Zephyr Global Report 2/12/2013.

Headliners

-Obama Calls N. Korea Nuke Test Threat to USA

- G7 issues standard statement on FX re-emphasizing commitment to market determined currency rates;  supportive of Japan’s move to combat deflation

-Y/D Surges to 33 month high on UST Endorsement of Japan Reflation Plan

-NYT Intentionally falsified Tesla Auto Drive Report to Scuttle Nascent Indy, Electric Car Startup, Tesla

-State of the Union Speech to Focus on Economy/Jobs

-Hagel to Get Senate Committee Vote Tuesday

-South Korea says it may have detected 3rd underground Nuclear Test in N. Korea. North Korea confirms successful underground Nuclear Test

Commentary

-USA Close

MARKETS – AT A GLANCE
8:55 p.m. EST 02/12/13Major Stock Indexes
Last Change % Chg
DJIA* 14018.70 47.46 0.34
Nasdaq* 3186.49 -5.51 -0.17
S&P 500* 1519.43 2.42 0.16
DJ Total Stock Market* 15864.96 30.27 0.19
Russell 2000* 917.52 4.49 0.49
Global Dow 2117.92 -1.74 -0.08
Japan: Nikkei Average 11347.91 -21.21 -0.19
Stoxx Europe 600* 287.07 1.45 0.51
UK: FTSE 100* 6338.38 61.32 0.98
 
8:55 p.m. EST 02/12/13Treasurys
Price Chg Yield %
2-Year Note -0/32 0.274
10-Year Note 0/32 1.980
* at close
8:46 p.m. EST 02/12/13Futures
Last Change Settle
Crude Oil 97.60 0.09 97.51
Gold 1652.8 3.2 1649.6
E-mini Dow 13981 8 13973
E-mini S&P 500 1517.25 1.00 1516.25
8:56 p.m. EST 02/12/13Currencies
Last (mid) Prior Day †
Japanese Yen (USD/JPY) 93.32 93.48
Euro (EUR/USD) 1.3450 1.3454
† Late New York trading.

 

-Economic Release USA Session

(PT) Portugal Jan Consumer Price Index M/M: -1.2% v +0.3%e; Y/Y: 0.2% v 1.7%e
(PT) Portugal Jan CPI EU Harmonized M/M: -1.3% v -0.2%e; Y/Y: 0.4% v 1.5%e
(US) Jan NFIB Small Business Optimism: 88.9 v 89.0e
(US) ICSC/GS weekly chain store sales w/e Feb 9th w/w: -2.5%; y/y: +2.1%
(PL) Poland Dec Current Account: -€1.2B v -€0.9Be; Trade Balance: –1.2B v -€0.6Be; Exports: €10.6B v €11.0Be; Imports: €11.9B v €11.6Be
(US) Redbook Retail Sales w/e Feb 10th: 1.1% y/y prior; Feb MTD: 12.4% m/m prior
(EU) ECB weekly Forex Reserves w/e Feb 9th: €216.6B v €216.7B prior
US) Dec JOLTs Job Openings: 3.620M v 3.700Me

 

-That is it for today. I will update the close some time in the Asian trading day on the Left Coast of the Americas. Largely a Talking Head day in Europe and the USA, coming out of the G7 meeting in London, ahead of the G20 and with all the finance minsters wanting their headlines, and Obama’s speech. Funny how that N. Korea test came in the nick of time for him. I wonder if the Rothschilds pays for that?  Now the Magik Negro can play the hero for the single moms , feminists, LGBTs, communist no-goodniks,  and welfare bums that constitute the new minority body politic screwing the rest of us. The Magik negro is speaking tonight. Can’t wait. The FED will offset Yellen Speech most likely. They are ‘vol’ generators for their owners fun and profits. Europe is sort of just drifting along waiting harder data later in the week.

