Tuesday, June 30, 2015

US Mid-Session Update

Economic data

- (PT) Portugal May Retail Sales M/M: 0.2% v 0.7% prior; Y/Y: 1.9% v 3.5% prior
- (PT) Portugal May Industrial Production M/M: 1.2% v 1.6% prior; Y/Y: +3.2% v 0.5% prior
- (IT) Italy May PPI M/M: +0.2% v -0.2% prior; Y/Y: -2.7% v -3.0% prior
- (IE) Ireland Jun Unemployment Rate: 9.7% v 9.7% prior
- (IE) Ireland Jun Consumer Confidence: 102.8 v 98.5 prior
- (US) Goldman Economist Chain Store Sales w/e Jun 26th w/w: +2.2%; y/y: +2.7%
- (ZA) South Africa May Budget Balance (ZAR): -18.5B v -21.8Be  
- (PL) Poland Central Bank (NBP) Jun Inflation Expectations Survey: 0.2% v 0.2%e  
- (ZA) South Africa May Trade Balance (ZAR): +5.0B v -3.2Be  
- (PL) Poland Q1 Current Account Balance: €1.7B v €2.2Be  
- (CL) Chile May Total Copper Production: 508.3K v 471.4K prior
- (BR) Brazil May PPI Manufacturing M/M: 0.2% v 0.3% prior; Y/Y: 6.1% v 5.7% prior
(CA) Canada Apr GDP M/M: -0.1% v 0.1%e; Y/Y: 1.2% v 1.5%e 
- (US) Weekly Redbook Sales w/e Jun 26th: 1.7% y/y, Jun MTD m/m: -1.5%; Jun MTD y/y: +1.4%
- (US) Jun ISM Milwaukee: 46.6 v 47.7 prior
(US) Apr S&P/ CaseShiller 20 City M/M: -0.30% v 0.80%e; Y/Y: 4.91% v 5.50%e; HPI NSA: 177.01 v 175.2 prior
(US) Jun Chicago Purchasing Manager: 49.4 v 50.0e 
(US) Jun Consumer Confidence Index: 101.4 v 96.7e 

Volatility continues to shake global markets this morning as another day brings another round of Greece rumors. In Asia, Chinese stocks closed 5.5% higher, having been as much as 5.1% lower during the session. Yesterday the S&P500 fell more than 2%, coming within points of its 200-day moving average, both the S&P500 and the DJIA erased their gains on the year, while the VIX volatility index rose 34% to 19, the biggest gain since April 2013. Today the VIX remains just shy of 19 while US stocks are still in the green. As of writing, the DJIA is up 0.16%, the S&P500 is up 0.48% and the Nasdaq is up 0.43%.

After multiple Eurozone officials said that the door was still open for a deal, the Greeks have taken them at their word and reportedly asked for a new two-year, €29 billion bailout via the ESM with a parallel debt restructuring. German officials were calling on Athens to cancel Sunday's Greek referendum in order to provide space to examine the new proposal, while Chancellor Merkel indicated there will be no "new developments" on Greece today. Note that the Greeks have already confirmed that they will not be making the IMF payment due today, although for its part an IMF spokesperson clarified that in official document "arrears" will be used to characterize Greece's non-payment rather than "default."

Celgene has acquired a 10% stake in Juno Therapeutics as part of a wide-ranging cancer treatment partnership, paying $93/shr, a premium of around 100% on yesterday's closing price. The massive premium gets Celgene in on Juno's Car-T therapy, which involves extracting a cancer patient's white blood cells, re-engineering them to attack tumors, and then reintroducing them into the body. Shares of JUNO are up ~20% as of writing, well off their premarket highs, as analysts debate whether or not Celgene overpaid for its stake. Several other small biotech names are seeing strong gains, including LBIO and KITE.

