-French Senate Approves Same-Sex Marriage
-Gold headed for Bear Market Chortles Bloomberg
-EZ approves original EU10 billion loan package to Cyprus
- EU may adjust ECB Bank supervision rules to address German concerns
- Cyprus extends capital controls for seven days but eases some restrictions
-”informal” Eurogroup meeting in Dublin to sort out Cyprus, Portugal, Ireland, etc
-USA retail sales fall .4 % in March, U Mich worker sentiment also tanks
-JPM/WFC beat on EPS , report declining revenue
-U.K. House Prices Reach Five-Year High as London’s Lead Widens
-IMF Draft report: Lowers forecast for US 2013 GDP to 1.7% from 2.0% prior
-Singapore Q1 GDP tanks, -1.4 % v 1.7 e %
-Pentagon Hypes North Korean Nuclear Capability as Budget cuts begins to bite
-ZGR market Summary
Massive Intervention day by Lew the Jew and his Jew associates at GS, JPM and their Anglo cousins in London, lead by AEP/MI6′s absolutely unverified article at the London open the Cypriots were selling gold. Jew..er Jacob Lew and his (and Prince Charles) Butler Obama are in deep doo, doo as spending 100 billion a month in deficit , having Bernanke print up 85 billion in free cash a month and is only working for the banks as JPM and WFC and the retail sales and worker sentiment numbers showed us this morning.
Normally the equity markets should have broken to the downside, the dollar tanked , gold soared on the retail sales and Worker sentiment numbers but you have black boxes and the banking cartel muscling the tape. This is the muscle guys trying to hold onto their fantasy of a big recovery in the USA, and throwing off jobs, and it is just not happening. Banking revenue when you strip the one offs out in the JPM/WFC reports is declining which mean credit is going in the wrong direction at the big banks.Dimon on the conference call said on the one hand housing prices were still rising and the credit card portfolio did very well, but on the other he warned that loan growth across the industry was softer and small businesses remain cautious. The Jew Dimon is loving it being able to exchange bad loan paper for UST and cash for free, then loaning that out 10x over at 25 % interest to a destitute public living off of credit cards as Obama and Prince Charles ship jobs and technology to China as fast as they can and look set to try and kill the USA energy industry. There is a special place in Hell for Prince Charles and Queen Elizabeth just like their loyal Servant Baroness Thatcher.
Cyprus is more likely to squeeze the Russian harder at their failed banks than sell gold given the public outrage in Cyprus. People tend to get upset at Central Banks when they sell their gold to bail their crooked pals out.
Rothschilds himself was probably at the HSBC office this morning coordinating the gold sale. The LBMA and the massive money maker of naked shorting gold and commodity markets may be at stake here. The ass of England is hanging out in the wind with a big, big naked short in gold. No doubt someone is feeding loaned gold to these pigs, maybe Cyprus or Portugal gold as London went after Portugal big time today in their press, as the ZGR predicted yesterday as needing a 2nd bailout with AEP stating their gold may be up as well. Ex the manipulation, fundamentals are screaming positive for gold. The English are a nation of lying thieving murdering pirates, as Libya showed us recently the murder to get gold.
In the USA this morning the PPI report was sheer fakery and fraud although a number GS was happy to profit off of. Recall we had the secret bankers meeting between JPM, MS, GS, HSBC, DB, ec yesterday with the Jew, er Lew and Obama’s handlers, maybe even to coordinate better the FED/UST and cartel banks computers for today as these guys knew today’s key retail number would be horrid yesterday , and that is why JPM and GS always ‘wins’ at trading.
Fundamentals are screaming for a lower dollar to force the Asians to stop pegging for it and to balance trade and on budget deficit/debt and Bernanke QE4. At some point, and don’t ask me when, that will prevail likely after Merkels election. Don’t forget Lew the Jew was in China, probably promising them more US jobs if they stayed away from Gold. JS is made a fool of again by the bullion banks and the boys of London. Every time he makes a market call he and his pals get stuffed. Hard to believe that guy was a pro at one time. You hope marks are not being set up by these commentators.
The WSJ actually managed to turn out a decent piece on the Cyprus deal today. So I will let them do the work of summarizes how dysfunctional, corrupted and slimy the European Pols are. He does not mention the Cyprus President threatening to investigate the Central Bank head for crimes. The bottom line if you want to skip the long read is Merkel won today by holding the line for her election on the EU10 billion number on Cyprus bailout. The French press says she is inviting David Cameron and his wife to her home. Why not , they are both Jews. Cameron is very pro EU, he just wants the English financial pirates to be able to plunder it and the USA at will. Merkel wants to shut him up so the stupid German people can elect her again. I cant’ talk to most Germans when they visit Austria as they are completely mind controlled by their Zionist handlers. Never say the word ‘Jew’ around a German, they cringe and it is most unpleasant to see their cowardice. Mainly in Germany the women have been big, big supporters of Merkel. I should point out the Russians are suing the Cyprus government over their bank grab in Russian courts, and they are a big creditor.
