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The Macau Metro Monitor, July 2, 2012




June total GGR rose 12.2% YoY to MOP23.33 billion (US$ 2.92 billion, HK$ 22.65 billion).



According to China Real Estate Index System, the average housing price in 100 major Chinese cities recorded its first sequential rise after nine straight months of decline.  A survey of property developers and real-estate firms showed the average price of housing in June was 8,688 yuan ($1,369) a square meter, rising 0.05% from 8,684 yuan in May, and overturning May's 0.31% decline.



Preliminary data released by the Urban Redevelopment Authority (URA) showed private-residential prices rising 0.4% QoQ in 2Q.  Home prices had eased 0.1% QoQ in 1Q, the first decline since Q2 2009.



About 2.1 million Singaporeans will be receiving cash handouts, utility rebates and Medisave top-ups in the next two months, under a new GST voucher scheme for lower-income families that is to become a permanent feature of Singapore's social system.  A $3.6 billion fund will be set up to pay for this new GST Voucher scheme over the next five years until 2016, of which $680 million will be spent for this year alone.

Our Saviors

This note was originally published at 8am on June 18, 2012. INVESTOR and RISK MANAGER SUBSCRIBERS have access to the EARLY LOOK (published by 8am every trading day) and PORTFOLIO IDEAS in real-time.

“Our mediocre and bankrupt elite, concerned with its own survival, spends its energy and our resources desperately trying to save a system that cannot be saved.”

-Chris Hedges


This weekend I finished reading Death of The Liberal Class. It’s my kind of book. Not because I agreed with everything in it, but because it made me think outside of my comfort zone. Chris Hedges was fired by the New York Times for having a point of view.


Some people call Hedges a socialist; others call him a libertarian. I’ll call him one of the many men and women who need to be heard. You don’t have to agree with everything someone says to be empathetic to their perspective. That’s a democracy.


The perspective of almost every politician making central planning calls on the fly right now is that of their own political career risk. In the short-run (this morning), that means they might need a “coordinated action” for the market’s un-coordinate reaction. In the long-run (the next 3 years), doing more of what has not worked will make their political careers dead.


Back to the Global Macro Grind


Let’s start with what markets are not doing this morning – going up. This is coming off the 2nd Bailout Sunday in a row where the S&P Futures opened 15 handles higher than where they wound up come Monday morning.


Got expectations? Markets do. Sadly, Our Saviors don’t. From Obama’s Spanish bank bailout man Tim Geithner to Italy’s Mario Monti, these people don’t have a clue as to what they are building into this globally interconnected market’s set of expectations.


Big Government Intervention policies (causality) drive currencies. Currency moves drive asset price inflation/deflation (correlation). For now, that is the deep simplicity of what anyone who manages real-time risk has to deal with in real-time. Fun.


With the US Dollar DOWN for the 2nd consecutive week, Global Equity and Commodity prices went UP last week:

  1. US Dollar Index = -1.5% in the last 2 weeks to $81.63 (from $82.89, the weekly YTD closing high)
  2. CRB Commodities Index = +1.5% in the last 2 weeks to 272
  3. SP500 = +5.0% in the last 2 weeks to 1342 (from 1278, the weekly YTD closing low)

Now, while some might say the last few weeks of stocks and commodities rising were based on “fundamentals”, I’ll remind you that is a crock.


Never mind Europe, last week’s US economic data was as weak as any we have seen in 2012:

  1. US Retail Sales missing on Wednesday had stocks selloff hard on the news (Consumer stocks down -1.6% on the day)
  2. US Jobless Claims rising to 386,000 (20% higher than where the data was in March), got Qe3 whispering back “on”
  3. US Consumer Confidence (University of Michigan survey) dropped like a rock in June to 74.1 (vs 79.3 in May)



So, you buy stocks and commodities on that, right?


Right. Right.


The only reason why you’d do that (and more of it was short covering, by the way, because volume in this stock market has gone bone dry) is because you were either begging for (or fearing) more bailouts and easing.


