Beruflich Dokumente
Kultur Dokumente
Morning Focus
Light news overnight from Asia and Europe, the highlight of the evening appears to be the smooth Spanish bond auction which saw
10 and 30 year bonds successfully sold. Spain has been bucking the trend recently as the ECB weighs publishing Eurozone bank stress
test results Santander looks to be one of the stronger banks in the region that should come through this relatively unscathed. It
was a quiet day in the US bond market after a flurry of economic numbers early yesterday; however I expect the action to pick up
with CPI, Weekly Unemployment and Phila. Fed numbers. Weekly unemployment is expected to remain flat vs. the previous weeks
number. Asia ended mostly down overnight with the exception of HK which was up 0.38pct to 20138.40. Australia ended lower by
0.70pct to 4527, Nikkei down 0.67pct to 9999.40 and China (welcome back from the holiday guys!) ended down 0.38pct to 2560.25.
Ed Note: There will be an abbreviated Morning Call on Friday, June 18 as I will be in meetings; my sincere apologies for any
inconvenience.
Europe
UKs FSA to be disbanded
Hungary government has decided not to draw down available tranches of IMF loan for now PM Chief Adviser (Reuters)
UK May retail sales +0.6 pct (Reuters)
Spain may use 30 bln eur for bank restructure: minister (Reuters)
Britain's FSA says firms still taking risky decisions (Reuters)
Greece Q1 Unemployment Rate At 11.7%
Spain successfully sells 10-, 30-year bonds (MarketWatch)
Swiss Industrial Production declines 7.8pct vs. -6.3pct consensus
US Pre Open
Economic News
Equities
AIG - U.S. SEC said to end probe of AIG and executives (Reuters)
WFC - Wells Fargo sees lower-end US home market recovery (Reuters)
FNM/FRE So Long: FHFA insists that the two delist from the NYSE and any other regional exchange
Professor Pinch: Clean Up On Aisle 6!! Thats The LIBOR Aisle: http://professorpinch.wordpress.com/2010/06/16/clean-
up-on-aisle-6-thats-the-libor-aisle/
Eli Radke: When To Press It: http://mytradingnet.com/blog/2010/06/16/when-press-my-story/
Symbol Last Chg Symbol Last Chg Symbol Last Symbol Last
DOW 10373 29 EURUSD 1.2372 0.0063 2s5s 132.00 US2Y .73
SP500 1112.5 3 GBPUSD 1.4796 0.0068 2s10s 254.00 US5Y 2.05
NSDQ 1910.25 4.25 EURJPY 113.01 0.44 2s30s 346.00 US7Y 2.73
ZB 123'06 +0'02 USDCAD 1.0257 0.0011 5s10s 122.00 US10Y 3.27
ZN 120'025 +0'005 USDJPY 91.29 -0.22 5s30s 214.00 US30Y 4.19
ZF 116'315 +0'015 NZDUSD 0.7003 0.0035 10s30s 92.00 UK5Y 2.25
ZT 109'040 +0'005 UK10Y 3.52
CLN0 77.25 -0.42 UK30Y 4.3
Disclosure/Legal
THE MATERIAL CONTAINED IN THIS DOCUMENT IS INFORMATIONAL ONLY , AND IS NOT INTENDED AS AN OFFER OR A SOLICITATION TO
BUY OR SELL ANY SECURITIES. T HE AUTHOR IS NOT ACTING AS AN ADVISOR OR FIDUCIARY IN ANY RESPECT IN CONNECTION WITH
PROVIDING THIS INFORMATION AND NO INFORMATION OR MATERIAL CONTAINED WITHIN THIS DOCUMENT IS TO BE RELIED UPON FOR
THE PURPOSE OF MAKING OR COMMUNICATING INVESTMENT OR OTHER DECISIONS NOR CONSTRUED AS EITHER PROJECTIONS OR
PREDICTIONS . I NVESTORS MUST MAKE THEIR OWN INDEPENDENT DECISIONS REGARDING ANY SECURITIES , FINANCIAL INSTRUMENTS
OR STRATEGIES MENTIONED HEREIN. PLEASE CONTACT YOUR FINANCIAL ADVISOR TO DETERMINE THE SUITABILITY OF THE MATERIAL
CONTAINED HEREIN TO YOUR INVESTMENT GOALS, OBJECTIVES AND RISK CRITERIA. T HE MATERIAL CONTAINED IN THIS DOCUMENT IS
INTENDED FOR QUALIFIED INVESTORS ONLY . T HE PERSON OR PERSONS INVOLVED IN THE PREPARATION OR ISSUANCE OF THE
INFORMATION CONTAINED IN THE MATERIAL WITHIN THIS DOCUMENT MAY DEAL AS PRINCIPAL IN ANY OF THE SECURITIES
MENTIONED , AND MAY HAVE A LONG OR SHORT POSITION IN ( INCLUDING POSSIBLY A POSITION THAT WAS ACCUMULATED ON THE
BASIS OF THE MATERIAL PRIOR TO IT BEING DISSEMINATED AND / OR A POSITION INCONSISTENT WITH THE INFORMATION WITHIN THIS
DOCUMENT ), ACCORDINGLY , INFORMATION INCLUDED IN OR EXCLUDED FROM THIS DOCUMENT IS NOT INDEPENDENT FROM THE
PROPRIETARY INTERESTS OF THE AUTHOR , WHICH MAY CONFLICT WITH YOUR INTERESTS . C ERTAIN TRANSACTIONS , INCLUDING THOSE
INVOLVING FUTURES , OPTIONS, DERIVATIVES AND HIGH YIELD SECURITIES , GIVE RISE TO SUBSTANTIAL RISK AND ARE NOT SUITABLE
FOR ALL INVESTORS . FOREIGN CURRENCY DENOMINATED SECURITIES ARE SUBJECT TO FLUCTUATIONS IN EXCHANGE RATES THAT
COULD HAVE AN ADVERSE EFFECT ON THE VALUE OR PRICE OF OR INCOME DERIVED FROM ANY INVESTMENTS DISCUSSED HEREIN.
UNLESS OTHERWISE SPECIFICALLY STATED , ALL STATEMENTS CONTAINED WITHIN THIS DOCUMENT (INCLUDING ANY VIEWS, OPINIONS
OR FORECASTS ) ARE SOLELY THOSE OF THE INDIVIDUAL ( S) MAKING THE STATEMENT , AS OF THE DATE INDICATED ONLY , AND ARE
SUBJECT TO CHANGE WITHOUT NOTICE . C HANGES TO ASSUMPTIONS MADE IN THE PREPARATION OF SUCH MATERIALS MAY HAVE A
MATERIAL IMPACT ON RETURNS . T HE AUTHOR OR AUTHORS DOES NOT UNDERTAKE A DUTY TO UPDATE THESE MATERIALS OR TO
NOTIFY YOU WHEN OR WHETHER THE ANALYSIS HAS CHANGED . WHILE THE INFORMATION CONTAINED WITHIN THIS DOCUMENT IS
BELIEVED TO BE RELIABLE , NO REPRESENTATION OR WARRANTY, WHETHER EXPRESS OR IMPLIED, IS MADE AND NO LIABILITY OR
RESPONSIBILITY IS ACCEPTED BY THE AUTHOR OR AFFILIATED PARTIES AS TO THE ACCURACY OR COMPLETENESS THEREOF.