-OPEC Thugs Mull how to Deal with Rising USA oil Supply

The Organization of Petroleum Exporting Countries Tuesday warned that expectations of growth in non-OPEC oil supply this year–seen as essential to meeting global oil demand in the long term–were subject to a high level of risk, particularly in the U.S.Strong growth in U.S. oil output in recent years as a result of technologies that have made it possible to release large reserves of oil trapped in shale rock has taken many by surprise and started a shift in global trading patterns that could threaten OPEC’s dominance of the oil market.In a landmark study this October, the International Energy Agency predicted U.S. oil output could, by 2020, overtake that of OPEC’s kingpin, Saudi Arabia. According to the IEA’s forecast the increase in U.S. output will force OPEC members to adapt rapidly to changing trade patterns, and potentially even put them in competition with North American oil exports.OPEC’s response to this development has so far been muddled. The group initially said it wasn’t concerned by the shale-oil boom, but later warned forecasts of rising U.S. oil production could curtail its own investment to maintain output.Most recently, in its monthly oil market report published Tuesday, the group warned of the many stumbling blocks that could prevent U.S. oil production from meeting expectations, at least in the near term.Although the group of major oil producers forecast the shale boom in the U.S. would help increase oil production by 520,000 barrels a day this year, making the U.S. the region with the highest production growth among the non-OPEC countries, it also warned of the challenges facing the industry.”A high level of risk is associated with non-OPEC supply forecasts on political, price, economic, weather, environmental and geological factors,” the report said.The group projected U.S. production would rise from 10.42 million barrels a day in the first quarter of this year to 10.6 million barrels a day in the fourth quarter.Overall, OPEC forecast that non-OPEC supply would increase by 940,000 barrels a day this year to 53.9 million barrels a day, driven primarily by growth in the U.S., Canada, Latin America and the Former Soviet Union.The group said that it expected demand for its own crude to fall by 300,000 barrels a day in 2013 compared to last year.Meanwhile, data provided by secondary sources showed that output from OPEC member countries declined in recent months.Oil production by members of the group fell to its lowest level since October 2011 last month as the price for the group’s oil benchmark rose to settle at $109.28 a barrel, its highest monthly average since September 2012.The decline in production was primarily the result of lower output from Saudi Arabia, Nigeria and Algeria but was offset slightly by higher production from Angola. MW

-Futures

Futures Index Value % Change Open High Low Time
Americas Futures
DJIA INDEX FUTURE Mar13 13,934.00 +0.06% 13,915.00 13,942.00 13,890.00 08:57:04
S&P 500 FUTURE Mar13 1,513.70 +0.04% 1,512.50 1,515.70 1,508.50 08:57:11
NASDAQ 100 FUTURE Mar13 2,769.25 -0.05% 2,770.25 2,772.00 2,764.25 08:57:13

- FED and POTUS Head Talking Day

State of the Union Speech 1930 EDT 

NFIB Small Business Optimism Index [Bullet7:30 AM ET

ICSC-Goldman Store Sales[Bullet7:45 AM ET

Redbook[Bullet8:55 AM ET

Esther George Speaks 11:30 AM ET

4-Week Bill Auction 11:30 AM ET

3-Yr Note Auction [Bullet1:00 PM ET

Dennis Lockhart Speaks 1:30 PM ET

Treasury Budget [djStar]2:00 PM ET 

Charles Plosser Speaks 7:30 PM ET

 

- ECB’s Constancio commented that banking union was essential to strengthen the EU and needed an orderly resolution of cross border banks. European deposit guarantee scheme was not essential in the short-term but could be useful for depositor confidence. He noted that he did not see any current currency war at the moment, but it needed to be avoided. He reiterated that ECB saw downside risks regarding growth with no “major” changes to ECB staff forecasts in March. ECB’s Liikanen: Banking reforms had not gone far enough and needed to take more steps for excessive risk taking. He later noted that slow economic growth period won’t be over anytime soon

- SNB President Jordan commented that rebound in global confidence had been seen in markets and that currency markets showed risk perception has improved. Improvement in China economy was seen boosting world economy. He noted that Swiss Q4 economic growth was slower but still positive.
- Ireland FinMin Noonan: Too soon to be arguing that Euro is too strong; Currencies would be an issue at the upcoming G20 meeting this week in Moscow
- France FinMin Moscovici: Need coordinated approach to Euro exchange rate; Opposed erratic movements in exchange rates; not pressuring ECB to intervene in FX markets, will have currency discussion at G20
- Spain FinMin de Guindos: Euro strength is not hurting Spanish exports but the currency should avoid excessive volatility
- Spain PM Rajoy commented that its focus for Spain was on economic growth at this time as doubts over public financing had been removed. Spain deficit cuts in 2012 were unprecedented and he reiterated that it saw an economic recovery at the end of 2013/early 2014 period
- Italy PM Monti commented that Italy did not need new austerity measures

-  France FinMin: Should act if see excessive FX volatility; markets should set the rates; EMU will have a common currency policy at the G20 meeting. French Press

-  Italy Econ Min: Other countries need to follow market exchange rates; euro is built to be a strong currency; Exchange rate market distortions are a cause for concern. Italian Press

-  ECB’s Weidmann: Data does not indicate Euro is overvalued; Concerned about the politicization of monetary policy. German and English Press

- S&P revises Ireland outlook to Stable from Negative; affirms BBB+ rating. Wire story

-  A dozen high ranking Popular Party (PP) officials who are being implicated in the Barcenas scandal in Spain will publish their personal financial documents in the coming days- El Pais, Spanish Press

- IMF commented on Hungary and expressed concern over its low growth outlook. It noted that the country needed to speed up structural reforms (with or without any IMF loan). S&P: Hungary policy mix made its debt reduction difficult and high level of private debt was a constraint on its sovereign rating. European Press

- France State auditor commented that France’s 2012 deficit might be above 4.5% and would unlikely to meet 3.0% deficit target in 2013 due to economic headwinds. It believed that its believed 2013 tax receipt forecast was too favorable’.