Tech outsourcing stocks are down after industry leader, American job stealer, Infosys slashed its revenue forecast. Both CTSH and SYNT are down 4%, while the INFY is down 20%.
We got lucky as the DAX broke on the mess of Cyprus and the lousy data in the USA, and the ZGR was a particularly heavy seller yesterday and of the BOJ ‘bounce’. I was hoping the USA markets would finally break on the bad news but no such luck, and I was ‘robbed’ by Lew the Jew who robs people at a point of a gun for living.
Bankers are living like kings as money is transferred to them from the working classes who are pushed further and further into poverty.
Obama care is slowly imploding and the Democrats should pay heavily at the voting booths. Rand Paul showing you he is just another Anglosaxon/Mason flunky backed down on the filibuster threat on the implicit gun grab registration. He’s also a recent convert to Zionism whereas his father was always an Anglo-Zionist.
The Senate is getting ready to make its big move and flood the country with 11 million to 30 million illegal immigrants. 65 % of the American people are opposed to another amnesty.
This Korean mess has been mighty good for the USA military industrial complex lobby. It would not surprise me if someone paid Kim to act up so more USA money could go to the miserable thieving Communist Chinese and the Koreans to keep the ‘peace’. Nuclear blackmail looks like it is working. In reality the USA military could take care of that place in 15 minutes and China would not do a thing. Thank good old Bill Clinton/Al Gore , GE (Prince Charles) ,and Donnie Rumsfeld for creating that Nuclear mess and the Europeans , lets not forget their industry had a hand in it at ABB.
Only Prince Charles who probably meets, literally, with Lucifer knows if WW3 is about to start. He’s the ‘man’ his own mother has said.
Pray for the Country. Pray Prince Charles is brought down like lightening to ground, and Baron Rothchilds with him and his Butler. I’m sick of the Eurotrash and their destruction. Pray the American people who grow more English every day repent of their vile behavior and wickedness. Pray our sluttish women repent and all the Hollywood females leading them to a defeated life and hell are brought down.
Economic Release Summary
(US) Mar Producer Price Index M/M: -0.6% v -0.2%e; Y/Y: 1.1% v 1.4%e
(US) Mar PPI Ex Food & Energy M/M:0.2% v 0.2%e; Y/Y: 1.7% v 1.7%e
(US) Mar Advance Retail Sales: -0.4% v 0.0%e; Retail Sales Less Autos: -0.4% v 0.0%e; Retail Sales Ex Auto & Gas: -0.1% v +0.3%e
(US) Apr Preliminary University of Michigan Confidence: 72.3 v 78.5e
(US) Feb Business Inventories: 0.1% v 0.4%e
(BR) Brazil Feb Economic Activity Index M/M: -0.5% v -0.7%e; Y/Y: 0.3% v 3.8% prior
(IN) India Forex Reserves w/e Apr 5th: $293.8B v $292.7B prior
(IC) Iceland Mar Unemployment Rate: 5.3% v 5.5% prior
(PL) Poland Mar M3 Money Supply: 1.3% v 0.6%e; M3 Money Supply Level (PLN): 932.2B v 920.8B
12:55 p.m. EDT 04/12/13Major Stock Indexes
-South Korea and the U.S. both offered to return to negotiations with North Korea, aiming talks at Pyongyang’s nuclear program and broader security threats in a bid to reduce tensions on the Korean peninsula that American officials said run the risk of a direct military conflict.Senior South Korean officials who met with U.S. Secretary of State John Kerry in Seoul Friday, said their government also was willing to resume sending humanitarian assistance to the North following weeks of escalating threats by North Korean leader Kim Jong Eun to attack U.S. and allied targets in North Asia and the Pacific.These South Korea officials said the aid shipments could form a pillar of recently elected President Park Geun-hye’s “trust” policy toward Pyongyang, which seeks to reverse some of the hard-line tactics pursued by her predecessor, Lee Myung-bak.”The window for dialogue is always open,” South Korean Foreign Minister Yun Byung-se said Friday following his meeting with Mr. Kerry. “We are always ready to provide humanitarian aid, in principle.” He added, “Humanitarian aid, which can be verified, is totally acceptable.” WSJ
12:02 p.m. EDT 04/12/13Major Stock Indexes
-Eurogroup statement on Cyprus
-Dutch say No Mas
The Dutch government has temporarily abandoned austerity measures it previously said were needed to bring the country’s budget deficit within European rules.On Thursday, the Cabinet brokered a deal with unions that scraps planned salary freezes for government and healthcare workers. Prime Minister Mark Rutte said Friday he “hopes and expects” the deal will restore confidence and boost growth.But he vowed to meet European rules and bring the budget deficit below 3 percent of annual gross domestic product. He said cuts are possible after all if the new approach hasn’t paid off by August.In March, the budget forecasting office said the country will run a 3.3 percent budget deficit in 2013, widening to 3.4 percent next year. It said further austerity measures would do more harm than good. sfgate.com
