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Morning Focus
A lot of macroeconomic headlines hitting the tape in Europe overnight, along with a lot of data beginning at 8:30AM this morning,
so I will get right to the point: European sovereign spreads relative to Bund widened overnight, Spain 10s +13 to 223.5, Portugal
10s +18 to 305.7, Greek 10s +30 to 695, Irish 10s stable at 292. Bonds catching a bid overnight, however as we approach the US
session that demand has tapered off with some positive econ news out of the UK. Asian indices ended higher across the board,
with the exception of China, which remains closed: Australia: 4559 +1.20pct, Nikkei 225 10067 +1.81pct, Hang Seng 20062
+0.05pct.
Europe
ECB: Banks Used EUR77.168 Bln In Overnight Deposit Facility, Total Of Settled Covered Bond Buys Reaches EUR57.467B
(DJ)
EU, IMF, US mull 250 bln euro credit line for Spain-report
Turkey Central Bank Sells TRY1 Billion In Repo
ECB's Gonzalez-Paramo warns banks face funding headache (Reuters)
U.K. May Consumer Confidence Slumps To 65 From 75 In April
UK gets 2.53 cover at 2017 linker mini-tender (Reuters)
Fitch sees euro zone breakup as "remote risk" (Reuters)
Spanish/German bond spread at euro lifetime high (Reuters)
UK Cameron: Must Keep Control Of Inflation (DJ)
U.K. May jobless claims fall 30,900 (MARKETWATCH)
France announces hike in retirement age to 62 (MARKETWATCH)
Sweden says nearing budget balance, borrowing to fall (Reuters)
Austria Q1 Jobless Rate At 4.7%, Austria May CPI Up 1.9% On Year
Euro-zone May annual CPI up unrevised 1.6% (MARKETWATCH)
Eurozone May Core CPI Up 0.8% On Year, Consensus 0.8% Rise
Italy May CPI Incl Tobacco Up 0.1% On Month, 1.4% On Year
EU, IMF eye 250bn credit line for Spain: report (MARKETWATCH)
Spain April Business Start-Ups Up 14.6% On Year
Equities
BAC, BP - BofA Tells Traders Not To Do Oil Deals With BP More Than 1 Year Out (Reuters)
RIG - Fitch Lowers Transocean Outlook To Negative On Oil Spill Cleanup Worries (DJ)
BP - BP CDS spreads soar, hit all-time high (MARKETWATCH)
WYNN- WSJ: Wynn Reduces Some Staff, But Restores Others to Full Time (DJ)
APOL, CECO: US to go after deceptive colleges, delays job rule (Reuters)
Symbol Last Chg Symbol Last Chg Symbol Last Symbol Last
DOW 10298 -34 EURUSD 1.228 -0.0052 2s5s 133.00 US2Y .74
SP500 1104.5 -4.75 GBPUSD 1.4802 -0.0008 2s10s 255.00 US5Y 2.07
NSDQ 1886.5 -6.75 EURJPY 112.33 -0.43 2s30s 346.00 US7Y 2.74
ZB 123'05 +0'14 USDCAD 1.0285 0.0026 5s10s 122.00 US10Y 3.29
ZN 120'010 +0'045 USDJPY 91.52 0.04 5s30s 213.00 US30Y 4.20
ZF 116'295 +0'027 NZDUSD 0.6972 0.0009 10s30s 91.00 UK5Y 2.22
ZT 109'035 +0'015 UK10Y 3.51
CLN0 76.47 -0.47 UK30Y 4.29
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