Looking Ahead

- 12:00 (CO) Colombia May Urban Unemployment Rate: 10.3%e v 10.5% prior; National Unemployment Rate: No est v 9.5% prior
- 12:00 (US) USDA Quarterly Report 
13:00 (US) Fed's Bullard (Non voter)
- 15:00 (AR) Argentina May Construction Activity M/M: No est v 4.2% prior; Y/Y: No est v 10.6% prior
- 15:30 (MX) Mexico May YTD Budget Balance (MXN): No est v -121.6B prior
- 16:30 (US) Weekly API Oil Inventories
- 19:00 (KR) South Korea Jun CPI M/M: 0.1%e v 0.3% prior; Y/Y: 0.7%e v 0.5% prior; CPI Core Y/Y: No est v 2.1% prior
19:50 (JP) Japan BOJ Q2 Tankan Large Manufacturer Index: 12e v 12 prior; Outlook Survey: 14e v 10 prior- 19:50 (JP) Japan BOJ Q2 Tankan Large Non-Manufacturer Index: 22e v 19 prior; Outlook Survey: 23e v 17 prior- 20:00 (KR) South Korea Jun PMI Manufacturing: No est v 47.8 prior- 20:00 (KR) South Korea Jun Trade Balance: $8.5Be v 6.3B prior; Exports Y/Y: -2.0%e v -10.9% prior; Imports Y/Y: -10.8%e v 15.4% prior (revised from 15.3%)  - 21:00 (CN) China Jun Manufacturing PMI (Official): 50.4e v 50.2 prior- 21:00 (CN) China Jun Non-manufacturing PMI: No est v 53.2 prior- 21:35 (JP) Japan Jun Final PMI Manufacturing: No est v 49.9 prelim- 21:45 (CN) China Jun Final HSBC PMI Manufacturing: 49.6e v 49.6 prelim - 22:00 (TW) Taiwan Jun Manufacturing PMI: No est v 49.3 prior 
- 22:00 (VN) Vietnam Jun Manufacturing PMI: No est v 54.8 prior 
- 23:00 (ID) Indonesia Jun PMI Manufacturing: No est v 47.1 prior

Bonds in the morning

Puerto Rico Prompts Rethink Among Muni Investors

  • 8 years of zero interest-rate policy have driven many investors to chase yield in unsafe places and the latest example is Puerto Rico, which announced on Monday that it will need to restructure $72 bln of municipal debt. Reuters has more here
  •  Bank of America is estimating Canadian GDP growth at -0.6% for Q2 2015, which would put Canada at 2 straight negative quarters and therefore into recession, if the estimate proves accurate
  • Treasuries remain softer going into the release of the Case-Shiller Index for April
Yield Check:
  • 2-yr: +1 bp to 0.65%
  • 5-yr: +2 bps to 1.65%
  • 10-yr: +3 bps to 2.35%
  • 30-yr: +2 bps to 3.12%

Tuesday's poster of the day


European Mid-Morning Update

Notes/Observations

- Risk aversion theme diminished but not abated at this time
- Greece situation continues to overshadow events; country set to default on today's IMF repayment but immediate consequences limited
- Greece PM Tsipras said to consider last minute initiative for an agreement
- China Shanghai Composite ebds positive after registering a 10% intra-day swing; largest since 1997

Economic data

- (JP) Japan May Vehicle Production Y/Y: -16.6% v -7.5% prior (10th straight decline)
- (JP) Japan May Annualized Housing Starts: 912K v 915Ke; Housing Starts Y/Y: 5.8% v 5.5%e 
- (DE) Germany May Retail Sales (beat) M/M: 0.5% v 0.0%e; Y/Y: -0.4% v +2.8%e  
- (FR) France May Consumer Spending M/M: +0.1% v -0.2%e; Y/Y: 1.8% v 1.5%e 
- (CH) Swiss Jun KOF Leading Indicator (miss): 89.7 v 93.7e
 