- German DIHK Survey reaffirmed German 2013 GDP growth of +0.7% and noted that business sentiment was seen stable in winter.

-G7 Statement Summary

“We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates”. The G-7 also reiterated its traditional stance that members are committed to “market-determined” exchange rates and that “excessive volatility and disorderly movements” can hurt “economic and financial stability.”

Group of Seven’s finance ministers and central bank governors said in a statement released today in London.

Japan FinMin Aso stated after the G7 statement that it too supported market-determined exchange rates and that G7 understood that Japan was taking steps to fight deflation and not targeting its exchange rate  Japan Vice FinMin Nakao: No comments on specific FX level; markets should determine currency rates

Yeah, baby, as long as gold is downward, volatile and predictable like yesterday’s slam job they are happy with it. Officially G7 is not supposed to exist anymore, but Rothschilds summon his boys to London ahead of the screw job he wants England to give to the broader G20. A story nearly as old as the hills. The Jewish bansksters against the non-Jewish banksters. The nick -name for the G7 before the G20 came about was ‘the gold-riggers ball and shrimpfest’.

-0835 Europe

Country: Index Last Change % Chg
Europe Dow 1736.14 11.21 0.65
Stoxx Europe 50 2615.49 -0.09 0.00
Stoxx Europe 600 285.60 -0.02 -0.01
Euro Stoxx 50 2635.01 12.40 0.47
Euro Stoxx 264.07 0.92 0.35
Austria: ATX Index 2416.47 10.71 0.45
Belgium: Bel-20 2507.74 9.55 0.38
Denmark: OMX Copenhagen 20 522.05 1.68 0.32
Estonia: OMX Tallinn 758.24 1.76 0.23
Finland: OMX Helsinki 6228.21 15.43 0.25
France: CAC 40 3665.24 14.66 0.40
Germany: DAX 7647.13 13.39 0.18
Greece: Athens General 1011.85 16.55 1.66
Greece: DJ Greece TSM 779.02 11.64 1.52
Greece: FTSE/ATHEX 20 346.46 5.60 1.64
Iceland: OMX Iceland All-Share 761.70 -3.49 -0.46
Ireland: ISEQ Overall 3602.83 24.01 0.67
Italy: FTSE MIB 16552.74 22.87 0.14
Latvia: OMX Riga 402.04 -4.68 -1.15
Lithuania: OMX Vilnius 370.35 -1.37 -0.37
Netherlands: AEX 345.41 0.42 0.12
Norway: OSE All-Share 518.73 2.27 0.44
Portugal: PSI 20 6188.26 28.48 0.46
Russia: DJ Russia Titans 6515.47 -10.45 -0.16
Spain: IBEX 35 8143.00 64.40 0.80
Sweden: OMX Stockholm 366.24 1.06 0.29
Switzerland: Swiss Market 7401.30 -6.30 -0.09
UK: FTSE 100 6305.80 28.74 0.46
UK: FTSE 250 13382.76 9.13 0.07
UK: FTSE AIM All-Share 745.93 -2.02 -0.27

Key Sovereigns

German 10y 1.64+0.03,1.65%
Italy 10yr 4.45-0.11, 2.40%
Spain 10yr 5.30-0.12, 2.17%
U.K. 10yr 2.12+0.01, -0.31%

Key Bond Auctions

 Spain Debt Agency (Tesoro) sold total €5.55B vs. €4.5-5.5B in 6-Month and 12-Month Bills : Sold €2.55B in 6-month Bills; Avg Yield: 0.859% v 0.888% prior; Bid-to-cover: 2.88x v 3.85x prior; Max Yield: 0.880% v 0.920% prior; Tail: bps v 3.2bps : Sold €3.02B in 12-month Bills; Avg Yield: 1.548% v 1.472% prior; Bid-to-cover: 1.97x v 2.21x prior; Max Yield 1.580% v 1.520% prior;

 Italy Debt Agency (Tesoro) sold €8.5B vs. €8.5B in 12-month Bills; Avg Yield 1.094% v 0.864% prior; Bid-to-cover: 1.38x v 1.79x prior

