Saturday, May 29, 2010

Events to watch coming up'; G20, Bernanke/Trichet speak via satellite;circuit breaker rules; mass protest Portugal $EWP

· G20 - G20 policymakers (inc. fin ministers) will meet on June 4-5 in the South Korean port
city of Busan to lay the groundwork for a summit of G20 leaders in Toronto on June 26-27
· SEC Market Structure Roundtable June 2. 9:30amET.
· New circuit breaker rules to go into effect June 7 – testing of new circuit breakers,
whereby stocks will be halted market-wide if they move 10%+ within 5 minutes, will
commence June 7.
· Banks - In the coming days, Moody's will publish an update to its March 2010 report "Dodd
Bill May Reduce Systemic Support for Bank Debt."
· Obama and Netanyahu to meet next Tues; sources says this time the White House will give
prominence to the meeting. Globes.
· Bernanke/Trichet speak via satellite at Bank of Korea’s Conf – May 30
· Canada – interest rate decision coming up June 1 – could become the first G7 central bank
to hike rates.
· Buffett to testify before Congress on Moody’s – the Financial Crisis Inquiry Commission
will be holding a June 2 hearing on the role of rating agencies in the crisis; Buffett will be
among those testifying.
· Spain’s banks – Spain’s government has given the country’s large regional banks a June 30
deadline to merge and consolidate; on Fri, Caja Madrid, Spain’s second-biggest savings bank,
acknowledged it was in merger talks w/5 smaller lenders (Caja Insular de Canarias, Caixa
Laietana, Caja de Avila, Caja Segovia and Caja Rioja)
· Portugal - Portugal's biggest labor group girded for a mass protest rally through central Lisbon on Saturday (Reuters)
· Portugal’s parliament to approve deficit cutting measures next week – Bloomberg
· Spain Strikes set – a Spanish union has called for a strike of public sector workers for June
· French President Nicolas Sarkozy Visits Germany – June 7
· Conferences - Bank of America Merrill Lynch Technology Conference on Wednesday and
Thursday in New York, Cowen and Co. Technology Media & Telecom Conference on
Wednesday and Thursday in New York, Goldman Sachs Basic Materials Conference from
Wednesday through Friday in New York, Sanford C. Bernstein Strategic Decisions
Conference from Wednesday through Friday in New York, and Credit Suisse Group
Engineering & Construction Conference on Thursday in New York. DJ
· The Fed could consider cutting the rate it charges on US$ loans made through the ECB;
currently, this rate is 100bp ahead of OIS (Overnight Indexed Swaps, which tracks the
expected path of the Fed Funds); some think cutting the rate wouldn’t do much as its
currently not onerous; however, there has only been ~$9B drawn under the swaps since they
were re-opened a few weeks ago – WSJ
· Fed’s term deposit facility dates - The first auction will be held June 14 and will offer $1
billion of 14-day term deposits. An auction for 28-day deposits will be held June 28, and a
sale of 84-day deposits will be held July 12. Bloomberg
· Run-off election – Sen Lincoln’s run off election on June 8.
· Mon May 31 – holidays in both US and UK
· May 31-June 4 – Congressional recess for Memorial Day
· European Parliament Committee Meeting June 1-3.
· REITs – the NAREIT ’10 Investor Forum. June 9-11.
· Lodging industry – NYU Int’l Hospitality Industry Investment Conf. June 6-8.
· Annual ASCO meeting (American Society for Clinical Oncology, June 4-8, 2010) in
· Confirmation hearings for Elena Kagan to the Supreme Court due to start June 28.
· AAPL - its Worldwide Developers Conference will begin June 7, the likely date when the
company will introduce its next iPhone (ComputerWorld)
· TXN mid-Q update on June 8.
· Semi Equipment – SEMICON West ’10. Jul 13-15.
· RMBS - announced that it has received notification from the International Trade Commission
(ITC) extending the target date for completion of the investigation until July 26, 2010. The
ITC has requested further briefing regarding a license agreement between Rambus and
Samsung Electronics. "We are confident the ITC will ultimately affirm that Rambus patents
are valid and infringed by the Respondents,"
· OPEC – next scheduled meeting not until Oct 15
· Rating agencies – key catalysts coming up: 1) JPMorgan conf call June 1 10:30amET to
review the industry; 2) the Financial Crisis Inquiry Commission will be holding a June 2
hearing on the role of rating agencies in the crisis; Buffett will be among those testifying
(WSJ); 3) MCO analyst meeting coming up Thurs June 10; 4) Reconciliation process – fin
reg reform – will the Franken amendment make it into the final bill.
· Accounting – the comment period for the recent FASB mark-to-market rules will wrap up
Sept 30, 2010.

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