Wednesday, August 25, 2010

· SP500 futures are flattish. 

· Europe levels: DJ Euro Stoxx -0.5%, FTSE/CAC off 0.5%; Spain dwn 0.9%; DAX dwn 0.4%.

· European trading: trending lower after seeing gains earlier in the session; financials, utilities, energy, tech leading on downside.  On the downside, Aegon -2.7%, AXA -1.8%, Alstom -1.8%, Arcelor -1.8%, Intesa -1.6%, BNP -1.6%, E.ON -1.6%.  In London, Tullow Oil is dwn ~6% after earnings while BT, BP, Prudential PLC, WPP all lag.  On the upside, Admiral is up 3.5%.  BHP is flattish after earnings. 

· Ireland equities – actually up small overall (this is ISEQ Index on BBG).  Financials are dwn ~3% but other sectors act well.  Allied Irish -5.7%, Bank Ireland -3.2%, etc. 

· Asia: Japan dn 1.7%; China dn 2.0%; Hong Kong dn 0.1%; India dn 0.4%; Australia dn 1.4%. 

· FX – the DXY up 0.15% (has been in green for last 5 consecutive sessions); GBP and EUR both up 0.2% vs. US$; yen off 0.8% vs. US$ and off ~1%+ vs. EUR (on more rhetoric around intervention – see below). 

· Treasuries – 2s, 5s, and 7s off small while 10s flattish and 30s up small = curve continues to contract (2-10 spread now 202bp). 

· Commodities: copper dwn 0.4%, crude flattish, gold up 0.5%.    

· European sov CDS spreads were tighter earlier but are starting to move out now – Ireland out ~7bp (was tighter overnight but moving wider now); Greece is ~10bp tighter; Italy and Spain both out ~5bp; Portugal flattish. 

· European bank CDS wider on the Ireland d/g – RBS, Agricole, CS, all out ~3bp. 

· Quick Look: Ireland d/g @ S&P; German IFO strong; BHP earnings (outlook cautious); more yen rhetoric (working today as yen weak); TOL #s beat; Australia mining tax could stay; AAPL event Sept 7; still seems like consensus looking for a bounce despite neg. sentiment; all eyes on Bernanke Fri @ 10amET.

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