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Thursday June 6, 2013 - 15:31:30 GMT
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| | Email US Market Update: ECB, BoE Remain on Hold, EUR and JPY Strengthen in Risk-Off Environment US Market Update: ECB, BoE Remain on Hold, EUR and JPY Strengthen in Risk-Off Environment
Thu, 06 Jun 2013 11:11 AM EST

***Economic Data***
- (IL) Israel May Foreign Currency Balance: $77.7B v $77.1B prior
- (DE) Germany Apr Factory Orders M/M: -2.3% v -1.0%e; Y/Y: -0.4% v +0.9%e
- (PT) Portugal Apr Industrial Sales M/M: No est v 7.7% prior; Y/Y: No est v -8.3% prior
- (IE) Ireland May Live Register Monthly Change: -0.7K v -0.1K prior; Unemployment Rate: 13.7% v 13.7% prior
- (UK) Bank of England (BOE) left both Interest Rates and Asset Purchase Target (APT) unchanged at 0.50% and 375b respectively
- (ZA) South Africa Apr Electricity Production Y/Y: +3.6 v -0.5% prior; Electricity Consumption Y/Y: +1.0% v -3.0% prior
- (RU) Russia Gold & Forex Reserve w/e May 31st: $518.4B v $513.7B prior
- (BR) Brazil May FGV Inflation IGP-DI: 0.3% v 0.2%
- (US) May Challenger Job Cuts: 36.4K v 38.1K prior Y/Y: -41.2% v -6.0% prior
- (US) Jun RBC Consumer Outlook Index: 51.8 v 50.2 prior
- (EU) ECB left the main Refi Rate unchanged at 0.50%
- (US) Initial Jobless Claims: 346K v 345Ke; Continuing Claims: 2.952M v 2.974Me
- (MX) Mexico Mar Gross Fixed Investment: -5.5% v -4.5%e
- (BR) Brazil May Vehicle Production: 348.1K v 340.9K prior; Vehicle Sales: 316.2K v 333.8K prior
- (HU) Hungary May YTD Budget Balance (HUF): -559.4B v -528.6B prior
- (CA) Canada May Ivey Purchasing Managers Index Seasonally Adj: 63.1 v 56.0e v 52.2 prior; PMI Unadj: 70.8 v 50.9 prior
- (US) Weekly EIA Natural Gas Inventories: +111 bcf v +93-98 bcf expected range

- Trading in global markets has taken on a distinct risk-off flavor this morning as the euro and yen strengthen, bond yields reverse course and European equities look to close at their lows. US equities are pretty stable however, with the DJIA up 0.06%, the S&P500 flat and the Nasdaq up 0.12%.

- The Nikkei Index crept to within striking distance of a bear market overnight, with a mild 0.85% decline in a choppy session. The Nikkei has fallen just over 19% from its high on May 22 of 15,942. The slide has taken place over the past two weeks, and it's worth keeping in mind that the index is still up 24% for the year since January 1st. USD/JPY tested 99 through most of the Asia session but then plummeted as low as 98.46 after 10:00ET as stops got blown out.

- As expected, there were once again no surprises in the BoE and ECB rate decisions. The ECB press conference had a lot of moving parts but overall Draghi said nothing new. After the press conference began, EUR/USD zipped higher to test a key resistance level at 1.3170 before stalling out. As the euro moved up, European stocks swung into negative territory while peripheral yields inched out to one-month highs. The catalyst for European market moves appeared to be Draghi's comment that the board discussed negative deposit rates but saw no reason to implement them at the moment.

- Trading in Israeli cult stock Sodastream was bubbly overnight thanks to multiple rumors. This time around it began with a report that Pepsi was holding talks to acquire the firm for up to $95/shr, a 40% premium to its prior closing price, valuing it around $2B. Pepsico's denied the reports as completely untrue, although shortly thereafter an Israel press source wrote that the company was holding preliminary talks with both Coca Cola and Pepsi on a partnership or more. Shares of SODA are up 8% as of writing, but off their premarket highs.

- Shares of VeriFone are down nearly 18% this morning after the firm missed Q1 top- and bottom-line expectations. The firm's Q3 guidance was also very weak. Rosetta Stone is down 9% on a big new common equity offering. Media General is up 25% on news it will expand its footprint by merging with privately-held rival Young Broadcasting.

***Looking Ahead***
- 12:00 (US) Fed's Plosser
- 12:00 (US) Q1 Net change in household wealth Q/Q: No est v $1.174T prior
- 12:00 (CO) Colombia Central Bank official Meisel
- 15:30 (CO) Colombia Central Bank official Uribe
- 17:00 (CO) Colombia Apr Exports: No est v $4.6B prior
- 19:00 (KR) South Korea Q1 Final GDP Q/Q: No est v 0.9% prelim; Y/Y: No est v 1.5% prelim



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