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Daily US Opening News And Market Re-Cap: June 28

Tyler Durden's picture




 

From RanSquawk

  • ECB's Trichet reiterated that the ECB is in a strong vigilance mode, adding that the ECB will not participate in a Greek debt plan
  • EU's Almunia said the Greek crisis may seriously impact growth in Europe and Europe is in a period of acute crisis
  • According to Eurozone sources, up to 15 of 91 banks are expected to fail the EU wide stress tests
  • BoE’s Tucker said the BoE should not just cast aside BIS suggestion to raise interest rates

Market Re-Cap

Markets lacked any firm direction in today’s session as participants looked ahead to tomorrow’s key austerity vote in the Greek parliament. Comments from EU’s Almunia that the Greek crisis may seriously impact growth in Europe dented appetite for risk. Elsewhere, GBP came under pressure following a decline in final first quarter year-by-year GDP reading from the UK, however did receive some support on the back of hawkish comments from BoE’s Tucker. Moving into the North American open, markets look ahead to key US economic data in the form of consumer confidence and Richmond Fed manufacturing report. In fixed income, there is another Fed's Outright Treasury Coupon Purchase operation in the maturity range of Aug’18 – May’21, with a purchase target of USD 4-5bln, allied with USD 35bln 5-year Note auction.

Asia Headlines:

BoJ’s Governor Shirakawa said monetary policy conducted to address immediate inflation trends can cause bubbles and central banks need to make decisions bearing in mind their long-term effects. (Sources)
In other news, room for China to further tighten monetary policy has become small as inflation may peak in June or July. (China Securities Journal)

US Headlines

US Treasury Secretary Geithner is not expected to significantly shift the August 2nd date when the government will have exhausted all of its emergency measures to stave off default, a source familiar with the administration’s efforts said. Meanwhile, President Obama is confident Democrats and Republicans can cut a significant deal to trim the US deficit and increase its borrowing limit to avoid a damaging default, the White House said. (RTRS)
Fed’s Dudley said so-called bank stress tests must use scenarios that are “severe” in order to be “credible” and disclosure of the results must be “sufficiently granular” so that they can be readily analyzed. (Sources)
BarCap month-end extensions: US Treasury +0.06 years

EU and UK Headlines:

German CPI - North Rhine-West (Jun) Y/Y 2.5% vs. Prev. 2.3%
German CPI Hesse (Jun) Y/Y 2.1% vs. Prev. 2.0%
German CPI Brandenburg (Jun) Y/Y 1.9% vs. Prev. 1.9%
German CPI - Bavaria (May) Y/Y 2.1% vs. Prev. 2.1%
UK GDP Q/Q (Q1 F) 0.5% vs. Exp. 0.5% (Prev. 0.5%)
UK GDP Y/Y (Q1 F) 1.6% vs. Exp. 1.8% (Prev. 1.8%)
UK Current Account (GBP) Q/Q (Q1) -9.4bln vs. Exp. -4.7bln (Prev. -10.5bln, Rev. to -13.0bln) (RTRS)
BarCap month-end extensions: Euro Sovereign Index +0.06 years
BarCap month-end extensions: Sterling Index +0.22 years

Full report

 

Daily Us Opening News

 

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Tue, 06/28/2011 - 08:41 | 1408340 HelluvaEngineer
HelluvaEngineer's picture

Any idea why futures just jumped 5 pts?  Did some kid in Greece get clubbed live on CNBC?

Tue, 06/28/2011 - 08:54 | 1408376 Cdad
Cdad's picture

I woke a bit late this morning, but I am going to go ahead and guess that futures jumped because of the criminal syndicate Wall Street bank that has been selling the hell out of the US dollar for the last 30 minutes.

You have to just love it when these criminals are absolutely blatant in their offense against the currency, which is an offense against the people.  Of course, the constant whacking of our currency is good for banks and governments drowning in unsustainable debt, while it is bad for all the rest of us.  Just check the ramp job going on oil.

All pretty self-explanatory....but of course, and per Ben Bernanke's lying words, the market for US dollars has nothing to do with his printing press.  Uh huh.

Nothing like being pissed off straight out of the premarket gate.  Getting my coffee now...perhaps my mood will improve shortly.

Tue, 06/28/2011 - 08:54 | 1408389 HelluvaEngineer
HelluvaEngineer's picture

Obviously another day when the market is scheduled to go up, or else it will be forced to.

Tue, 06/28/2011 - 09:07 | 1408407 Cdad
Cdad's picture

Obviously...and the Roach Motel's [SPY] RSI hits infinity on vapor volume once again.  Obviously, another up open on nothing.  So when does the collapse party start, and whose place is it at?

It continues to be one of the most fascinating tell-tale facts about this market that every single dip shit trader who rushes in long at the close, without the confirmation of any support [volume] for his dumb ass decision, is rewarded first thing in the morning.  This, by the way, proves that the market is not a market, but a Ponzi scheme.  It fits the definition perfectly.

Look for an ugly reversal, perfectly cued up by BlowHorn coverage of rising violence in Greece.

Tue, 06/28/2011 - 08:47 | 1408358 hugovanderbubble
hugovanderbubble's picture

Germany to support French banks ....JAJAJA

Lies¡ Germany and French banks may have to pay big losses in PIIGS.

 

Market completly broken...

Tue, 06/28/2011 - 08:48 | 1408364 White.Star.Line
White.Star.Line's picture

Timmy G could easily shift the August 2nd date.

After all, he's a pretty shifty guy.

Tue, 06/28/2011 - 08:58 | 1408393 lizzy36
lizzy36's picture

Today should be labelled "all irrelevat" as window dressing into the end of the month, quarter and half year continues.

WINDOW DRESSING TEUSDAY. #momogo

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