Is that what Our Saviors have reduced our markets to? Begging and fearing? This is all turning out to be as pathetic and sad as each and every rally looks to lower long-term highs, on lower and lower volumes.


To be fair, some of the options brokers in currency and commodity markets are seeing some flow (the flow is what you get paid when customers pay you a commission to transact). Chucky Evans from the Chicago Fed loves getting a piece of that flow. Who said a politicized man at the Fed can’t be bought and paid for? Can you pay me $25,000 to speak at a road-show lunch?


To get a little more granular on the commodity “speculation” side of the flow, here’s how last week’s CFTC flow data looked:

  1. CRB Commodities net long contracts = +9.1% week-over-week (to 587,327 contracts)
  2. Silver net long contracts = +12% week-over-week
  3. Farm Goods net long contracts = +21% week-over-week

Yeah, bro. You get Chucky up there talking down the Dollar and we’re going to dance. Especially as global demand slows, bro. Because we are absolutely and positively paid to speculate on policy, not fundamentals, bro.


Not sure on the bro thing, but I am certain that I have no idea what do in these markets any more than the next guy/gal who has the next Fed or Treasury or ECB whisper. Maybe that’s what Our Saviors consider the New Democracy.


My immediate-term support and resistance ranges for Gold, Oil (Brent), US Dollar, EUR/USD, Spain’s IBEX, and the SP500 are now $1587-1637, $95.72-98.47, $81.58-82.26, $1.24-1.26, 6260-6794, and 1319-1347, respectively.


Best of luck out there today,



Keith R. McCullough
Chief Executive Officer


Our Saviors - Chart of the Day


Our Saviors - Virtual Portfolio


TODAY’S S&P 500 SET-UP – July 2, 2012

As we look at today’s set up for the S&P 500, the range is 29 points or -1.92% downside to 1336 and 0.21% upside to 1365. 











    • Up from the prior day’s trading of 397
  • VOLUME: on 6/29 NYSE 1094.36
    • Increase versus prior day’s trading of 20.71%
  • VIX:  as of 6/29 was at 17.08
    • Decrease versus most recent day’s trading of -13.34%
    • Year-to-date decrease of -27.01%
  • SPX PUT/CALL RATIO: as of 6/29 closed at 1.35
    • Down from the day prior at 1.85 


  • TED SPREAD: as of this morning 38
  • 3-MONTH T-BILL YIELD: as of this morning 0.08%
  • 10-Year: as of this morning 1.64
    • Unhanged from prior day’s trading
  • YIELD CURVE: as of this morning 1.33
    • Down from prior day’s trading at 1.34 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8am: Markit US PMI Final, June
  • 9:30am: Intl Grains Council monthly crop report
  • 10am: ISM Manufacturing, June, est. 52 (prior 53.5)
  • 10am: ISM Prices Paid, June, est. 45.7 (prior 47.5)
  • 10am: Construction Spending, May, est. 0.2% (prior 0.3%)
  • 11:30am: U.S. to sell $30b 3-mo. bills, $27b 6-mo. bills
  • 1:15pm: Fed’s Williams to speak in San Francisco


    • House, Senate not in session
    • White House has no public events scheduled


  • Bristol-Myers Squibb to buy Amylin for $31-shr cash
  • Linde to buy respiratory-care company Lincare for $3.8b
  • Dell said to be near buying Quest to add data-ctr software
  • Euro-Area Unemployment Climbs to Record 11.1% on Spanish Cuts
  • Barclays Chairman Agius said poised to quit after Libor fine
  • Fund-Manager Pay Rules Included in EU Response to Madoff Fraud
  • Pena Nieto Claims Win in Mexico Election as PRI Returns to Power
  • American Electric forecasts a week to fix storm blackouts
  • Airbus to Invest $600 Million in Alabama Facility, Reuters Says
  • Japan Tankan Confidence Improves Even as Yen Limits Exports
  • BNP Said to Mull Plan for $50 Billion Spain-Italy Funding Gap
  • Weekly agendas for Media/Entertainment, Industrials, Finance, Energy, IPOs, Transports, Real Estate, Consumer, Health, Tech, Rates, Canada Mining, Canada Oil & Gas
  • U.S. Jobs, Tankan, Mexico President: Wk Ahead June 30-July 7


