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Monday October 7, 2013 - 15:07:26 GMT
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TradeTheNews.com US Market Update: Shutdown Continues, Compromise Nowhere In Sight

TradeTheNews.com US Market Update: Shutdown Continues, Compromise Nowhere In Sight
Mon, 07 Oct 2013 10:50 AM EST

***Economic Data***
- (CL) Chile Aug Economic Activity M/M: 0.7% v 0.8%e; Y/Y: 4.1% v 3.9%e
- (CA) Canada Aug Building Permits M/M: -21.2% v -7.4%e
- (MX) Mexico Sept Vehicle Production: 241.7K v 259.1K prior; Vehicle Domestic Sales: 78.4K v 88.3K prior

- Hopes of progress on the fiscal logjam were dashed over the weekend as President Obama and the Congressional Republican leadership retreated to inflexible positions on Sunday talk shows. Both European and US indices are well off their early lows. As of writing, the DJIA is -0.55%, the S&P500 is -0.38% and the Nasdaq is -0.39%.

- The greenback staunched some of the bleeding on Friday, with EUR/USD retreating as far as 1.3540. The pair bounced back up to 1.3590 before turning around and testing its Friday lows in the US session. Yields on the 10-year UST are now right around 2.6% as nervous traders seek havens despite the irony of a possible upcoming US default. Front-month WTI crude is down 1.3% or so as the tropical storm in the Gulf of Mexico peters out.

- BlackBerry is getting a 4% bump on reports from last Friday night that Google, Cisco, SAP, Intel and others are considering bids for all or part of Blackberry. It is still unclear whether the companies would offer an alternative bid to the Fairfax tentative offer of $9/shr. The firms are said to be most interested in Blackberry's secure server network and its patent portfolio.

- Shares of streaming movies provider and Neflix competitor Outerwall are up 8.5% or so after Jana Partners disclosed a 13.5% stake in the company. Reports suggest Jana wants the company to spin off its Redbox unit.

- Cooper Tire and India's Apollo Tyre are trading jabs and it looks like Apollo's deal to acquire Cooper could be in trouble. As USW labor union opposition to the deal at certain US plants continues, Cooper said that Apollo wanted a price renegotiation of as much as $8-9/shr. Apollo said it is willing to make material concessions to the USW, subject to financial concessions, while Cooper claims the labor issues are a result of the acquisition and were risks that the Indian company assumed under the agreement. Shares of CTB are down 12.3%, well below the $35/shr deal price.

***Looking Ahead***
- (CO) Colombia Sept CPI Core M/M: No est v 0.1% prior
- 11:00 (US) Fed to purchase $2.75-3.50B Notes
- 11:30 (US) Treasury to sell $65B in 3-Month and 6-month Bills
- 15:00 (US) Aug Consumer Credit: $12.0Be v $10.4B prior
- 19:50 (JP) Japan Aug Trade Balance: -946.4Be v -880.2B prior
- 21:45 (CN) China Sept HSBC/Markit Services PMI: No est v 52.8 prior

 

 

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Amazing Trader EVENT RISK Calendar:


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15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
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13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
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