- (TR) Turkey May Trade Balance (miss): -$6.8B v -$6.6Be  
- (DK) Denmark Q1 Final GDP Q/Q: 0.5% v 0.4%e, Y/Y: 1.7% v 1.7%e  
- (CZ) Czech Q1 Final GDP Q/Q: 2.5% v 3.1% prior; Y/Y: 4.0% v 4.2% prior
- (CN) China Q1 Current Account Surplus revised lower from $78.9B to $75.6B
- (DE) Germany Jun Unemployment Change: -1K v -5Ke; Unemployment Rate: 6.4% v 6.4%e 
- (IT) Italy May Preliminary Unemployment Rate: 12.4% v 12.3%e 
- (UK) Q1 Current Account Balance: -£26.5B v -£24.0Be 
- (UK) Q1 Final GDP Q/Q: 0.4% v 0.4%e; Y/Y: 2.9% v 2.5%e
 
- (UK) Q1 Final Total Business Investment Q/Q: 2.0% v 1.7% prelim; Y/Y: 5.7% v 3.7% prelim
- (EU) Euro Zone Jun Advance CPI Estimate (in line) Y/Y: 0.2% v 0.2%e; CPI Core Y/Y: 0.8% v 0.8%e 
- (EU) Euro Zone May Unemployment Rate (in line): 11.1% v 11.1%e
 
- (GR) Greece Apr Retail Sales Volume Y/Y: -1.9% v +1.0% prior; Retail Sales Value Y/Y: -3.3% v -0.6% prior
- (IT) Italy Jun Preliminary CPI NIC incl. tobacco M/M: 0.1% v 0.1%e; Y/Y: 0.1% v 0.1%e  

Fixed Income Issuance

- None seen

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities

Indices
 [Stoxx50 -0.6%, FTSE 100 -0.8% at 6,571, DAX -0.7% at 11,007, CAC-40 -0.8% at 4,832, IBEX-35 -0.3% at 10,825, FTSE MIB flat at 22,566, SMI -0.3% at 8,849, Athens Stock Exchange closed, S&P 500 Futures +0.5% at 2,060]

- Market Focal Points/Key Themes: European equity markets open lower following declines on Monday, fluid situation in Greece remains in focus; Only slight losses seen in banking sector vs Monday's declines (BCP BCP.PT -0.6%; BNP BNP.FR -0.6%; Deutsche Bank DBK.DE -0.8%); Markets pare losses amid press speculation that Greece is considering a last minute proposal 

By Sector 

- Financials
 [Standard Life SL.UK -1% (broker commentary)]
- Technology [Imagination Technologies IMG.UK +4% (outlook)]
- Industrials [Gerresheimer GXI1.DE -5% (cautious medium-term outlook)]
- Basic Materials/Resources [K+S SDF.DE +2.5% (broker commentary) ]
- Consumer Discretionary [Ocado OCDO.UK -4% (H1 profits below ests); Carpetright CPR.UK +2% (FY profits rose)]
- Stoxx50 Sectors [Energy -1.7%, Consumer Cyclical -1.6%, Industrials -1.4%, Basic Materials -1.4%, Telecom -1.3%, Consumer Non-Cyclical -1.2%, Financials -1.1%, Technology -0.9%, Utilities -0.7%]

Speakers

- Greece PM Tsipras said to consider last minute initiative for an agreement

- German Fin Min Schaeuble: Greece must fulfill conditions to remain in Euro; Europe will do it utmost to defend Euro. Greece has announced it would not pay the IMF (**Note: already confirmed by Greece on Monday). Says Greece cannot destroy the Euro
- France Fin Min Sapin: French borrowing costs have dropped this week; Greece situation has had no impact on domestic banks  
- Austria Fin Min Schelling reiterated Greece default was not automatic on IMF payment miss. EU would review the Greek situation aftre Sunday's referendum vote
- Spain PM Rajoy: Would be good for Greece if PM Tsipras lost the upcoming referendum
- Germany Chancellor Merkel Adviser Feld: Contagion risk from Greece was low. Grexit might be a gain for Euro Zone as it would become more homogeneous group
- Russia reiterated Greece has not applied for financial aid
- RBA Gov Stevens: Inflation looks a bit too low globally; No direct comments on monetary policy  
- BoJ Gov Kuroda: Want to coordinate with other overseas officials and closely monitor market moves related to Greece
- Japan Cabinet approves govt basic economic and fiscal policy