-JPMorgan Chase & Co. (JPM), the largest U.S. bank by assets and the top investment bank by fees, is questioning the so-called universal bank model’s future.Top-tier investment banks are “uninvestable at this point with a risk of spinoff from universal banks,” JPMorgan analysts led by London-based Kian Abouhossein wrote in a research note today. They cited potential rule changes and curbs on capital and funding.Investors should avoid Goldman Sachs Group Inc. (GS), once the world’s most profitable securities firm, and Deutsche Bank AG (DBK), Germany’s largest bank, because of pressure on earnings and the unknown impact of new regulations, according to the report. Both firms rank among the biggest sales and trading rivals for New York-based JPMorgan, which isn’t mentioned in the report. The bank is scheduled to report first-quarter results tomorrow.Instead, the analysts favor UBS AG (UBSN) and Credit Suisse Group AG (CSGN), Switzerland’s first and second-largest banks, and New York- based Morgan Stanley, owner of the world’s biggest brokerage, because of their restructuring potential and ability to release capital.Investment-banking revenue will continue at 2005 and 2006 levels and will be led by fixed-income, currencies and commodities, which will account for half of the industry’s sales by 2015, JPMorgan’s analysts said.Second-tier operators in that business, including Morgan Stanley (MS), Credit Suisse, UBS and Royal Bank of Scotland Group Plc, will have to restructure further because they lack scale, the analysts wrote. Goldman Sachs, Barclays Plc (BARC), Deutsche Bank, Citigroup Inc. (C) andBank of America Corp. (BAC) should gain market share, according to the note. BBN
-Okay that is it for the real time ZGR show today. I will wrap up the close at some point and provide a summary. Jew , er Lew jammed the shorts up, but I’m going to stay short on the day trade probably until the close or until he can take it green.
-U.S. April Reuters/Michigan consumer sentiment index fell to 72.3 from 78.6 in March
-Cyprus Gold Update
European Central Bank President Mario Draghi said the profits of any gold sales by the Cypriot central bank must be used to cover losses it may sustain from emergency loans to Cypriot commercial banks.European creditors today left a possible gold sale in the hands of the Cypriot central bank, which manages 13.9 metric tons of the metal, according to the World Gold Council.“The decision is going to be taken by the central bank,” Draghi said after a meeting of euro-area finance officials in Dublin. “What’s important, however, is that what is being transferred to the government budget out of the profits made out of the sales of gold should cover first and foremost any potential loss that the central bank might have from its ELA.”ELA stands for Emergency Liquidity Assistance, a lifeline that can be offered by national central banks in the euro region to commercial banks that can’t get funding.Asked about a letter he wrote to Cyprus President Nicos Anastasiades, Draghi said the letter is “very, very clear.” He said the government must abide by the central bank’s handling of the gold stock, since it is independent from political control under European rules.“The independence of central banks in the euro area is enshrined in the treaty,” Draghi said. “The ECB will look at developments in Cyprus from this angle.”Speaking alongside Draghi, Dutch Finance Minister Jeroen Dijsselbloem said selling gold “has always been an option put forward by the Cypriot authorities.”But as mentioned in the program documentation, this is a decision to be made independently by the Cypriot central bank,” he said. “And it’s not any demand from the troika or the eurogroup.”An April 9 debt assessment by the European Commission said that Cyprus had committed to selling around 400 million euros ($523 million) of “excess” gold reserves. The Cypriot central bank responded to that disclosure by saying it hadn’t discussed plans for a sale. BBN
-John Kerry US Sec of state: U.S. will never accept a nuclear-armed North Korea
Just a reminder it was Bill Clinton , Donny Rumsfeld, GE and ABB who supplied the nuclear juice