  • Acuity Brands (AYI) 8:30am, $0.79


  • Speculator Bullish Oil Wagers Rose Before Rally: Energy Markets
  • Platinum Slump Seen Spurring China’s Jewelers: Chart of the Day
  • Corn Extends Rally as Hot, Dry Weather Threatens Midwest Yields
  • Hedge Funds Win on Bull Bets Before Biggest Rally: Commodities
  • Oil Declines After Biggest Gain Since 2009 on Europe Concerns
  • Copper Falls on Signs of Worldwide Manufacturing Deterioration
  • Iran-Oil Sanctions Risk Biggest OPEC Export Loss Since Libya
  • Gold Set to Decline as Biggest Gain in Four Weeks Spurs Sales
  • U.S. Natural Gas Futures Slide From Highest Price Since January
  • Isramco Says ‘Significant’ Natural Gas Signs at Shimshon Site
  • German 2013 Power Declines as European Coal, Carbon Permits Drop
  • Japan’s LNG Imports May Rise 6.5% to 88.6 Mln Tons, IEEJ Says
  • Russian Oil Output Falls on Month, Holds Near Post-Soviet High
  • EU’s Iranian Ban Will Push Up Demand for Sour Crude, JBC Says
  • Dubai Backwardation Rises Amid Iran Sanctions Start: Asia Crude
  • Hedge Funds Win on Bull Bets Before Rally
  • Goldman Raises Price Forecasts for Corn, Soybeans, Wheat























The Hedgeye Macro Team

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HedgeyeRetail Visual: Size Better Deliver

With high quality consumer stocks dropping like flies, we thought it’d be prudent to take a look at earnings expectations by size/cap and the credence that the market is placing on hitting them.


The interesting call out for us is that the weighted average earnings growth expectation for apparel/footwear/department stores is 21%, and the market is placing a 17x p/e on those expectations. Note – we exclude Wal-Mart and Target from this analysis otherwise they’d dwarf the other 80 companies in the group collectively.


Looking at the median growth rate, however, we see that the Street is looking for about 15% -- a rate that has been remarkably steady for the past year. We’re looking at a more reasonable 14x p/e on those expectations.


Our simple conclusion…The big boys better deliver. They have a longer way to fall.


HedgeyeRetail Visual: Size Better Deliver - 1111


HedgeyeRetail Visual: Size Better Deliver - 222222222


The Economic Data calendar for the week of the 2nd of July through the 6th is full of critical releases and events. Attached below is a snapshot of some (though far from all) of the headline numbers that we will be focused on.



Weekly European Monitor: “Not in my Lifetime”

-- For specific questions on anything Europe, please contact me at to set up a call.


No Current Positions in Europe


Asset Class Performance:

  • Equities:  The STOXX Europe 600 closed up +1.9% week-over-week vs +1.0% last week. Top performers:  Russia (RTSI) +7.0%; Norway +4.9%; Belgium +4.8%; Italy +4.5%; Ireland +3.5%; France +3.4%; Austria +3.4%; Spain +3.3%. Bottom performers: Cyprus -10.8%; Slovakia -0.8%; Ukraine -0.3%; Finland -0.0%; Portugal +0.1%; Greece +0.5%.
  • FX:  The EUR/USD is UP +0.69% week-over-week vs -0.59% last week.  W/W Divergences: RUB/EUR +1.52%, PLN/EUR +1.27%, CZK/EUR +0.99%, HUF/EUR +0.62%; SEK/EUR +0.62%; CHF/EUR -0.03%; GBP/EUR -0.06%; TRY/EUR -0.31%, NOK/EUR -0.65%, RUB/EUR -1.84%.
  • Fixed Income:  10YR Yields came in day-over-day pretty dramatically and showed a mixed picture on the week. On the day Greece and Spain fell -66bps to 25.83% and 6.33%, respectively.  Italy fell -40bps on the day to 5.82%. On the week, Greece saw the biggest move to the downside, falling -123bps. Spain fell -20bps on the week, while Portugal gained +62bps to 10.16% and the other countries we track were largely flat.  On the month German yields are up +23bps to 1.58%.

