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Monday September 30, 2013 - 15:43:10 GMT
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| | Email US Market Update: Markets Rattled by Political Crisis on Both Sides of the Atlantic US Market Update: Markets Rattled by Political Crisis on Both Sides of the Atlantic
Mon, 30 Sep 2013 11:21 AM EST

***Economic Data***
- (IL) Israel Aug Unemployment Rate: 6.1% v 6.3% prior
- (PT) Portugal Aug Industrial Production M/M: +8.3% v -2.1% prior; Y/Y: -0.1% v -1.1% prior
- (PT) Portugal Aug Retail Sales M/M: 4.8% v 1.3% prior; Y/Y: -0.1% v -1.6% prior
- (IN) India Q2 Current Account Balance: -$21.8B v -$23.0Be
- (PL) Poland Q2 Current Account: 362M v 1.5Be
- (CL) Chile Aug Manufacturing Index Y/Y: -2.0% v 0.2%e
- (CL) Chile Aug Retail Sales Y/Y: 12.0% v 8.6%e
- (CL) Chile Aug Total Copper Production: 492.9K v 480.4K tons
- (CL) Chile Aug Unemployment Rate: 5.7% v 5.8%e
- (ZA) South Africa Aug Budget Balance (ZAR): -1.79B v -6.0Be
- (ZA) South Africa Aug Trade Balance (ZAR): -19.1B v -13.9Be
- (CA) Canada July GDP M/M: 0.6% v -0.5%e; Y/Y: 1.4% v 1.3%e
- (CA) Canada Aug Industrial Product Price M/M: 0.2% v 0.3% prior; Raw Materials Price Index M/M: 0.9% v 4.3% prior
- (US) Sept ISM Milwaukee: 55.0 v 50.0e
- (US) Sept Chicago Purchasing Manager: 55.7 v 54e
- (US) Sept Dallas Fed Manufacturing Activity: 12.8 v 5 prior

- Political crisis in Washington, DC and in Italy are hammering global equity markets this morning. Equities are making up for steep pre-market, although European indices look to close not far up their lows. As of writing, the DJIA is down -0.63%, the S&P500 is down 0.45% and the Nasdaq -0.27%.

- In Italy, ministers affiliated with Berlusconi's center-right party resigned from the ruling coalition after budget talks broke down on Friday. European shares were forced lower as PM Letta began arranging for a vote of confidence this week that would have brought down his government. However in the premarket this morning there were reports that as many as 20 PdL senators could form a breakaway party unless Berlusconi softens his stance against the Letta government. It remains unclear whether this would be enough to save Letta's rule.

- In the US, the Senate is scheduled to convene at 14:00ET and Majority Leader Reid is expected to move quickly to vote on House CR funding bill. A shutdown remains very possible depending on whether or not the House returns an alternative proposal, perhaps that only strips the medical device tax from Obamacare, for funding the government.

- Two regional Fed industrial surveys were published this morning. The September Chicago Purchasing manager hit a four-month high, with good strength seen in the new orders component. Meanwhile the September Dallas Fed Manufacturing survey hit its highest level since February 2012 thanks to strong production and utilization components.

- Active Network agreed to be acquired by Vista Equity Partners for $14.50 as share in cash, in a deal that values the company around $1.05 billion. Under the terms of the agreement Vista will commence a tender offer to acquire all of the outstanding shares, with a goal of closing the acquisition by Q4.

- Chinese solar names are one of the few sectors to see broad gains this morning. Note that shares of these stocks are up on reports that the Chinese Ministry of Finance would offer a 50% VAT refund to manufacturers of solar products. Note that last week, there were reports the EU would adjust its solar subsidies as it looked to develop a more "technically neutral" process.

- GlaxoSmithKline agreed to sell its thrombosis drug brands to Aspen Pharmacare, South Africa's biggest generic drug maker, for $1.13 billion as part of its strategy to focus on growth products. GSK said it would divest the drugs, Arixtra and Fraxiparine, whose worldwide sales are in decline, back in June.

***Looking Ahead***
- 12:00 (CO) Colombia Aug National Unemployment Rate: No est v 9.9% prior; Urban Unemployment Rate: No est v 10.0% prior
- 15:00 (AR) Argentina Aug Construction Activity M/M: No est v -1.2% prior; Y/Y: No est v 6.5% prior
- 15:30 (MX) Mexico Aug YTD Budget Balance (MXP): No est v -123.70B prior
- 19:30 (JP) Japan Aug Jobless Rate: No est v 3.8% prior
- 19:50 (JP) Japan Q3 Tankan Large Manufacturers Index: No est v 4 prior
- 21:30 (AU) Australia Aug Retail Sales M/M: No est v 0.1% prior
- (AU) RBA Interest Rate Decision: expected to leave the Cash Rate Target unchanged at 2.50% prior




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