-Eurozone finance ministers formally approved Friday the terms of a Cyprus debt bailout, after some confusion over whether it needed revision, saying it could now go ahead once cleared by national parliaments.Dutch Finance Minister Jeroen Dijsselbloem, head of the 17-nation Eurogroup, said the ministers “welcomed the staff level agreement achieved between Cyprus” and its international creditors, with the terms “fully in line with” a March 25 accord.Earlier Friday, it had appeared that Cyprus wanted additional aid after the overall bailout cost increased to 23 billion euros from the 17 billion euros agreed last month.Cypriot officials clarified that Nicosia was instead hoping to get other funding from the European Commission, such as in grants for infrastructure or other projects so as to support a besieged economy expected to shrink by 12.5 percent — or even 15 percent — in the next two years.Under last month’s accord, Cyprus had to cough up 7.0 billion euros and its creditors — the EU, the European Central Bank and the International Monetary Fund — 10 billion euros.However, because the economy is now expected to fare so badly, another 6.0 billion euros will be needed which Cyprus aims to find via an even more radical and painful restructuring of its bloated banking sector.A Eurogroup statement said the approved bailout “is fully in line with the parameters and key objectives” agreed with Nicosia last month.The Eurogroup noted with satisfaction moves to “address the fragile and unique situation of Cyprus’ financial sector,” while the overall agreement should allow the economy to “return to a sustainable path,” it said. AFP
-Cyprus Finance Minister Haris Georgiades has hailed the Eurogroup’s decision on Friday to approve a 10-billion-euro bailout for Cyprus as a «significant development for the country.”The political approval of the program without any alterations or additional demands sends a strong stabilizing message and a message that the efforts of Cyprus and its citizens are being recognized,» he said in a statment.”We look forward to member states approving the agreement so the first installment can be disbursed in the first half of May.”Georgiades also welcomed comments from the European Commission displaying willingness to provide «technical and financial» assistance following a request from President Nicos Anastasiades. EK
9:36 a.m. EDT 04/12/13Major Stock Indexes
-Wall Street Scum
-Futures down ahead of kickoff time
Futures for the Dow industrials fell 40 points to 14,756, while those for the Standard & Poor’s 500 index fell 5.2 points to 1,582.50. Futures for the Nasdaq 100 index fell 11 points, or 0.4%, to 2,842.25.
I’m going to be agressive this morning and sell more DIA short at the market open.
-The talking media heads are imploring ‘don’t sell this market’ after Bank earnings, and the retail tank. USE weakness should be in theory great for gold and bad for equities, but it Lew the Jews perverse world these days.
-916 Gold prices fell sharply in the wake of data that showed a bigger-than-expected fall in retail sales for March. Retail sales fell 0.4% against expectations for a 0.1% decline. Gold for May delivery extended prior losses to drop $29.30, or nearly 2%, to $1,535 an ounce. Oil for May delivery fell $1.47, or 1.6%, to $92. All commodities are taking a hit in wake of the data, while the dollar rallied perversely.
-European stock markets dropped on Friday, hammered by disappointing U.S. retail sales and confusion whether Cyprus was asking for more assistance for its bailout program.The Stoxx Europe 600 index lost 0.7% to 293.02, after putting in its strongest four-day performance since early January. MW
- EU Supervisors Report on Risks to Euro Zone’s Economy reiterated that any risk of contagion related to Cyprus was limited(lol)
-GS Pumps the markets (pump and dump)
Goldman Sachs: Strong equity returns globally through 2015
“We expect continued strong growth in Asia and at the same time that Europe and the U.S. will gradually work their way out of the overhang from the financial crisis. On our forecasts, the U.S. will reach growth rates around trend levels on a sustainable basis by Q4 this year, whereas Europe only recovers to that degree towards the end of the forecast horizon reflecting the headwinds arising from the unwind of the imbalances within the euro area,” the analysts said in a report.
-BOJ reported Y2.51T in purchases of JGBs across the curve in today’s bond buying operation ; Demand for the 5-10 yr and more than 10-yr JGB operations was more than 3X the offer; Demand at the shorter dated operations was about 4X the offer
- Greece and Troika making progress on civil servant issues, indicate than a deal may be reached by Tuesday -EK
-ECB’s Kranjec: Unjustified to compare Slovenia to Cyprus, situation is serious but a bailout program can be avoided.
-City of London rumor mill grinds on today, hitting Portugal after Cyprus Yesterday
Portugal faces struggle to avoid a second bailout – FT. According to leaked documents, the Troika estimates that Portugal will need to borrow €14.1B in 2014 -DT
-Cyprus, the bad boys of Europe, and Eurogroup Meeting
Cyprus extends capital controls for another 7 days; will allow transactions of up to €300K within the country; increases allowances for company payments overseas to €20K.
