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Wednesday July 8, 2015 - 15:23:20 GMT
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| | Email US Mid-Session Update: Worries about China Send US Markets Lower

 Wed, 08 Jul 2015 11:08 AM EST

**Economic data:
- (PL) Poland Central Bank (NBP) left its Base Rate unchanged at 1.50%, as expected
- (US) MBA Mortgage Applications w/e July 3rd: +4.6% v -4.7% prior
- (CL) Chile Jun CPI M/M: 0.5% v 0.3%e; Y/Y: 4.4% v 4.2%e; CPI Ex Food and Energy M/M: 0.5% v 0.2%e
- (BR) Brazil Jun IBGE Inflation IPCA M/M: 0.8% v 0.8%e; Y/Y: 8.9% v 8.9%e
- (CA) Canada May Building Permits M/M: -14.5% v -5.0%e
- (US) DOE Crude: +0.38M v -1.0Me; Gasoline: +1.22M v +0.0Me; Distillate: 1.64M v 1.0Me

- US market selling is broad-based this morning though with below average volume. At this time, the Dow is down -1.0%, the Nasdaq down -1.1%, and the S&P down -1.0%, with the EUR/USD ticking up +0.5% and crude oil up +0.3%.

- Stocks in China have not fallen this sharply since 2008 (the CSI300 down 6.8%), and as a result, regulators are placing severe controls on market trading: Shareholders with over 5% of shares cannot reduce their stakes in the next six months, and regulators say they will deal severely with anyone that violates the rules. Iron ore fell to its lowest level in six years on concerns about Chinese demand.

- As expected, the ESM confirmed that it has received a formal loan request from Greece, which begins the euro area procedure to consider whether to hold formal negotiations. In anticipation, Greece has laid out some preliminary measures as part of long-term bailout request, which include tax and pension reform. European markets remain in positive territory on the day, with the FTSE up 0.7%; DAX up 0.5%; and CAC up 0.7%

- Chancellor Osborne said this morning that the UK would introduce a national living wage at £7.20/hour, rising to £9 by 2020. He also plans to cut welfare by £12B through 2019-'20 and raise revenue through targeting tax evasion, expected to bring in £5B. Also plans to restrict mortgage tax relief for Buy to Let. The pound is slightly weaker against the dollar (GBP/USD down -0.71%) and GILTS futures sold off a little following an announced cut to planned issuance that came in below some analysts' expectations.

- There was no real new data this morning, but downward movement in commodity prices is affecting Rio Tinto (down -4.0%) and Alcoa (down -3.8%). Computer problems led United Airlines to ground flights until 10:00 ET (UAL down -2.0%). Symantec is nearing a deal to sell its Veritas unit to Carlyle, according to press reports (SYMC up 0.6%, CG down -2.2%). The Container Store beat earnings and is moving up, though it is off the day's highs (TCS up +2.9%).

- Microsoft will reduce up to 7,800 jobs by the end of the fiscal year as it announced plans to restructure its phone hardware business. They will also take a $7.6B impairment charge, which is more than it paid to Nokia for the assets two years ago. (MSFT up 0.9%).

- Poland's central bank keeps rates flat while lowering its inflation estimates and said Q2 economic growth will remain similar to that of Q1. Belka also provided assurances that the Greek crisis won't severely impact Polish GDP, but that they are prepared to act if it does. He doesn't see a return to the bank cutting interest rates.

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- 11:30 (BR) Brazil Jun Commodity Price Index M/M: No est v 0.8% prior; Y/Y: No est v 9.1% prior
- 13:00 (US) Treasury to sell $21B in 10-Year Notes Reopening
- 14:00 (US) FED Minutes from Jun 16-17th policy meeting
- 14:00 (US) Fed's Williams (dove, FOMC voter) in LA
- 15:00 (US) May Consumer Credit: $18.5Be v $20.5B prior
- 18:00 (NZ) New Zealand Jun ANZ Truckometer Heavy M/M: No est v -1.1% prior
- 19:01 (UK) Jun RICS House Price Balance: No est v 34% prior
- 19:50 (JP) Japan May Machine Tool Orders M/M: -4.9%e v +3.8% prior; Y/Y: 16.7%e v 3.0% prior
- 21:30 (CN) China Jun CPI Y/Y: 1.3%e v 1.2% prior
- 21:30 (CN) China Jun PPI Y/Y: -4.6%e v -4.6% prior
- 21:30 (AU) Australia Jun Employment Change: 0.0Ke v 42.0K prior; Unemployment Rate: 6.1%e v 6.0% prior
- 23:35 (JP) Japan to sell 3-Month Bills
- 23:45 (JP) Japan to sell 30-Year JGB Bonds


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