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Wednesday June 12, 2013 - 15:34:32 GMT
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| | Email US Market Update: Market Gains Evaporate Amid Taper Worries US Market Update: Market Gains Evaporate Amid Taper Worries
Wed, 12 Jun 2013 11:16 AM EST

***Economic Data***
- (PT) Bank of Portugal May ECB financing to Portuguese banks at 48.7B vs. 49.8B prior
- (PT) Portugal May Consumer Price Index M/M: 0.2% v 0.0% prior; Y/Y: 0.7% v 0.5%e
- (PT) Portugal May CPI EU Harmonized M/M: +0.2% v -0.2%e; Y/Y: 0.9% v 0.6%e
- (US) MBA Mortgage Applications w/e Jun 7th: +5.0% v -11.5% prior
- (ZA) South Africa Apr Retail Sales Constant M/M: -0.6% v +0.4%e; Y/Y: 1.9% v 3.5%e
- (CA) Canada May Teranet/National Bank HPI M/M: 1.1% v 0.1%e; Y/Y: 2.0% v 2.0% prior; House Price Index: 155.39 v 153.68 prior
- (US) DOE Crude: M v -0.5Me; Gasoline: M v +0.5Me; Distillate: M v +1.5e; Utilization: % v 88.7%

- European markets were sustaining slight gains in the US premarket but then plunged into the red after the New York open as US equities gave up their gains to trade down to the flat line. Traders continue to position themselves in safer assets as QE tapering nervousness dulls risk appetite. Note that after the open, Fed hawk Plosser reiterated that he does not expect the economy to be impacted very much by a small reduction in the pace of asset purchases. As of writing, the DJIA and S&P500 are flat on the session, while the Nasdaq is down 0.2%.

- The euro pushed out to four-month highs against the dollar overnight, with EUR/USD firmly in the 1.33 handle. The German Constitutional Court seemed to indicate that the ECB's insistence on conditionality in the OMT program could be enough to clinch a ruling in favor of German participation. The yen is not far off its strongest levels from yesterday, with USD/JPY trading right around 96.

- Bundesbank President and ECB governor Weidmann remarked during the US premarket that he would favor limiting the maneuverability of the ECB because of stability risks. The day after the German Constitutional Court heard arguments for and against German participation in the eurozone OMT backstop, Weidmann warned that the Bundesbank would share in OMT losses, regardless of whether it participates or not.

- Spectra Energy is up 10% this morning after disclosing that it would adopt a master limited partnership structure for its US transmission and storage assets. As a result, it said it would be able to boost the dividend by 50% and further boost growth of the dividend over time. Multiple analysts raised the name overnight.

- India's Apollo Tyres reached a deal to acquire Cooper Tire for about $2.5 billion, at $35/share in cash. The deal would make the combined entity the world's seventh-largest tire maker. Apollo Tyres, which does not currently operate in the US, gets two-thirds of its revenue from India, where a weak economy has hurt demand for cars and commercial vehicles. The two companies had combined sales of $6.6 billion in 2012.

- Sprint said it had ended its talks with Dish and gave the company until June 18th to put up or shut up. In the meantime, the company said it would proceed with the deal with Softbank, which was upped to $21.6B from $20.1B prior just the other day. Note that press reports suggest that Google might try to help Dish sweeten its bid.

***Looking Ahead***
- 12:00 (US) World Agricultural Supply & Demand Estimates (WASDE )
- 12:00 (CA) Canada to sell 2 Year Notes
- 13:00 (US) Treasury to sell $21B in 10-Year Notes Reopening
- 13:00 (DE) German Chancellor Merkel at CDU youth event
- 14:00 (US) May Monthly Budget Statement: -$136.5Be v -$124.6B prior
- 17:00 (NZ) RBNZ Interest Rate Decision: Expected to leave Official Cast Rate unchanged at 2.50%
- 21:30 (AU) Australia May Employment Change: -10.0Ke v +50.1K prior; Unemployment Rate: 5.6%e v 5.5% prior




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