Renewed reports that Cyprus would ask for an increase in its €10B bailout weighed upon European markets as an informal Eurogroup and Ecofin meeting got under way in Dublin, Ireland. Numerous EU officials noted that Cyprus would not be a topic at the meetings was quickly dismissed as ‘rhetoric’ by the market.Germany Finmin Schauble added that he saw good result on Cyprus from Eurogroup meeting.
Cyprus President Anastasiades said he would ask EU for extra assistance ( There was some rumors that Cyprus might need €23B: On March 10th, the ECB said that Cyprus’ financing needs for 2013-16 at €23B and confirmed the size of the aid package at €10B). Financial press reports(London) followed that Cyprus is to ask for increase in €10B loan and seek more from EU structural funds and that the request to be for more aid in letters to EU officials. Anastasiades said Cyprus Parliament has authority to investigate central bank gov Demetriades. Cyprus Fin Min Georgiades confirmed that it had received a letter from ECB chief Draghi regarding central bank independence and agreed with contents of letter.
Dijsselbloem said that Slovenia was not on agenda at meeting today and hoped to reach an agreement on Cyprus MOU today.
An EU Official said the Loan of €10B to Cyprus would NOT be renegotiated; country did not ask for fresh money at meeting today, which I found incredulous.Ireland Fin Min Noonan noted that Cyprus will not be a main issue at Eurogroup today as situation is pretty well resolved, which I also found only slightly less incredulous.London continued to float the rumor or fact that Cyprus would sell its gold to get the additional funds, possibly contributing to the gold take down again by the London cartel. EU Commissioner Rehn stated that he saw an agreement on Ireland and Portugal loan extensions and an extensive debate on banking union today.Dijsselbloem said he was confident about reaching an agreement on loan extensions for Ireland, Portugal. He added that the Japanese JPY currency (yen) was NOT on Eurogroup agenda today nor was the Euro exchange rate.
-Give we have at least 4-5 pc inflation, a 2.8 % y/y gain in sales means the real economy is contracting. Lew is going to fail to prop USA markets up today.
-Outright Fakery on PPI
Wholesale prices fell a sharper-than-expected 0.6% in March after seasonable adjustments, with energy prices falling 3.4%, the Labor Department reported Friday. Economists surveyed by MarketWatch expected a 0.3% fall in the headline PPI. The producer price index has risen 1.1% in the past year, the smallest increase in eight months, the government said. The core PPI – which excludes food and energy prices – rose 0.2% in March, in line with expectations. Core prices are up 1.7% in the past year. The PPI had risen 0.7% in February, while the core rate was up 0.2%. MW
U.S. retail sales drop 0.4% in March
Retail sales minus autos also fall 0.4% in March
Retail sales minus gas down 0.2% in March
Sales gain in past year falls to 2.8% from 4.4%
-London takes gold down again.
Gold futures took a sharp dive on Friday in mid-morning European trading as the metal pushed below a key level of $1,550 again, as the dollar climbed and U.S. stock futures fell.Gold for June delivery 1.92% tumbled nearly $20, or 1.3%, to 3,561.50, on track for a weekly fall of nearly 1%.The futures contract this week settled with gains twice and lost ground twice, with losses Friday threatening to take out Wednesday’s drop of $27.90, or 1.8%, which was gold’s biggest one-day dollar and percentage loss for a most-active contract since November, according to FactSet data.
