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Thursday June 13, 2013 - 15:39:44 GMT
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| | Email US Market Update: Nikkei Back in Bear Market Territory, US up on Decent Data US Market Update: Nikkei Back in Bear Market Territory, US up on Decent Data
Thu, 13 Jun 2013 11:21 AM EST

***Economic Data***
- (IE) Ireland May CPI M/M: -0.1% v 0.0% prior; Y/Y: 0.4% v 0.5% prior
- (IE) Ireland May CPI EU Harmonized M/M: 0.0% v -0.1% prior; Y/Y: 0.4% v 0.5% prior
- (IL) Israel Q1 Current Account: $1.8B v $0.5B prior
- (EU) OECD G20 Q1 GDP Q/Q: 0.7% v 0.6% prior
- (RU) Russia Gold & Forex Reserve w/e Jun 7th: $515.8B v $518.4B prior
- (BR) Brazil Apr Retail Sales M/M: 0.5% v 1.2%e; Y/Y: 1.6% v 3.4%e; Broad Retail Sales Y/Y: 9.1% v 9.1%e
- (PL) Poland May CPI M/M: -0.1% v +0.1%e; Y/Y: 0.5% v 0.8%e
- (US) May Advance Retail Sales: 0.6% v 0.4%e; Retail Sales Less Autos: 0.3% v 0.3%e; Retail Sales Ex Auto & Gas: 0.3% v 0.3%e
- (US) Initial Jobless Claims: 334K v 346Ke; Continuing Claims: 2.973M v 2.978Me
- (US) May Import Price Index M/M: -0.6% v 0.0%e; Y/Y: -1.9% v -1.4%e
- (CA) Canada Q1 Capacity Utilization Rate: 81.1% v 81.5%e
- (CA) Canada Apr New Housing Price Index M/M: 0.2% v 0.1%e; Y/Y: 2.0% v 1.9%e
- (US) Apr Business Inventories: 0.3% v 0.2%e

- The Nikkei225 took another huge tumble overnight, closing down 6.4% after Chinese investors came back from a three-day holiday. The sharp decline matches all of last week's losses and puts the Nikkei right back in bear market territory off the May highs. Most European indices started off the session down one percent or more, but have shrugged off the Asian volatility to trade into the black. As of writing the DJIA is up %, the S&P500 is up and the Nasdaq has gained %.

- The US data out this morning helps support the thesis of a gradual economic recovery, paving the way for the Fed taper. The May retail sales report was slightly better than expected and the April numbers were revised slightly higher. The initial jobless claims were a bit below expectations, dropping the four-week MA for new claims to 345.25K v 352.50K prior. All the inventory data came in right in line, and analysts suggested that inventories would have a neutral GDP contribution in Q2.

- The yen has only gotten stronger with the ongoing correction in the Nikkei225. USD/JPY bounced off two-month lows just below the 94 handle in the early morning hours and has traded sideways since then. Euro strength peaked after the German Wholesale Prices data after 02.:00ET overnight, with EUR/USD trading as low as 1.3280 this morning. An IMF report expressing concern about Portugal sent the pair right back toward 1.3350.

- The June quarter earnings season is fast approaching; two big names were out with guidance this morning. DuPont cut its outlook for the first half and full year, warning that unseasonably cool and wet weather in North America and Europe has impacted ag segment revenue and costs. Shares of DD are down slightly. Meanwhile reliable guider Nucor's Q2 outlook was sub-par (as usual), although LIFO charges were null for the quarter. Earnings were instead impaired by impairment charges from a JV. NUE is up nearly 3% thanks to the absence of LIFO charges, while competitor AKS is up more than 3%.

- Newspaper and broadcasting conglomerate Gannett is buying local television firm Belo Corp for $1.5 billion, or $13.75/shr in cash, a 28% premium to the prior close. The deal would double Gannett's broadcasting holdings, making it the fourth-largest US owner of network affiliates. Shares of GCI are up 25% on the news, at five-year highs.

***Looking Ahead***
- 11:30 (EU) ECB's Coeure (France) speaks in Berlin
- 12:00 (DE) German Chancellor Merkel at IHK Trade Chambers
- 12:00 (IS) Iceland May International Reserves (ISK): No est v 480B prior
- 13:00 (DE) ECB's Weidmann (Germany) "crisis economics" speech in Munich
- 13:00 (US) Treasury to sell $13B in 30-Year Bonds Reopening
- 18:00 (CL) Chile Central Bank Interest Rate Decision: Expected to leave Nominal Overnight Rate Target unchanged at 5.00%
- 19:00 (PE) Peru Central Bank Interest Rate Decision: Expected to leave Reference Rate unchanged at 4.25%
- 19:50 (JP) Bank of Japan (BOJ) May 21-22 meeting minutes


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