Greece Debt Agency (PDMA) sold €1.3B vs. €1.0B indicated in 13-week bills; Avg Yield 4.05% v 4.07% prior; Bid-to-cover: 1.76x v 1.75x

Switzerland sold CHF1.239B in 3-Month Bills: Yield: -0.091% v -0.090% prior

 ECB allotted €128.7B vs. 129Be in 7-day Main Refi Tender at fixed 0.75%:  ECB allotted €7.7B vs. €10Bein 1-month MRO at fixed 0.75%

Germany sold €953M in 0.75% I/L April 2018 Bobl; Avg Yield -0.780% v -0.860% prior; Bid-to-cover:1.9 x v 1.5x prior

Belgium Debt Agency sold total €3.01B vs. €2.8-3.3B indicated in 3-month and 12-month Bills :Sold €1.52B in 3-month Bills; Avg Yield 0.39% v +0.038% prior; Bid-to-cover: 2.5x v 2.42x prior :Sold €1.49B in 12-month Bills; Avg yield 0.1654% v 0.110% prior; Bid-to-cover: 1.8x v 2.06x prior

Gold 1645.35 -3.75 -0.23%
Silver 30.855 -0.055 -0.18%
Copper 3.737 +0.014 +0.38%
Crude Oil 97.61 +0.58 +0.60%
Natural Gas 3.296 +0.018 +0.53%
US Cotton No.2 82.49 -0.43 -0.52%
US Coffee C 138.78 -1.07 -0.77%
EUR/USD 1.3447 +0.0043 +0.32%
GBP/USD 1.5591 -0.0068 -0.43%
USD/JPY 94.31 -0.02 -0.02%
USD/CHF 0.9178 -0.0025 -0.27%
AUD/USD 1.0256 +0.0001 +0.01%
USD/CAD 1.0050 +0.0003 +0.02%
EUR/GBP 0.8626 +0.0066 +0.77%


-Economic Release Summary European Trading Session

(ID) Indonesia Central Bank left its Reference Rate unchanged at 5.75%; as expected
(FR) France Dec Current Account: -€3.6B v -€3.5Be
(EU) ECB: €42M borrowed in overnight loan facility vs. €0.0M prior; €159.2B parked in deposit facility vs. €157.2B prio
(CH) Swiss Jan CPI M/M: -0.3% v -0.3%e; Y/Y: -0.3% v -0.3%e
(RU) Russia Central Bank (CBR) left its key rates unchanged ( expected) with Refinancing Rate unchanged at 8.25%; Overnight Deposit Rate unchanged at 4.50%; Overnight Auction-Based Repo unchanged at 5.50%
(CZ) Czech Dec Current Account (CZK): -24.3B v -13.0Be
(UK) Jan PPI Input M/M: 1.3% v 0.9%e; Y/Y: 1.8% v 1.0%e
(UK) Jan PPI Output M/M: 0.2% v 0.2%e; Y/Y: 2.0% v 2.0%e
(UK) Jan PPI Output Core M/M: 0.2% v 0.1%e; Y/Y: 1.4% v 1.4%e
(UK) Dec ONS House Price Y/Y: 3.3% v 2.0%e
(UK) Jan CPI M/M: -0.5% v -0.5%e; Y/Y: 2.7% v 2.7%e; CPI Core: 2.3% v 2.4%e
(UK) Jan RPI M/M: -0.4% v -0.5%e; Y/Y: 3.3% v 3.2%e; RPI- Ex`Mortgage Interest Payments (RPIX): 3.3% v 3.2%e; Retail Price Index: 245.8 v 245.6e

-The U.S. median home price rose 10% to $178,900 between the end of 2011 and the end of 2012. WSJ

-India Manufacturing growth -0.7% Dec. Vs 0.3% in November.

-White House Statement On North Korea

North Korea announced today that it conducted a third nuclear test. This is a highly provocative act that, following its December 12 ballistic missile launch, undermines regional stability, violates North Korea’s obligations under numerous United Nations Security Council resolutions, contravenes its commitments under the September 19, 2005 Joint Statement of the Six-Party Talks, and increases the risk of proliferation. North Korea’s nuclear weapons and ballistic missile programs constitute a threat to U.S. national security and to international peace and security. The United States remains vigilant in the face of North Korean provocations and steadfast in our defense commitments to allies in the region.

These provocations do not make North Korea more secure. Far from achieving its stated goal of becoming a strong and prosperous nation, North Korea has instead increasingly isolated and impoverished its people through its ill-advised pursuit of weapons of mass destruction and their means of delivery.