Currencies

- Risk aversion theme diminished but not abated at this time.
 Month end and quarter end liquidity conditions were described as 'horrid' by participants. Dealer chatter that one poll showing "No" vote significantly in the lead for Sunday's referendum in Greece
- The EUR/USD retraced some of Monday's unexplainable gains to test 1.1170. ECB so far merely refused to lift ELA assistance to Greece further, which already enforced capital controls and bank closures. Draghi promised to keep ELA running as long as there was a program in place and negotiations continued. Tomorrow (Wed, July 1st) that will not be the case. Euro was off session lows after reports circulated that Greece PM Tsipras was said to consider last minute initiative for an agreement
- The JPY currency end Q2 at 122.20 for its 4th straight quarterly loss. This is the longest yen losing streak since 2006.  

Fixed Income

- Bund futures
: trade up 7 ticks at 151.84, down from the highs of the day at 152.41, as rumors circulating indicate that Greek PM Tsiparis is heading to Brussels for a last minute deal. A move back up to yesterdays highs at 152.96/99 would mark the 38.2% retracement of the April/June fall and above this 154.41/50 would mark the next resistance representing the 50% retracement. To the downside, a break below today's lows at 151.84 still targets 151.02 as support then 150.51.
- Tuesdays liquidity report: showed Monday's excess liquidity jumped to the highest level since March 2013. 
- UK Gilt futures: trade near the lows at 115.65 up 28 ticks. In what has been a tight range today near term support stands at 115.19 with 114.52 the next target. To the upside near term resistance is just above the highs at 115.99 which is the 50% retracement of the May/June fall, with resistance above at 116.36. 

Political/In the Papers
 
- (GR) Greece could seek to take legal action to prevent exit from euro zone
-(GR) ECB's Coeure: Eurogroup has determined that creditors have reached limit of what is acceptable in latest Greek offer - French press; ECB's decision not to raise ELA was irreversible; ECB will maintain support to Greek banks until further notice; ECB remains prepared to utilize new extraordinary instruments, as long as they are within its mandate
- (GR) Greece PM Tsipras affirms that Greece will implement the decision made by the people at the referendum; Greece will survive even if it has no bailout program; indicates he will step down if the people vote 'yes' for austerity

