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Tuesday June 10, 2014 - 15:26:16 GMT
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| | Email US Market Update: Equities On Pause After Four-Session Rally

Tue, 10 Jun 2014 11:16 AM EST

***Economic Data***
- (ZA) South Africa Q2 BER Business Confidence: 41.0 v 40.0e
- (BR) Brazil Jun IGP-M Inflation (1st Preview): -0.6% v -0.3%e
- (ZA) South Africa Apr Manufacturing Production M/M: +3.5% v -2.1%e; Y/Y: -1.5%e
- (US) May NFIB Small Business Optimism: 96.6 v 95.8e
- (US) ICSC Chain Store Sales w/e Jun 6th: w/w -2.8%; y/y: +3.0%
- (US) Redbook Retail Sales w/e Jun 6th: +3.3% y/y, May MTD: -1.8% m/m
- (MX) Mexico Mar Gross Fixed Investment: 1.7% v 2.0%e
- (US) Apr JOLTs Job Openings: 4.46M v 4.05Me
- (US) Apr Wholesale Inventories M/M: 1.1% v 0.5%e; Wholesale Trade Sales M/M: 1.3% v 0.9%e
- (UK) May NIESR GDP Estimate: 0.9% v 1.0% prior

- US equities are a bit lower this morning after four straight up sessions, while the 10-year yield continues to creep higher, at 2.64% as of writing. The DJIA is down 0.06%, the S&P500 is down 0.09% and the Nasdaq is down 0.03%.

- On the geopolitical front, three-sided Ukraine, Europe and Russia natural gas pricing talks hit a snag. Today was Moscow's latest deadline to resolve the question of how much of Ukraine's outstanding debt would be paid and what rate Kiev would pay for gas in the future. European officials said talks would continue today and tomorrow. In Iraq, islamist militants took over the nation's second largest city, brining the simmering conflict there back onto the front pages. Front-month WTI is around $104.50, its highest level since the worst to the Ukraine crisis in early April. Spot gold is up about 0.5%, trading just shy of $1,260.

- FX pairs are approaching key levels this morning. EUR/JPY broke below its 200-day moving average to trade as low as 138.45 this morning. EUR/USD had dealers noting of option barriers at 1.3500 that could prove tough to break. The level corresponds to last week's post ECB decision low and near the January low of 1.3477.

- Shares of Radioshack plummeted to -14% just after the open of trade, although as of writing they have moved back up to -6%. The struggling electronics retailer saw a gaping loss in its first quarter, missed revenue expectations and saw margins swoon. Sales comps were down 14%. The turnaround plan to close stores and focus on the mobile segment continues, although liquidity is falling fast. Executives said their liquidity levels would allow them to continue the turnaround plan for at least the next 12 months.

- Allergan rejected Valeant's latest offer and provided a comprehensive rebuttal of not just the logic behind Valeant's offer but also the company's entire operating plan and outlook. Back in late May, Valeant had raised the cash component of its offer for Allergan by $10.00 per share to $58.30 and maintained the equity component at 0.83 of a Valeant share. The revised offer valued the deal around $166.15/share or a total of $49.4 billion.

- Aircraft parts maker B/E Aerospace said it would split itself into two publicly traded companies. Recall that back in early May, the company said it was exploring strategic alternatives, although analysts have been unenthusiastic about the company's chances in the M&A market. The move to split seems to be an attempt to address these criticisms.

- The hot 3-D printing stocks were goosed higher earlier this morning after DDD raised its FY14 revenue guidance range in an investor presentation and offered a stronger-than-expected 2015 outlook. DDD spike up 3% and SSYS jumped 2.5%, however both names have not sustained the gain.

***Looking Ahead***
- 11:30 (US) Treasury to sell 4-Week Bills
- 12:00 (AU) RBA Gov Stevens in SF
- 12:00 (US) DOE Short-Term Crude Outlook
- 13:00 (US) Treasury to sell $28B in 3-Year Notes
- 16:30 (US) API Weekly Oil Inventories
- 19:00 (KR) South Korea May Unemployment Rate (Seasonally Adj): 3.6%e v 3.7% prior
- 21:00 (AU) Australia Jun Consumer Inflation Expectation
- (MX) Mexico May ANTAD Same-Store Sales Y/Y: 3.0%e v 2.4% prior
- (MX) Mexico May Nominal Wages: No est v 4.0% prior
- (US) Maine holds Primary Elections
- (US) Nevada holds Primary Elections
- (US) North Dakota holds Primary Elections
- (US) South Carolina holds Primary Elections
- (US) Virginia holds Primary Elections




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