The danger posed by North Korea’s threatening activities warrants further swift and credible action by the international community. The United States will also continue to take steps necessary to defend ourselves and our allies. We will strengthen close coordination with allies and partners and work with our Six-Party partners, the United Nations Security Council, and other UN member states to pursue firm action.

—–

So much for Eric Schmidt as next Ambassador to N. Korea. A big fail there GOOG.

South Korean news agency Yonhap says U.S., China informed about the North Korea nuclear test on Monday. Reuters

-Futures

FTSE 100 IDX FUT Mar13 6,221.50 -0.14% 6,234.50 6,235.50 6,218.00 01:56:48
Americas Futures
DJIA INDEX FUTURE Mar13 13,900.00 -0.17% 13,915.00 13,915.00 13,890.00 02:01:39
S&P 500 FUTURE Mar13 1,510.30 -0.19% 1,512.50 1,513.40 1,508.50 02:01:28
NASDAQ 100 FUTURE Mar13 2,767.00 -0.13% 2,770.25 2,770.75 2,764.25 02:02:39

-Barclays bank says it will cut at least 3,700 jobs this year following a strategic review

-Italian police arrested Giuseppe Orsi, chief executive of Finmeccanica, as part of a continuing investigation by prosecutors near Milan into possible international corruption, according to a person close to the company. WSJ

-Germans Skew EU Piglets and Merkel at Rose Monday Parade

The parades are famous for their satirical carnival floats. This one in Cologne...

 

-EU To Crack Down on Israeli Settlement Products

Patience Runs Out: EU To Crack Down on Israeli Settlement Products

Israeli settlers living in the Palestinian terroritories often deceptively give their products a “Made in Israel” label. The European Union wants to move soon to end the practice and appears to be set on a collision course with the country.

Der Speigel

-Asia Session, Economic Release Summary

(AU) AUSTRALIA JAN NAB BUSINESS CONDITIONS: -2 V -5 PRIOR; NAB BUSINESS CONFIDENCE: 3 V 2 PRIOR (5-month high)
(AU) AUSTRALIA DEC RBA CREDIT CARD BALANCES: A$49.9B V A$49.5B PRIOR; RBA CREDIT CARD PURCHASES: A$22.4B V A$21.8B PRIOR
(NZ) NEW ZEALAND JAN NZ CARD SPENDING RETAIL M/M: 0.3% V 0.3%E; TOTAL M/M: 0.4% V 0.3% PRIOR
(NZ) NEW ZEALAND JAN REINZ HOUSE PRICE INDEX: 3,488 V 3,522 PRIOR; M/M: -1.0 V -0.6% PRIOR; HOUSE SALES Y/Y: 21.1% V 8.2% PRIOR
(JP) JAPAN JAN MONEY STOCK M2 Y/Y: 2.7% V 2.6%E (10-month high); M3 Y/Y: 2.3% V 2.3%E
(JP) JAPAN JAN CONSUMER CONFIDENCE: 43.3 V 39.2 PRIOR (highest level since Jul 2010)
(PH) PHILIPPINES DEC TOTAL EXPORTS: 16.5% V 7.7%E; TOTAL MONTHLY EXPORTS: $3.9B V $3.6B PRIOR
(SL) SRI LANKA LEAVES REVERSE REPO RATE UNCHANGED AT 9.50% (EXPECTED); LEAVES REPURCHASE RATE UNCHANGED AT 7.50% (EXPECTED)
(UK) UK JAN RICS HOUSE PRICE BALANCE: -4% V +1%E

-Faurecia, Europe’s biggest maker of car interiors, canceled its dividend for 2012 to conserve cash with auto demand in its home region set to decline.Faurecia forecast “neutral” cash flow in 2013 before accounting for restructuring expenses of 120 million euros ($161 million) to 140 million euros, the Nanterre, France-based manufacturer said in an e-mailed statement today. Operating profit is targeted to rise this year on lower costs in Europe and higher sales in North America.The action plan we have under way to offset the ongoing drop in European vehicle production and focus on cash generation will enable us to see an improvement in our performance,” Chief Executive Officer Yann Delabriere said in the statement.Faurecia, 57 percent-owned by PSA Peugeot Citroen, plans to cut about 3,000 jobs in its home region, or 7.5 percent of the workforce, by the end of this year. Like its struggling parent company, the parts maker is retrenching with European auto demand poised to fall for the sixth straight year in 2013. Faurecia today said vehicle sales in the region may decline by 4 percent to 5 percent this year.Europe’s car market is forecast to drop to 12.3 million vehicles in 2013, 23 percent below the pre-2008 financial crisis peak, IHS Automotive estimates. General Motors Co. is closing a German factory and Ford Motor Co. is shutting three plants across Europe in response. Peugeot, which is closing a factory in the outskirts of Paris, last week announced second-half writedowns of 4.13 billion euros because of the weak market. BBN

-Is there no end to the lies and corruption at the New York Times?