Looking Ahead
 
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (GR) Greece bailout extension formally expires
- (IT) Italy Debt Agency (Tesoro) to sell combined €3.0-4.5B in 5-year and 10-year BTP Bonds 
- (IT) Italy Debt Agency (Tesoro) to sell €2.0-2.5B in Jun 2022 CCTeu (Floarting rate Bond
- 05:30 (HU) Hungary Debt Agency (AKK) to sell 3-month Bills
- 05:30 (BE) Belgium Debt Agency to sell €1.5-1.9B in 3-month and 6-month Bills
- 05:30 (ZA) South Africa to sell 2030, 2032 and 2048 bonds
- 06:00 (PT) Portugal May Retail Sales M/M: No est v 0.8% prior; Y/Y: No est v 3.5% prior
- 06:00 (PT) Portugal May Industrial Production M/M: No est v 1.1% prior; Y/Y: No est v 0.5% prior
- 06:00 (IT) Italy May PPI M/M: No est v -0.3% prior; Y/Y: No est v -3.1% prior
- 06:00 (IE) Ireland Jun Unemployment Rate: No est v 9.8% prior
- 06:00 (MY) Malaysia May M3 Money Supply Y/Y: No est v 6.5% prior
- 06:30 (IN) India May Fiscal Deficit (INR): No est v 12.8B prior  
- 06:45 (US) Daily Libor Fixing
- 07:00 (RU) Russia announces weekly OFZ bond auction  
- 07:00 (UK) BOE's Haldane  
- 07:45 (US) Chain Store Sales
- 08:00 (PL) Poland Central Bank (NBP) Jun Inflation Expectations Survey: 0.2%e v 0.2% prior
- 08:00 (ZA) South Africa May Trade Balance (ZAR): -3.2Be v -2.5B prior
- 08:00 (ZA) South Africa May Budget Balance (ZAR): -21.8Be v -41.4B prior
- 08:00 (PL) Poland Q1 Current Account Balance: €2.2Be v -€2.0B prior
- 08:00 (CL) Chile May Unemployment Rate: 6.3%e v 6.1% prior
- 08:00 (CL) Chile May Manufacturing Index Y/Y: -1.0%e v +0.8% prior
- 08:00 (CL) Chile May Retail Sales Y/Y: 2.0%e v 3.3% prior
- 08:00 (CL) Chile May Total Copper Production: No est v 471.4K prior
- 08:00 (BR) Brazil May PPI Manufacturing M/M: No est v 0.3% prior; Y/Y: No est v 5.6% prior
- 08:15 (US) Baltic Dry Bulk Index
- 08:30 (CA) Canada Apr GDP M/M: +0.1%e v -0.2% prior; Y/Y: 1.5%e v 1.5% prior
- 08:55 (US) Weekly Redbook Sales
- 09:00 (US) Jun ISM Milwaukee: No est v 47.7 prior
- 09:00 (US) Apr S&P/ CaseShiller 20 City M/M: 0.80%e v 0.95% prior; Y/Y: 5.50%e v 5.04% prior; HPI NSA: No est v 175.2 prior
- 09:00 (US) Apr S&P/ CaseShiller M/M: 1.00% v 0.12% prior; Y/Y: No est v 4.14% prior; HPI NSA: No est v 168.03 prior
- 09:00 (EU) Weekly ECB Forex Reserves
- 09:30 (BR) Brazil May Nominal Budget Balance (BRL): -55.3Be v 11.2B prior; Primary Budget Balance (BRL): -7.0Be v 13.4B prior; Net Debt to GDP Ratio: No est v 33.8% prior
- 09:45 (US) Jun Chicago Purchasing Manager: 50.0e v 46.2 prior
- 10:00 (US) Jun Consumer Confidence Index: 96.7e v 95.4 prior

- 10:00 (MX) Mexico May Net Outstanding Loans (MXN): No est v 2.795T prior
- 10:00 (MX) Mexico Weekly International Reserves  
- 11:30 (US) Treasury to sell 4-Week Bills 
- 12:00 (CO) Colombia May Urban Unemployment Rate: No est v 10.5% prior; National Unemployment Rate: No est v 9.5% prior
- 12:00 (US) USDA Quarterly Report 
- 12:00 (EU) EU's Juncker speaks at API-IPA conference in Brussels  
- 13:00 (US) Fed's Bullard (Non voter)
- 15:00 (AR) Argentina May Construction Activity M/M: No est v 4.2% prior; Y/Y: No est v 10.6% prior
- 15:30 (MX) Mexico May YTD Budget Balance (MXN): No est v -121.6B prior
- 16:30 (US) Weekly API Oil Inventories
- 19:00 (KR) South Korea Jun CPI M/M: 0.1%e v 0.3% prior; Y/Y: 0.7%e v 0.5% prior; CPI Core Y/Y: No est v 2.1% prior
- 19:50 (JP) Japan BOJ Q2 Tankan Large Manufacturer Index: 12e v 12 prior; Outlook Survey: 14e v 10 prior
- 19:50 (JP) Japan BOJ Q2 Tankan Large Non-Manufacturer Index: 22e v 19 prior; Outlook Survey: 1e v 1 prior
- 20:00 (KR) South Korea Jun PMI Manufacturing: No est v 47.8 prior
- 20:00 (KR) South Korea Jun Trade Balance: $8.5Be v 6.3B prior; Exports Y/Y: -2.0%e v -10.9% prior; Imports Y/Y: -10.8%e v 15.4% prior (revised from 15.3%)  
- 21:00 (CN) China Jun Manufacturing PMI (Official): 50.4e v 50.2 prior
- 21:00 (CN) China Jun Non-manufacturing PMI: No est v 53.2 prior
- 21:35 (JP) Japan Jun Final PMI Manufacturing: No est v 49.9 prelim
- 21:45 (CN) China Jun Final HSBC PMI Manufacturing: 49.6e v 49.6 prelim 
- 22:00 (TW) Taiwan Jun Manufacturing PMI: No est v 49.3 prior  
- 22:00 (VN) Vietnam Jun Manufacturing PMI: No est v 54.8 prior 
- 23:00 (ID) Indonesia Jun PMI Manufacturing: No est v 47.1 prior
- (ES) Spain May YTD Budget Balance: No est v -€12.0B prior
- (CO) Colombia Q1 Current Account Balance: No est v -$6.4B prior
- (ZA) South Africa Q1 Non-Farm Payrolls Q/Q: No est v 0.5% prior; Y/Y: No est v -0.2% prior