-J.P. Morgan Chase & Co.’s first-quarter net income jumped 33% as the bank logged strong results from its investment banking arm, while expenses fell and credit strengthened.Earnings beat Street estimates..J.P. Morgan reported a profit of $6.53 billion, or $1.59 a share, versus $4.92 billion, or $1.19 a share, a year earlier.The latest period included a net 18 cent per-share gain tied to reduced credit card loan loss reserves and reduced mortgage loan loss reserves. The year-earlier period included a net per-share loss of eight cents tied to litigation expenses and changes in the value of the bank’s debt.Revenue on a managed basis, which excludes the impact of credit-card securitizations and is on a tax-equivalent basis, was down 3.4% to $25.85 billion.Analysts polled by Thomson Reuters expected a per-share profit of $1.39 on revenue of $25.86 billion. MW
- Wells Fargo & Co. WFC -0.16% said on Friday its first-quarter profit increased 22% to $5.2 billion, or 92 cents per share, from $4.25 billion in profit or 75 cents in the same period a year earlier. The nation’s biggest mortgage lender reported a total net revenue of $21.3 billion, down from $21.6 billion the year earlier. Analysts expected Wells Fargo to earn 89 cents a share on revenue of $21.6 billion, according to a survey by FactSet. “Loans and deposits demonstrated continued growth in a challenging economic environment,” said Wells Fargo Chief Executive John Stumpf in a statement. Wells Fargo shares were down 1.1% in premarket trading. MW
-EU session, Economic Data Releases
(RU) Russia Narrow Money Supply w/e Apr 8th (RUB): 7.43T v7.41 T prior
(IN) India Feb Industrial Production Y/Y: +0.6% v -1.3%e
(DE) Germany Mar Wholesale Price Index M/M: -0.2% v +0.1% prior; Y/Y: 0.3% v 1.4% prior
(FI) Finland Feb Final Retail Sales Volume Y/Y: -0.6% v -1.9% prior
(HU) Hungary Feb Final Industrial Production M/M: 0.3% v 0.3% prelim; Y/Y: -1.1% v -1.1% prelim
(ES) Spain Mar Consumer Price Index M/M: 0.4% v 0.3%e; Y/Y: 2.4% v 2.4%e
(ES) Spain Mar CPI EU Harmonized M/M: 1.9% v 1.9%e; Y/Y: 2.6% v 2.6%e
(ES) Spain Mar CPI Core M/M: 0.6% v 0.6%e; Y/Y: 2.3% v 2.2%e
(EU) ECB: €807M borrowed in overnight loan facility vs. €1.1B prior; €108.9B parked in deposit facility vs. €99.9B prior
(IT) Italy Mar Final CPIM/M: 0.2% v 0.3%e, Y/Y: 1.6% v 1.7%e; EU Harmonized Y/Y: 1.8% v 1.8% prelim
(ES) Bank of Spain (BOS): Mar Spanish Banks ECB borrowings at €260B vs. €272B prior (7th straight decline)
(IT) Bank of Italy Releases Feb. Public Finance Supplement General Government Debt: €2.017T v €2.023T prior
(UK) Feb Construction Output M/M: +5.5 v -4.8% prior; Y/Y: -7.0 v -5.5% prior
(EU) Euro Zone Feb Ind. Production M/M: 0.4% v 0.2%e; Y/Y: -3.1% v -2.5%e
-I took some profit out of the DAX short ahead of USA retail number and bank earnings
8:16 a.m. EDT 04/12/13Major Stock Indexes
London’s property market powered a seventh month of increases in U.K. house prices in March as values reached a five-year high, according to Acadametrics Ltd.The average cost of a home in England and Wales rose 0.2 percent on the month to reach 230,078 pounds ($354,000), Acadametrics and LSL Property Services Plc (LSL) said in a monthly report published in London today.
-The ultimate USA inflation story and Irony.
Medical School at $278,000 Means Even Bernanke Son Has Debt
But Ben you said inflation expectations were well anchored. So expectations are well anchored but inflation is not you shylock of the big print!
|Futures Index||Value||% Change||Open||High||Low||Time|
|DJIA INDEX FUTURE Jun13||14,782.00||-0.09%||14,806.00||14,808.00||14,767.00||02:27:32|
|S&P 500 FUTURE Jun13||1,585.30||-0.15%||1,587.70||1,589.40||1,583.80||02:30:24|
|NASDAQ 100 FUTURE Jun13||2,849.25||-0.14%||2,854.50||2,856.00||2,847.00||02:27:32|
|EURO STOXX 50 Jun13||2,603.00||-0.53%||2,603.00||2,605.00||2,600.00||02:29:20|
|FTSE 100 IDX FUT Jun13||6,334.00||-0.42%||6,341.00||6,345.00||6,326.50||02:28:57|
|DAX INDEX FUTURE Jun13||7,839.00||-0.63%||7,840.00||7,844.50||7,834.00||02:29:31|
Asian equity markets are mixed , despite another record performance in the US with the S&P advancing by almost 0.4% to fresh record highs on positive jobless claims data and an improved retail outlook and a little help from our friends in the UST department. Even with today’s decline, the Nikkei is set to end the week up close to 5%. The Y/D continued to trade below the 100 mark.
China stocks are down modestly as trades are cautious ahead of Chinese economic data due out on Monday. Concern over the property market, and the overall worries about the recovery have hampered the Chinese markets this week.
South Korea’s Kospi was down nearly 1.4 % in late trading primarily due to the continued tensions with North Korea, but also the strong Won is a factor as we enter earnings season.
Singapore market recovered after an initial decline on the advanced Q1 GDP which was -1.4 % q/q. Certainly a hard stop to their economy.