“NYTimes article about Tesla range in cold is fake,Vehicle logs tell true story that he didn’t actually charge to max & took a long detour.”

Elon Musk, Tesla Motors

The BBC did a similar thing when it did a hatchet job on Telsa. Lots of firms would like their technology in bankruptcy court, cheap.

-Banks in the European Union may need to comply with an international liquidity rule before competitors in other parts of the globe as part of a deal on how the bloc should implement Basel banking standards.Nations are weighing calls from the European Parliament for an “accelerated” introduction of the so-called liquidity coverage ratio, according to a document obtained by Bloomberg News. BBN

-Communist Leader at UK NHS, Murders 1200 and ‘chirps about it

A good commie is one pushing up daisies.

http://www.telegraph.co.uk/health/healthnews/9858118/Stafford-scandal-Lets-face-the-truth-about-our-uncaring-selfish-and-cruel-NHS.html

-The Brent benchmark is used as a reference point for much of the world’s oil trading, but falling North Sea output has reduced the volume of traded cargoes on which the benchmark is set.Critics say the benchmark price can be unduly distorted by events affecting only one grade of North Sea oil, from the Forties pipeline system, and could be vulnerable to manipulation.Shell announced changes to its oil trading contracts on Friday which it said would allow “for more crude grades and cargoes to be used in establishing the underlying market price”. This would therefore “contribute towards higher liquidity and better price discovery”.BP said yesterday it had “agreed with Shell to trade on the amended Brent contract terms proposed by Shell” as it believed that this would “improve the effectiveness of the Brent contract as an international price benchmark”.Both companies will now offer only the new contract terms for deliveries from May. However, not all North Sea oil traders are yet to adopt the changes. DT

-Keep Pound Implore Zionist Money Men to Scots.

Independent Scotland ‘should keep pound’

Scotland should retain the pound if it goes independent, according to a group of economic advisers which includes Nobel prize-winner, Joseph Stiglitz. DT

-Libor Scrutiny Turns to Middlemen U.S. regulators are widening their probe of global interest-rate-rigging by scrutinizing what they claim is a pivotal role of two U.K. brokerage firms in the scandal. WSJ

-Nasdaq held buyout talks with Carlyle Discussions collapsed over failure to agree a valuation. Wire story.

-Pay-by-tweet service launched on Twitter. Amex cardholders can buy products by sending a short message.

Yeah, just twitter all your account info to the world by mistake. Good move.

–Barclays’ new boss is expected to shrink his investment banking and European operations and stop activities that could damage the troubled British bank’s reputation as part of a revival plan to be unveiled on Tuesday. FT

-Geopolitical News

News www.antiwar.com
Updated February 12, 2013 – 12:00 AM EST
Israel Predicts Terror Attacks on Syria Border
13 Killed in Car Bombing Along Turkey-Syria Border
Netanyahu Vows to Stop Hezbollah From Acquiring Syrian Arms
Netanyahu: Iran’s New Centrifuges Near ‘Red Line’
Despite Scaremongering Iran’s Uranium Stockpile Not Growing
French Claim Mali City, But Is Insurgency Growing?
Hollande: France Will Make Mali 100 Percent Terrorist-Free
Possible North Korea Nuke Test Detected
Iraq Checkpoints Targeted: 26 Killed, 37 Wounded
Hagel to Get Senate Committee Vote Tuesday
Israel Approves Another Settlement Expansion
Obama Plans New Cybersecurity Executive Order
Karzai Govt Confirms Widespread Torture in Afghan Prisons
Obama Already Holding US Citizens in Indefinite Detention?
Viewpoints
Progressives Defend Obama’s Kill List  by Glenn Greenwald
Dianne Feinstein’s Outrageous Underestimate of Civilian Drone Deaths  by Conor Friedersdorf
British Courts to Decide US Drones Do Murder?  by Nat Hentoff
Drones and Our National Religion by David Swanson
The NDAA and the Death of the Democratic State  by Chris Hedges
Obama Risks Being Known as the ‘Drone President  by James Zogby

-Asia

Chinese markets remain closed today in Shanghai ,  Hong Kong, Taiwan, and Singapore.