Asia Mid-Session Update

Economic Data

- (JP) JAPAN MAY LABOR CASH EARNINGS Y/Y: 0.6% V 0.7%E; REAL (EX-INFLATION) EARNINGS Y/Y: -0.1 V 0.2% PRIOR 
- (AU) AUSTRALIA MAY PRIVATE SECTOR CREDIT M/M: 0.5% V 0.5%E; Y/Y: 6.2% V 6.1%E 
- (AU) AUSTRALIA MAY HIA NEW HOME SALES M/M: -2.3% V 0.6% PRIOR; first decline in 5 months 
- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 116.3 v 114.0 prior; highest level in 18 months 
- (NZ) NEW ZEALAND JUN ANZ ACTIVITY OUTLOOK: 23.6 V 32.6 PRIOR; BUSINESS CONFIDENCE: -2.3 V +15.7 PRIOR, first decline since Feb 2011 
- (NZ) NEW ZEALAND MAY BUILDING PERMITS M/M: 0.0% V -1.7% PRIOR 
- (SG) Singapore May M1 Money Supply Y/Y: 0.8% v 1.2% prior; M2 Money Supply Y/Y: 4.9% v 4.5% prior 
- (KR) South Korea Jul Business Manufacturing Survey: 67 v 77 prior (lowest level since December 2012); Non-Manufacturing Survey: 66 v 76 prior 
- (KR) SOUTH KOREA MAY INDUSTRIAL PRODUCTION M/M: -1.3% (3rd straight decline) V -0.7%E; Y/Y: -2.8% V -1.9%E 
- (UK) JUN GFK CONSUMER CONFIDENCE: 7 V 2E; multi-year high 

Index Snapshot (as of 03:30 GMT)

- Nikkei225 -0.1%, 
- S&P/ASX -0.2%, 
- Kospi +0.3%, 
- Shanghai Composite -0.3%, 
- Hang Seng +0.6%, 
- Sept S&P500 +0.1% at 2,053

Commodities/Fixed Income

- Aug gold -0.2% at $1,176/oz, Aug crude oil -0.6% at $57.97/brl, Sept copper flat at $2.63/lb
- SLV: iShares Silver Trust ETF daily holdings fall to 10,068 tonnes from 10,088 tonnes 
- (CN) PBoC to inject CNY50B in 7-day reverse repos (2nd consecutive injection) at lower yield of 2.5% v 2.7% prior

Market Focal Points/FX

- Shanghai Composite resumed its steep decline in the early going, falling by as much as 5% below 3,850, but heading into its midday break the index has impressively returned all the way back to its unchanged levels above 4,050. PBoC has injected another CNY50B in liquidity through 7-day reverse repos and also lowered the offering yield by 20bps to 2.5%. Earlier, local press also reported regulators are considering allowing the country's pension fund to invest in A-share market.  However, the upward inflection coincided with reports that CSRC would postpone the China Nuclear Engineering Corp (CNEC) IPO that was expected to raise CNY2.7B in July. Despite Securities Finance Corporation (CSF) determination earlier that risks of margin trading is within control, Shanghai Exchange also announced a halt in margin trading for select stocks. Note that the out-of-control margin investing in the retail space along with the rich IPO pipeline have been widely cited as the key culprits in this extreme China selloff.

