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Monday January 5, 2015 - 16:41:46 GMT
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| | Email Mid-Session US Market Update: Greece Fears Spook Global Markets

Mon, 05 Jan 2015 11:29 AM EST

***Economic Data***
- (PT) Portugal Dec Consumer Confidence Index: -22.3 v -22.3 prior; Economic Climate Indicator: 0.3 v 0.5 prior
- (CL) Chile Nov Economic Activity Index (Monthly GDP) M/M: +0.2% v -0.3%e; Y/Y: 1.3% v 1.2%e
- (DE) Germany Dec Preliminary CPI M/M: 0.0% v 0.1%e; Y/Y: 0.2% v 0.3%e
- (DE) Germany Dec Preliminary CPI EU Harmonized M/M: 0.1% v 0.2%e; Y/Y: 0.1% v 0.2%e
- (SG) Singapore Dec Purchasing Manager Index: 49.6 v 51.0e; Electronic Sector index: 50.5 v 50.1e
- (US) Dec ISM New York: 70.8 v 63.4 prior

European equity markets closed at their lows today, with the DAX down 2.7%, the CAC off more than 3% and the FTSE down 1.7% after some weekend saber-rattling by German Chancellor Merkel, who said in a Der Spiegel interview that Europe needs to be prepared to let Greece leave the euro zone if it elects an anti-austerity government. Risk- off sentiment slammed US equity futures even as trading volumes have returned to normal, and money is flowing into safe havens, sending the 10-year yield down six basis points to 2.05%. As of writing, the DJIA is down 1.48%, the S&P500 is down 1.30% and the Nasdaq is down 1.17%

European officials have rushed forward to qualify Merkel's remarks about Greece. The EU Commission reiterated that membership in the euro bloc is irrevocable. German Government Spokesman Seibert said nothing has changed in Germany's official stance towards Athens. A German government advisor warned that a Greek eurozone exit would be linked to very high risks for the stability of the euro. EUR/USD has been testing the 2010 euro crisis low of 1.1875 today, while the 10-year bund tested all-time lows around 0.49% before popping back above 0.50%. A wider spectrum of assets are getting hit by the situation, most noticeably equities including copper, with prices down 2% to $2.765 exacerbated by builds in LME stockpiles.

WTI crude is poised to see a four handle, with the front-month contract trading around $50.20 or so as of writing, down 2.4% on the session. Brent is testing $53. Note that traders say open interest for $40-$50 strike puts are rising, while $20-$30 puts for June 2015 have traded.

December auto sales were mixed. GM saw a very good 19% y/y gain in sales, Fiat Chrysler, beating expectations, while Ford's sales were more or less flat. Ford blamed slower sales in the month on weak fleet orders. Nisan's December sales grew 7% or so while Honda only saw a 1.5% gain. Shares of GM are off 1.2% while F is down 3.6%.

***Looking Ahead***
- 12:00 (BR) Brazil Dec Trade Balance Monthly: $0.1Me v -$2.4B prior; Exports: $18.7Be v $15.7B prior; Total Imports: $18.2Be v $18.0B prior
- 16:00 (KR) South Korea Dec Foreign Reserves: No est v $363.1B prior
- 16:00 (CO) Colombia Dec CPI M/M: 0.2%e v 0.1% prior; Y/Y: 3.6%e v 3.5% prior
- 16:00 (CO) Colombia Dec PPI M/M: 0.1%e v -0.1% prior; Y/Y: No est v 5.2% prior
- 18:50 (JP) Japan Dec Monetary Base Y/Y: No est v 36.7% prior
- 19:30 (TW) Taiwan Dec CPI Y/Y: 0.7%e v 0.9% prior; WPI Y/Y: -4.0%e v -2.7% prior
- 19:30 (AU) Australia Nov Trade Balance: -A$1.6Be v -A$1.3B prior
- 20:45 (CN) China HSBC Services PMI: No est v 53.0 prior; Composite PMI: No est v 51.1 prior


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