The Nikkei rose  in conjunction as the Y/D surged towards the MOF 95-100 target despite early reports that South Korea detected a third underground nuclear test in North Korea. Japan’s Prime Minister Shinzo Abe said Tuesday he has ordered his ministers to focus on gathering and analyzing information, and to consider the possibility of sanctions against Pyongyang following  the report on North Korea.  He also wants expedited meetings with China to normalize relationship and no doubt get help with North Korea. Igniting the stock market rise, Econmin Amari said the government must work to lift share prices. Japan’s government said they had the USA government’s approval of its deflation fighting plans thwarting German complaints. U.S. Treasury Undersecretary for International Affairs Lael Brainard said the United States supports Japanese efforts to end deflation and re-invigorate growth, underscoring that claim. Furthermore Haruhiko Kuroda, said to be a leading contender to be the next BOJ governor, said Japan has the room to deploy additional monetary stimulus in 2013. Abe is also going to lean upon CEOs to give broad based wage raises.  Abe reiterated his view that it is possible to reach 2% inflation target with monetary policy.Japan Fin Min Aso will tell G20 that Japan will maintain efforts to beat deflation despite German complaints.  Lots of strong talk to rocket the tape up tonight in Japan and one big violent move up in the Y/D. 

At 0009 EST

Japan: Nikkei Average 11459.24 306.08 2.74

  Y/D 94. 16-20, trading range

South Korea’s Kospi was down .1 % on the nuclear report.

Other Asian markets that were open were steady despite the Nuclear test

Asia(Roll over for charts)
Country: Index Last Change % Chg
Asia Dow 3013.22 7.91 0.26
DJ Asia-Pacific TSM 1350.75 2.86 0.21
Australia: All Ordinaries 4986.20 5.90 0.12
Australia: S&P/ASX 4963.70 4.20 0.08
China: DJ CBN China 600* 22861.92 138.19 0.61
China: DJ Shanghai* 311.84 1.54 0.50
China: Shanghai Composite* 2432.40 13.87 0.57
China: Shenzhen Composite* 969.52 12.80 1.34
China: Shanghai 50* 2042.42 -6.15 -0.30
Hong Kong: Hang Seng* 23215.16 38.16 0.16
India: BSE Sensex 19501.11 40.54 0.21
India: S&P CNX Nifty 5905.75 7.90 0.13
Indonesia: JSX Index 4530.85 27.60 0.61
Indonesia: JSX BISNIS 27 392.95 2.41 0.62
Indonesia: JSX Islamic 618.75 5.83 0.95
Indonesia: JSX LQ-45 776.38 5.06 0.66
Indonesia: PEFINDO-25 475.88 -0.55 -0.12
Indonesia: SRI-KEHATI 246.39 1.39 0.57
Japan: DJ Japan TSM 605.46 9.38 1.57
Japan: Nikkei Average 11412.78 259.62 2.33
Japan: TOPIX Index 972.79 15.44 1.61
Malaysia: DJ Malaysia TSM* 3016.45 -0.19 -0.01
Malaysia: FTSE Bursa Malaysia KLCI* 1623.80 4.23 0.26
New Zealand: NZX 50* 4218.12 -2.38 -0.06
S. Korea: KOSPI 1948.63 -2.27 -0.12
S. Korea: KOSPI 50 1692.74 1.85 0.11
S. Korea: KOSPI 100 1951.17 0.16 0.01
S. Korea: KOSPI 200 Composite 257.12 0.03 0.01
Singapore: FTSE Straits Times* 3270.30 8.53 0.26
Taiwan: TAIEX* 7906.65 19.71 0.25
Thailand: SET 1490.98 1.87 0.13


-Sell Honda: Honda Motor Co.’s  decision to shift from an emphasis on superior technology in its parts procurement to a cost-oriented model based on partial outsourcing of design and development is causing headaches for its affiliated parts makers (and customers).

-Chief Cabinet Secretary Yoshihide Suga said Tuesday that the seismic activity detected Tuesday morning was likely caused by North Korea’s nuclear test. If confirmed, this would be the North’s third nuclear test. Nikkei

-Travel Day at the ZGR

-Scripture of the Day, Romans 2

And thinkest thou this, O man, that judgest them which do such things, and doest the same, that thou shalt escape the judgment of God?

Or despisest thou the riches of his goodness and forbearance and longsuffering; not knowing that the goodness of God leadeth thee to repentance?