- Australia's latest HIA new home sales should give greater comfort to RBA if it were to lean in favor of more easing. M/M sales fell for the first time in 5 months, and resident economist said decline was "driven by a 5.1% dip in detached house sales - reflecting weaker monthly demand in four out of the five states surveyed." In New Zealand, ANZ Business Confidence also contracted for the first time since early 2011, with ANZ citing low sentiment in construction along with particularly downbeat conditions in agriculture. NZD/USD was the biggest loser against the generally bid USD, falling about 50pips below $0.68 level in the wake of ANZ data.

- There were no updates out of Greece as the formal deadline for IMF payment is now 24 hours away. Few expect Athens to come up with the funds, and markets hope for the optimal scenario of a YES referendum vote followed by a pro-creditor govt transition. EUR was bid in the US hours after investors saw the peripheral yields were up by a fraction of the Greek debt, but pared some of that rebound in Asian hours, sliding some 50pips to 1.1180.

Equities

US equities / ADRs:
- JUNO: Celgene announces ten year collaboration with JUNO; Juno will receive $150M upfront payment and Celgene will buy 9.1M shares at $93/shr (100% premium over closing price); +37.2% afterhours
- FGEN: Announces receipt of $120M License Payment from AstraZeneca; +2.0% afterhours
- APOL: Reports Q3 $0.53 v $0.47e, R$681M v $699Me; -6.8% afterhours

Notable movers by sector:
- Consumer discretionary: Wuxi Taiji Industry Co 600667.CN +10.0% (restructuring plan); Chengdu B-Ray Media Co Ltd 600880.CN -3.5% (halts margin trading); Beijing Enlight Media 300251.CN +5.5% (investment in Longvision Media); Kathmandu Holdings Ltd KMD.AU +23.2% (Briscoes to acquire stake); Qantas Airways QAN.AU +3.6% (May result)
- Consumer staples: Woolworths Limited WOW.AU -0.6% (considers selling Thomas Dux chain)
- Financials: CITIC Securities 6030.HK +0.4%, GF Securities 1776.HK -1.6%, Guotai Junan 1788.HK-4.6% (CSRC comment)
- Industrials: Brilliance China Automotive Holdings 1114.HK +2.1% (considers group listing); CRRC Corp 1766.HK -0.7% (clarification on Bombardier); Colorpak Ltd CKL.AU +1.2% (reaffirms FY15 guidance); Takata Corp 7312.JP -0.8% (said to request to ease demands)
- Technology: Coolpad Group 2369.HK -11.0% (LeTV investment); BOE Technology Group Co 000725.CN+2.9% (agreement with IBM); Beijing Bewinner Communications Co Ltd 002148.CN -6.4% (halts margin trading); Eservglobal Ltd ESV.AU -1.5% (H1 result)
- Materials: China Minmetals Rare Earth Co Ltd 000831.CN -6.4% (halts margin trading); Nippon Paper Industries Co 3863.JP +2.2% (Q1 result speculation); Kuraray Co Ltd 3405.JP +0.7% (H1 result speculation)

all things bonds

30 minute atr

240 minute atr

daily atr

daily pivots

weekly pivots

upside retracements

downside retracements

regression channels

support and resistance

On the Economic Calendar:-

08:55 Redbook
09:00 Case-Shiller HPI (Consensus 0.8% v Prior 1.0%)
09:45 Chicago PMI (Consensus 50.6 v Prior 46.2)
10:00 Consumer Confidence (Consensus 97.4 v Prior 95.4)
          State Street Investor Confidence
11:30 4 Week Bill Auction

Speaking Today:-

17:00 James Bullard (St. Louis Fed)