• US stock market, economy and companies update (June 15, 2015)

    Disappointing US economic data weighed heavily on stocks while boosting US Treasury prices to kick of this week's trade. Before the NYSE open the June Empire manufacturing expectedly fell into negative territory for the second straight month, and the May industrial production data came in well short of expectations suggesting the annualized Q2 figure will likely remain in negative territory. Back to back quarterly declines in US industrial production has not been seen since 2009. Coming into the session investor sentiment was already subdued as Greek concerns lingered. European stocks were already under pressure and peripheral bond yields pushed higher widening the spreads to the German bund.

    US indices are recouping losses into the later NY morning/European close and USTs are relinquishing a good portion of the early gains. Traders are parsing parliamentary testimony from the ECB's Draghi where he reiterated there is no preset ceiling for the ELA funding and that they continue to monitor Greece closely. The US Dollar index as given back some earlier modest gains holding above 95.

    The US housing market did see another positive signal when the June NAHB housing market index moved up to 59, while the report suggested current and future sales expectations are at their highest levels since the last quarter of 2005. Executives look to be setting up to leverage their firms to housing rebound as well. Standard Pacific Corp and Ryland Group announced a merger of equals in a $5.2B deal.

    CVS Health announced they would acquire 1660 Target pharmacies for just under $2B, and thus operate them through a store within a store format. Shares of both companies have rallied modestly on the news. Others within the PBM space saw some volatility on speculation regarding future drug servicing contracts.

    **Looking Ahead***
    All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
    - 11:30 (IL) Israel May CPI M/M: 0.2%e v 0.6% prior; Y/Y: -0.4%e v -0.5% prior
    - 11:30 (US) Treasury to sell combined $48B in 3-Month and 6-Month Bills
    - 12:00 (BE) ECB's Coene (Belgium) in Brussels
    - 15:00 (AR) Argentina May National Urban CPI M/M: 1.0%e v 1.1% prior; Y/Y: 15.3%e v 15.8% prior
    - 15:00 (AR) Argentina May Wholesale Price Index M/M: No est v 0.7% prior; Y/Y: No est v 14.0% prior
    - 16:00 (US) Apr Net Long-term TIC Flows: No est v $17.6B prior; Total Net TIC Flows: No est v -$100.9B prior
    - 17:55 (AU) RBA's Debelle speech in Sydney
    - 21:30 (AU) RBA June Meeting Minutes
    - 23:30 (HK) Hong Kong to sell 3-month, 6-month and 12-month Bills
    - 23:45 (JP) Japan to sell 5-Year Bonds
    - (PE) Peru May Unemployment Rate: No est v 6.8% prior
    - (PE) Peru Apr Economic Activity Index (Monthly GDP): Y/Y: No est v 2.7% prior
    - (PT) Bank of Portugal Report on Payment Systems


    **Economic Data***

    - (IE) Ireland Apr Trade Balance: 4.6B v 3.3B prior
    - (RU) Russia Central Bank (CBR) cut its 1-week Auction Rate by 100bps to 11.50% (as expected)
    - (PL) Poland Apr Current Account Balance: 1.1B v 1.2Be; Trade Balance: 0.1B v 0.6Be;
    - (PL) Poland May CPI M/M: 0.0% v 0.2%e; Y/Y: -0.9% v -0.7%e
    - (CA) Canada Apr Manufacturing Sales M/M: -2.1% v -0.5%e
    - (US) Jun Empire Manufacturing: -1.98 v +6.00e
    - (PL) Poland May YTD Budget Balance: Level (PLN): -19.6B v -16.7B prior; Budget Balance Performance: 42.6% v 36.2% prior
    - (BE) Belgium Apr Trade Balance: +1.0B v -0.2B prior
    - (CA) Canada May Existing Home Sales M/M: 3.1% v 2.3% prior
    - (RU) Russia Q1 Preliminary GDP Y/Y: -2.2% v -1.9%e
    - (US) May Industrial Production M/M: -0.2% v +0.2%e; Capacity Utilization: 78.1% v 78.3%e; Manufacturing Production: -0.2% v 0.3%e
    - (US) Jun NAHB Housing Market Index: 59 v 56e
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