1.9%; Y/Y: +4.3%
- (BR) Brazil Apr Industrial Production M/M: 1.8% v 1.0%e; Y/Y: % v 7.2%e
- (RU) Russia May Consumer Prices M/M: 0.7% v 0.6%e Y/Y: 7.4% v 7.3%e; CPI YTD: 3.1% v 2.4% prior
- (RU) Russia May CPI Core M/M: 0.3% v 0.4%e; Core YTD: 2.1% v 1.7% prior
- (CA) Canada Apr Int'l Merchandise Trade: -C$0.6B v -C$0.5Be
- (US) Apr Trade Balance: -$40.3B v -$41.1Be
- (US) Redbook Retail Sales w/e May 31st: +2.9% y/y; May MTD: +0.6% m/m; May MTD: +2.7% y/y
- (EU) Weekly ECB Forex Reserves: 218.8B v 218.9B prior
- (MX) Mexico May Consumer Confidence: 95.2 v 95.5e
- (US) May ISM New York: 54.4 v 55.0e
- (US) Jun IBD/TIPP Economic Optimism: 49 v 50.0e

- US and European equity markets are having trouble sustaining earlier gains this morning. Note that if the DJIA ends the session higher, it will be the 21st Tuesday of gains for the index, the longest winning streak for any day of the week since 1900. As of writing, all three major indices are flat on the session.

- The euro has drifted off the highs seen in the wake of yesterday's tough US May ISM manufacturing data. EUR/USD tested 1.3100 briefly after the US and Canada trade data dropped around 08:30ET, but it has slid back toward 1.3000 in mid-morning trade. FX traders are eyeing Thursday's ECB decision and press conference as a good opportunity to short the euro.

- The US April trade deficit widened 8.5% to $40.3B over March levels. Exports expanded 1.2% to $187B, the second-highest level ever, although imports grew even more. Analysts note that the stronger dollar early this year held back US exports.

- In other trade news, the EU announced that it would impose duties on imports on Chinese solar panels for six months. The EU and China have been negotiating over ways to rebalance the critical trade in solar panels, as European companies complain about Chinese dumping, and this move is a gambit in the ongoing talks. For the first two month, the duties would only be around 11% and tariffs would climb to 47% after two months if talks do not progress.

- The Financial Stability Oversight Council (FSOC) has proposed designating non-bank firms AIG, Prudential and GE Capital as systemically important financial institutions (SIFI), marking them for heightened regulatory oversight. Other companies could be named, but only three have come out to disclose it publically so far.

- Salesforce.com has reached a deal to buy ExactTarget, a provider of marketing software services, for about $2.5 billion. Salesforce will pay $33.75 a share, nearly 53% above ExactTarget's closing price on Monday. The takeover continues a string of Salesforce deals to bolster its marketing offerings.

- Shares of Dollar General are down more than 7% this morning after the discount retailer missed Q1 expectations and cut its FY13 guidance. SAIC is down nearly 3% after missing earnings targets in its Q1.

***Looking Ahead***
- 11:30 (US) Treasury to sell $30B in4-Week Bills
- 12:15 (US) IMF chief Lagarde on global outlook
- 12:30 (US) Fed's Raskin on employment in Washington DC
- 13:00 (DE) German Fin Min Schaeuble attends Panel Discussion on CDU Election Platform
- 13:30 (US) Fed's George Speaks on Economy in New Mexico
- 16:30 (US) Weekly API U.S. Crude Oil Inventories
- 17:00 (CL) Colombia May Producer Price Index M/M: No est v -0.3% prior; Y/Y: No est v -2.4% prior
- 19:00 (US) Former President Clinton speaks in Toronto
- 20:00 (US) Fed's Fisher speaks on Monetary Policy in Toronto
- 21:30 (AU) Australia Q1 GDP Q/Q: 0.8%e v 0.6% prior; Y/Y: 2.7%e v 3.1% prior
- 21:45 (CN) China May HSBC Services PMI: No est v 51.1 prior
- (JP) Japan PM Abe presents his 'third arrow' speech


 

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15:30 US- EIA Crude
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