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Tuesday September 3, 2013 - 15:40:22 GMT
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| | Email US Market Update: September off to a solid start helped by manufacturing data US Market Update: September off to a solid start helped by manufacturing data
Tue, 03 Sep 2013 11:02 AM EST

***Economic Data***
- (IL) Israel Aug Foreign Currency Balance: $78.5B v $79.1B prior
- (ZA) South Africa Q3 BER Business Confidence: 42 v 48 prior
- (EU) OECD July annual inflation: 1.9% v 1.8% prior
- (BR) Brazil July Industrial Production M/M: -2.0% v -1.3%e; Y/Y: 2.0% v 2.6%e
- (US) Aug Final Markit US PMI Manufacturing: 53.1 v 54.0e
- (EU) Weekly ECB Forex Reserves: 211.8B v 211.5B prior
- (SG) Singapore Aug Purchasing Managers Index: 50.5 v 51.9e; Electronics Sector Index: 51.3 v 50.5e
- (US) Aug ISM Manufacturing: 55.7 v 54.0e; ISM Prices Paid: 54.0 v 51.6e
- (US) July Construction Spending M/M: 0.6% v 0.4%e
- (DK) Denmark Aug Foreign Reserves (DKK): 491.8B v 491.9Be
- 10:00 (ES) Spain Foreign Min Margallo speaks on Gibraltar in Parliament

Fixed Income:
(EU) ESM sold 2.5B vs. 2.5B indicated in 3-month bills; Avg Yield: +0.054% v +0.026% prior; Bid-to-cover: 2.1x v 1.95x prior
- (EU) ECB drained 190.5B vs. 190.5B target in 7-day Term Deposit Tender to offset Govt Bond Purchases under SMP

- Investor sentiment was high heading into the US stock market open. September appeared off to a much better start than August finished, aided by better economic data out of China and Europe along with two high profile M&A announcements. US August manufacturing data surpassed expectations with the ISM registering its highest reading since August of 2011 and new order growth accelerated. The better than expected data has set the tone for what will be a pivotal week in terms of the Fed's ultimate decision on tapering. Equity prices have given back a small portion of the early gains but remain well into positive territory while Treasury prices are under pressure and the selling only accelerated post the better than expected ISM numbers. The US long bond is down 2 points from Friday while the 10-year benchmark yield has backed up towards 2.9%. WTI has drifted back above $108. Syria continues to be a focus but any US military action has been put off until after Congress returns to session next week which has relieved some pressure.

- Verizon confirmed they formally reached an agreement to acquire Vodafone's 45% interest in Verizon Wireless for $130B. The news though long expected has reverberated throughout the markets sending investment banks higher on talk of some $500M in fees to be doled out. Consolidation within the telecom industry did not stop there after Microsoft announced they would pay more than $7B to purchase Nokia Devices and Services unit and to license various patents. Microsoft will draw upon its overseas cash resources to fund the transaction. The transaction is expected to close in the first quarter of 2014 and be accretive to eps.

- The EUR/USD hovered around 5-week lows under the 1.32 handle briefly dropped below 1.3150 after the ISM data. USD/JPY pair was trying to regain parity adding 0.5% after the Nikkei finished up 3% on the day. The Pound Sterling initially rallied following another swath of strong UK data sent cable to 1.56, but has since moved lower on the better US data as well.

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (US) Sec of State Kerry and Defense Sec Hagel testify on Syria
- 11:00 (US) Fed to buy $4.25-5.25B in notes
- 11:30 (US) Treasury to sell combined $55B in 3-Month and 6-Month Bills
- 12:00 (DE) German Chancellor Merkel holds campaign rally in Finsterwalde
- 21:30 (AU) Australia Q2 Q/Q: No est v 0.6% prior; Y/Y: no est v 2.5% prior
- 21:45 (CN) China Aug HSBC/Markit Services PMI: No est v 51.3 prior




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