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At the open 5-3-11

Equity markets – lower in overnight trading in Asia and the morning session in Europe has the indices close to session lows…domestic futures indicate a lower opening here as well…

Oil – US crude supplies rose to their highest level in six months but it appears mostly due to the power outage at 4 Texas City refineries resulting in shutdowns…turmoil in the MENA remains ongoing and some speculate that it could increase as the death of Bin Laden gives leaders one less reason to argue for autocratic rule (beat back al-Qaeda)…average retail prices remain around $4.00/gallon across the country…

News –

• India’s central bank raises borrowing costs ½%...analysts had predicted a ¼% increase in the rate as India tries to contain its 9% inflation rate, in large part driven by higher fuel prices. The SENSEX is currently down 1.8% on the day.
• Conservatives won a majority of seats in Parliament ending the 7 year run of minority governments as PM Stephen Harper’s Party takes 167 of 308 seats with the NDP getting 102 and the Liberal Party getting 34, Quebecois won 3 and the Green Party took home 1. Harper has pledged to balance the budget in Canada by 2014
• China’s purchasing managers index fell to 52.9 in April from 53.4 in March…industrial metals prices slid lower in the wake of this announcement…
• 1-yr Treasury Bill yields declined to a record low of 0.173%...dollar increases as risk of reprisal terror attacks rises…
• In other signs of worsening outlook, the UK manufacturing index fell to a 7-month low in April amid declining construction orders…
• In the US, Case/Shiller finds that housing prices are back to their 2009 lows before the government decided to subsidize home buyers…like all temporary programs to stimulate consumer behavior, once it ends we’re right back where we started…oh yeah, with a deeper hole to climb out of.
• More turmoil for the EU as the leader of the True Finns Party appears to be backing down from previous statements that a deal could be done to get Finland to go along with the new ESM…now it appears that the True Finns won’t be supportive of a bailout of Portugal…credit spreads in Europe are modestly tighter although the stratification between the PIG countries (Portugal, Ireland & Greece), the “piglet” countries (Spain, Italy & Belgium) and everyone else remains pronounced. The SOVX is back under 190 basis points this morning…

• In economic releases today we get March factory orders (looking for +0.5%) and total vehicle sales (annualized)…looking for 13 mm total annualized and 9.9 mm from domestic manufacturing…these would be slightly below last month’s rates for the year.

• Earnings – today we get announcements from 36 companies in the S&P 500…

Phillip Pennell, CFA
Turnberry Capital Management
(203) 861-2708 (Direct)
(203) 861-2700 (Trading)
(203) 917-2255 (Mobile)

The contents of this posting do not constitute recommendations to buy or sell specific securities. Any individual wishing to buy or sell securities for their investment account or that of others should consult with their investment advisor prior to entering into any securities related transaction

Today is: June 29, 2017 - 3:40am
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