Bank of Japan Gov. Haruhiko Kuroda said that the central bank may extend its asset purchases and other easing longer than the two years planned if needed, according to reports from the region. “It is not appropriate to say that the monetary easing will only last for two years,” rather it would continue “as long as it is necessary” . Kuroda also said that while the Bank of Japan’s massive bond buying could affect the debt market, he was confident the central bank could avoid such disturbance. BOJ purchased U2.51T in JGBs across the curve in today’s buying operation.
Japan may relax rules regarding the halting of JGB futures trading.s.
According to Nikkei News 80% of big retailers forecast higher FY13 sales, profits.
US Govt approves Japan participation in Trans-Pacific Partnership (TPP) free-trade discussions, as expected. US to maintain automobile tariffs under prelim TPP deal with Japan.
Hong Kong will not withdraw property curbs over the next six months. Hong Kong forecasts 13.6k private homes to be completed in 2013, 2014 at 15.8k. Hong Kong new apartment supply expected to increase 16.8% y/y in 2014.
Beijing Mar Existing Home Sales m/m: +332%; y/y: +294%. China Q1 rail investment +28% y/y.
South Korea Pres Park will attempt to resume dialogue with North Korea.
China Defense Min: have not seen a buildup of troops long North Korea boarder.
The U.S. Defense Intelligence Agency has reported that North Korea now has some nuclear weapons small enough to be delivered by its ballistic missiles.The DIA cautioned in a classified report last month that it has only “moderate confidence” in that finding, which also said the reliability of North Korea’s missiles “will be low.US Pentagon spokesperson: It is not correct to state North Korea has nuclear missile ability.
Australia and New Zealand
Australia PM Gillard: AUD strength new normal; budget to move to surplus over time; budget allows scope for rate cut . Australia Debt Agency (AOFM) sees no rush of Japanese inflows as yet .
Economists at ASB Bank said the strength in the Kiwi could cause the RBNZ to not raise rates until 2014 . RBNZ creates new macro financial department, reflects emphasis on macro financial stability
(SG) SINGAPORE Q1 ADVANCED GDP Q/Q: -1.4% V +1.7%E; Y/Y: -0.6% V 0.0%E
(IN) INDIA FEB INDUSTRIAL PRODUCTION Y/Y: +0.6% V -1.3%E
(IN) INDIA MAR CPI Y/Y: 10.4% V 10.7%E
(AU) AUSTRALIA FEB RBA CREDIT CARD BALANCES: A$50.0B V A$48.7B PRIOR; RBA CREDIT CARD PURCHASES: A$20.2B V A$19.8B PRIOR
(JP) JAPAN FEB CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 1.0% V 0.8% PRIOR
(NZ) NEW ZEALAND MAR FOOD PRICES M/M: -1.3% V -0.3% PRIOR
(PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.25%; AS EXPECTED
(CL) CHILE CENTRAL BANK LEAVES NOMINAL OVERNIGHT RATE TARGET UNCHANGED AT 5.00%, AS EXPECTED
(JP) JAPAN FEB TERTIARY INDUSTRY INDEX: 1.1% V 0.7%E
(NZ) NEW ZEALAND MAR NON RESIDENT BOND HOLDINGS: 68.3% V 66.7% PRIOR
(AU) April quarterly Westpac Bank/Melbourne Institute house-price expectations index: +53.9 v +26.7 in Jan (highest level since mid 2010) – US financial press
(UK) Acadametrics: UK Mar Housing Prices M/M: +0.2%; Y/Y: +3.0%
|Country: Index||Last||Change||% Chg|
|DJ Asia-Pacific TSM||1404.67||-1.72||-0.12|
|Australia: All Ordinaries||5023.60||13.30||0.27|
|China: DJ CBN China 600||20666.38||-22.48||-0.11|
|China: DJ Shanghai||282.09||-0.41||-0.15|
|China: Shanghai Composite||2215.65||-3.90||-0.18|
|China: Shenzhen Composite||917.60||-1.52||-0.17|
|China: Shanghai 50||1783.97||-0.16||-0.01|
|Hong Kong: Hang Seng||22097.60||-3.67||-0.02|
|India: BSE Sensex||18297.43||-244.77||-1.32|
|India: S&P CNX Nifty||5539.45||-54.55||-0.98|
|Indonesia: JSX Index||4938.82||14.55||0.30|
|Indonesia: JSX BISNIS 27||422.53||0.93||0.22|
|Indonesia: JSX Islamic||661.98||1.90||0.29|
|Indonesia: JSX LQ-45||834.26||2.09||0.25|
|Japan: DJ Japan TSM*||716.21||0.75||0.10|
|Japan: Nikkei 225||13461.41||-87.75||-0.65|
|Japan: TOPIX Index||1148.57||1.28||0.11|
|Malaysia: DJ Malaysia TSM||3196.86||-12.81||-0.40|
|Malaysia: FTSE Bursa Malaysia KLCI||1700.79||-6.25||-0.37|
|New Zealand: NZX 50*||4435.77||26.23||0.59|
|S. Korea: KOSPI||1923.30||-26.50||-1.36|
|S. Korea: KOSPI 50||1649.21||-30.74||-1.83|
|S. Korea: KOSPI 100||1907.92||-32.88||-1.69|
|S. Korea: KOSPI 200 Composite||251.94||-4.24||-1.66|
|Singapore: FTSE Straits Times||3305.28||-3.52||-0.11|
|US Cotton No.2||84.84||+0.20||+0.24%|
|US Coffee C||136.68||+1.05||+0.77%|
JGBs were whacked as Kuroda said QE may last 2 years.
