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Friday September 6, 2013 - 16:26:18 GMT
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Fri, 06 Sep 2013 11:10 AM EST

***Economic Data***
- (DE) German July Industrial Production M/M: -1.7% v -0.5%e; Y/Y: -2.2% v +0.9%e
- (PT) Portugal July Trade Balance: -902M v -678M prior
- (PT) Portugal Q2 Final GDP Q/Q: 1.1% v 1.1%e; Y/Y: -2.1% v -2.0%e
- (IE) Ireland July Industrial Production M/M: -8.7% v 9.3% prior; Y/Y: -7.6% v 3.0% prior
- (BR) Brazil Aug FGV Inflation IGP-DI M/M: 0.5% v 0.3%e
- (IN) India Forex Reserves w/e Aug 30th: $275.5B v $277.7B prior
- (PL) Poland Aug Official Reserves: $109.4B v $110.1B prior
- (CL) Chile Aug CPI M/M: 0.2% v 0.3%e; Y/Y: 2.2% v 2.3%e; CPI Core M/M: 0.0% v 0.2%e
- (BR) Brazil Aug IBGE Inflation IPCA M/M: 0.2% v 0.3%e; Y/Y: 6.1% v 6.1%e
- (US) Aug Change in Nonfarm Payrolls: +169K v +180Ke; Change in Private Payrolls: +152K v +180Ke; Change in Manufacturing Payrolls: +14K v +5Ke
- (US) Aug Unemployment Rate: 7.3% v 7.4%e; Underemployment Rate: 13.7% v 14.0% prior; Change in Household Employment: -115K v +227K prior
- (US) Aug Average Hourly Earnings M/M: 0.2% v +0.2%e; Y/Y: 2.0% v 2.1%e; Average Weekly Hours: v 34.5e
- (CA) Aug Net Change in Employment: +59.2K v +20.0Ke; Unemployment Rate: 7.1% v 7.2%e; Full Time Employment Change: +17.4K v -18.3K prior; Part Time Employment Change: +41.8K v -21.2K prior; Participation Rate: 66.5% v 66.5%e
- (CA) Canada Q2 Labor Productivity Q/Q: 0.5% v 0.3%e
- (MX) Mexico Jun Gross Fixed Investment: -3.1% v -4.0%e
- (MX) Mexico Central Bank (Banamex) leaves Overnight Rate unchanged at 4.00%
- (UK) Aug NIESR GDP Estimate: 0.9% v 0.7% prior
- (CA) Aug Ivey Purchasing Managers Index (Seasonally Adj): 51.0 v 53.0e; PMI unadj: 51.9 v 45.7 prior

- The initial reaction to the August jobs report - bad news is good news - wore off quickly. The S&P500 topped 1660 before dropping into the red within the first 30 minutes of trading. As of writing, the DJIA and S&P500 are flat and the Nasdaq is +0.19%.

- The August jobs report was mostly a bomb, although analysts are working hard to find the positives in the data. The non-farm measure missed expectations and the back-month revision to the July data was severe (to +104K from +162K). Despite the revisions, the US has averaged 183K jobs added per month over the past year, and this report does not change the trajectory of slow, steady job growth. Nevertheless the unemployment rate fell to 7.3% from 7.4%, raising the very real possibility that it could hit 7% by year-end. Some suggest this report could prompt the Fed to start to back away from the unemployment rate as a major policy indicator. PIMCO's Bill Gross said the Fed is still likely to taper despite today's data, perhaps on the order of $10B initially.

- Syria is the other big subject this morning. With world leaders in St. Petersburg, Russia for the G20, Russia President Putin and Barak Obama have a big stage to air their opposing views of the situation. Just after the open, Putin stated that Russia would help Syria if strikes are launched by the west; later he clarified his remarks by saying Russia would merely continue its current level of support for Syria, but in any case many participants blamed the equity declines into negative territory on his remarks. President Obama dodged questions at a press conference about what he would do if Congress voted against military action, saying only that he would address the nation from the White House next Tuesday on the issue.

- After nearly touching 3.0% during yesterday's session - its highest level since 2011 - the yield on the US ten-year has back off 10 bps or so to trade around 2.9%. WTI crude had maintained a $107-109 range over the last several session, but the tough words by Obama and Putin at the G20 has sent the contract to $110.25, but well off the highs above $112 seen late last week. The euro is a bit softer against the dollar, giving up much of yesterday's move down to 1.3100.

- VeriFone is among the movers this morning after the firm topped expectations in its Q3 and saw positive analyst commentary. PAY is up nearly 10%. After declining in the premarket, shares of Smithfield are back to unchanged post earnings. The firm's earnings did not impress, thanks to narrower margins.

- American Tower Corp is up 4% on a big $4.8B acquisition of assets from Macquarie Infrastructure Partners. The firm gets 5,400 towers operated by Global Tower Partners, plus up to 9,800 other sites.

***Looking Ahead***
- 13:30 (US) Fed's George
- 17:00 (CO) Colombia July Exports FOB: $5.1Be v $4.8B prior

- (AU) Australian Federal Election
- 2020 Olympic bid announcement




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