But after thy hardness and impenitent heart treasurest up unto thyself wrath against the day of wrath and revelation of the righteous judgment of God;

Who will render to every man according to his deeds:

To them who by patient continuance in well doing seek for glory and honour and immortality, eternal life:

But unto them that are contentious, and do not obey the truth, but obey unrighteousness, indignation and wrath,

Tribulation and anguish, upon every soul of man that doeth evil, of the Jew first, and also of the Gentile;

10 But glory, honour, and peace, to every man that worketh good, to the Jew first, and also to the Gentile:

11 For there is no respect of persons with God.

-Economic Calendar

Time Cur. Imp. Event Actual Forecast Previous
00:00   JPY     Household Confidence 40.5 39.2
00:30   INR     Indian Industrial Production (YoY) 1.1% -0.1%
01:00   JPY     Machine Tool Orders (YoY) -27.5%
Tentative   INR     Indian Trade Balance -19.6B -17.7B
02:45   EUR     French Current Account -2.90B
03:15   CHF     CPI (MoM) -0.3% -0.2%
04:30   GBP     Core CPI (YoY) 2.4% 2.4%
04:30   GBP     CPI (MoM) -0.4% 0.5%
04:30   GBP     CPI (YoY) 2.8% 2.7%
04:30   GBP     House Price Index (YoY) 2.3% 2.1%
04:30   GBP     PPI Input (YoY) 1.1% 0.3%
04:30   GBP     PPI Input (MoM) 0.9% -0.2%
04:30   GBP     PPI Output (YoY) 2.0% 2.2%
04:30   GBP     PPI Output (MoM) 0.2% -0.1%
04:30   GBP     RPI (YoY) 3.2% 3.1%
04:45   EUR     Spanish 12-Month Letras Auction 1.472%
04:45   EUR     Spanish 6-Month Letras Auction 0.888%
05:00   CHF     SNB Chairman Thomas Jordan speaks
05:00   GBP     CB Leading Index (MoM) 0.2%
05:10   EUR     Italian 12-Month BOT Auction 0.864%
05:10   EUR     Italian 3-Month BOT Auction 0.765%
07:00   USD     MBA Delinquency Rates (QoQ) 7.40%
07:30   USD     NFIB Small Business Optimism 89.0 88.0
08:45   CAD     BoC Gov Carney Speaks
08:55   USD     Redbook (MoM) -0.60%
10:30   EUR     ECB President Draghi Speaks
11:30   USD     4-Week Bill Auction 0.066%
13:00   USD     3-Year Note Auction 0.385%
14:00   USD     Federal Budget Balance -2.0B -0.3B
16:30   USD     API Weekly Crude Stock 2.85M 3.63M
16:30   USD     API Weekly Gasoline Stock 1.56M
18:00   KRW     South Korean Unemployment Rate 3.0% 3.0%
18:30   AUD     Westpac Consumer Sentiment 0.60%
18:50   JPY     CGPI (YoY) -0.3% -0.6%
18:50   JPY     Tertiary Industry Activity Index (MoM) 0.8% -0.3%
22:00   KRW     South Korean M2 Money supply 7.50%

Newslinks

-G7 Won’t target Exchange Rates amid Currency War Fears

http://www.bloomberg.com/news/2013-02-12/g-7-says-won-t-use-economic-policies-for-exchange-rates-1-.html

-US declares open season for currency war at G20 Conference, to “reinvigorate growth” FT http://on.ft.com/XDkig4

-Nordkorea führte möglicherweise Atomtest durch http://on.welt.de/WFMzox

-Tesla CEO Clashes With New York Times Over Model S Review

http://www.bloomberg.com/news/2013-02-11/tesla-falls-after-n-y-times-model-s-test-drive.html

-EU Banks May Need to Hit Basel Liquidity Targets Early

http://www.bloomberg.com/news/2013-02-11/eu-banks-may-need-to-hit-basel-liquidity-targets-early.html

-Pope Benedict XVI to Resign for Health Reasons on Feb. 28

http://www.bloomberg.com/news/2013-02-11/pope-benedict-xvi-to-resign-for-health-reasons-spokesman-says.html

-RBA Cuts Augur Only Rising Sovereign Market: Australian Credit

http://www.bloomberg.com/news/2013-02-11/rba-cuts-augur-only-rising-sovereign-market-australian-credit.html

-BOJ Potential Candidate Kuroda Favors Easing in 2013

http://www.bloomberg.com/news/2013-02-11/adb-s-kuroda-says-additional-boj-easing-can-be-justified-for-13.html

-VW 70 Billion Dollar Car Bet

http://www.reuters.com/article/2013/02/11/us-autos-volkswagen-future-idUSBRE91A04D20130211

-Yen nurses losses after drop on Treasury official comment

http://www.reuters.com/article/2013/02/12/us-markets-forex-idUSBRE91514J20130212

-North Korea conducts nuclear test: South Korea defense ministry

http://www.reuters.com/article/2013/02/12/us-korea-north-idUSBRE91B04820130212

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