Japan 10yr 0.62+0.05, -8.54%
U.S. 10yr 1.79-0.00, 0.13%
-FED Balance sheet increased to 3,229, 413 mln, +12, 341 mln w/w and +359, 894 mln y/y. The bulk of the purchases were USTs.
- IMF Draft report: Lowers forecast for US 2013 GDP to 1.7% from 2.0% prior
- S&P Capital Goods Industry Report Card: Chance of European recession to last into 2014 lowered to 33% from 40% prior
Evergrande Real Estate Group (HK): To raise home prices by 2-10%
Mitsui Mining : May report FY13 Pretax ¥17B, Rev ¥410B – Nikkei News
Marubeni – To begin shipping US shale gas to South Korea
NSANY: Planning to delay transfer of production of some vehicles from the Japan to the US due to recent Yen decline s
XOM: To remove Pegagsus pipeline segment this week; +0.1% afterhours
WLT: Provides prelim Q1 Op Results: expects to report metallurgical coal sales volume at 2.8M tons, +9% q/q, and prices expected to improve slightly; +6.3% afterhours
C: Brazil banks such as Itau, Bradesco and Santander said to be bidding for credit cards and financing segments of Citi’s Brazilian units – financial press
LLY: Said to be conducting layoffs of 30% of sales workforce (1K positions); will add about 300 sales positions for diabetes drugs – financial press; +0.4% afterhours
WY: Increases quarterly dividend 18% to $0.20 from $0.17/shr
HRS: Reports prelim Q3 $1.12 v $1.26e, R$1.20B v $1.33Be, Cuts FY13 forecast; -7.4% afterhours
JBHT: Reports Q1 $0.61 v $0.64e, R$1.29B v $1.28Be; -2.8% afterhours
GPS: Reports Mar SSS -1% v -1.8%e
Therefore I love thy commandments above gold; yea, above fine gold.
|01:30||INR||Indian Industrial Production (YoY)||0.6%||-0.7%||2.4%|
|01:30||INR||Indian Manufacturing Output (MoM)||2.20%||2.70%|
|02:00||EUR||German WPI (MoM)||-0.5%||0.1%|
|Tentative||INR||Indian Trade Balance||-13.5B||-14.9B|
|02:45||EUR||French Current Account||-5.00B|
|03:00||EUR||Spanish CPI (MoM)||0.3%||0.2%|
|04:00||EUR||Italian CPI (MoM)||0.3%||0.3%|
|04:00||EUR||Italian CPI (YoY)||1.7%||1.7%|
|05:00||EUR||Industrial Production (MoM)||0.1%||-0.4%|
|05:00||GBP||CB Leading Index (MoM)||0.4%|
|07:30||BRL||Brazil IBC-Br Economic Activity||-0.80%||1.29%|
|07:30||INR||Indian FX Reserves, USD||292.65B|
|08:30||USD||Core PPI (YoY)||1.7%||1.7%|
|08:30||USD||Core PPI (MoM)||0.2%||0.2%|
|08:30||USD||Core Retail Sales (MoM)||0.1%||1.0%|
|08:30||USD||Retail Sales (MoM)||0.1%||1.1%|
|09:55||USD||Michigan Consumer Sentiment||78.5||78.6|
|09:55||USD||Michigan Inflation Expectations||3.2%|
|10:00||USD||Business Inventories (MoM)||0.4%||1.0%|
|10:30||USD||ECRI Weekly Annualized (WoW)||6.20%|
|12:30||USD||Fed Chairman Bernanke Speaks|
-Two-thirds of student loans held by people under 40, blocking millions affordable housing market
-U.K. House Prices Reach Five-Year High as London’s Lead Widens