Weekly European Monitor: “Not in my Lifetime”  - GGG. YIELDS



“Not in my Lifetime”


Zee EU Summit concludes today. Interestingly, we saw quite a sustained relief rally today on the back of the statement’s release this morning [Italy +6.6%; IBEX +5.7%; Greece +5.7%; CAC +4.8%; DAX +4.3%; and EUR/USD +1.7% day-over-day]. While today’s rally doesn’t look dissimilar to rallies around releases of major bailout packages for Europe’s periphery since May 2010, we believe this rally will not have legs. Why?


Unfortunately, it’s both what today’s release didn’t address and intentionally dodged that confirms Europe is far from out of the dark crisis; the results are far from anything near a “bazooka” that could set markets on a sustained up trend.   Keep in mind that today’s entire statement is three paragraphs long! It’s not that we’re looking for a 2-ton volume like the Dodd-Frank bill, but the release’s brevity leaves many river cards unturned. What’s missing?


The biggest concerns this time around include:

  • Uncertainty around the extent of ECB involvement to leverage its balance sheet to bailout out/print money for any and all sovereign and banking “needs” across the region. Here Draghi has not shown his cards and Germany (Merkel and Co.) continues to fear-monger hyperinflation.
  • How can, short of ECB involvement, the existing bailout facilities—the EFSF and the ESM that is “expected” to come online on 9 July (after German ratification today) with €600B upfront cash—cope with the default threats of Italy (sovereign and banking) and remaining Spanish sovereign imbalances? We view both facilities as being far too underfunded to cope.
  • There was no concrete talk or agreement on a fiscal compact and fiscal union for the Eurozone-17 and/or EU-27. As a reminder, we believe a fiscal union must go hand in hand with a monetary union, if the Eurozone has any hope of maintaining its existing fabric.
  • Because Europe needs a fiscal union before it can legitimately consider such programs as Eurobonds and a Pan-European deposit guarantee, we also didn’t get any further clarity on these two programs. Both could be very impactful for mitigating risk, however we remain firm that given the inability of states to willingly give up their full fiscal sovereignty to Brussels, such compromise, if it ever materializes, is many months if not years out.


 So what were the key components of the proposal?

  • Creating a single banking supervisor under the ECB
  • Allowing the ESM to recapitalize banks directly
  • Renouncing the preferred creditor status of loans to Spanish banks after they are transferred from the EFSF to ESM, and
  • Flexible use of EFSF/ESM under a “Memorandum of Understanding” without Troika oversight

And what are the key undefined points and question marks?

  • It’s not clear the scope of a “single supervisory”, which will not be in place, if it ever is, until a target of the end of 2012.
  • The ESM “could” have the “possibility” (“following a regular decision”) to recapitalize banks directly with “appropriate conditionality”. Which means specifically?
  • Question: What is the “appropriate conditionality” tied to banks who receive funds from the ESM? 
  • Question: Will the EFSF/ESM have the ability to buy bonds in the open market?
  • Question: Will ESM loans no longer carry preferred creditor status, or only for certain countries?
    • Merkel was out this morning saying each ESM bank recap will need unanimous approval (and another German official says the ESM seniority change is limited to Spain).
    • Issue: For now the EFSF has to fund itself at the market, while there has been no indication from Germany that it is willing to soften its opposition to granting the ESM a banking license.


Returning to the title of this note, “Not in my Lifetime” (Nicht zu meinen Lebzeiten), which is the phrase Frau Merkel utter this week dismissing “euro bonds, euro bills and European deposit insurance with joint liability and much more” as “economically wrong and counterproductive,” saying that they ran against the German constitution.


Her positioning portends that Eurocrats will remain at loggerheads over Europe’s path forward. Europe is running out of bullets in our opinion to save the Eurozone project short of the ECB stepping in to play a larger role. However, we must return to our most basic outlook which is that excessive debt loads are one main problem across peripheral Europe. Growing debt only further impairs and slows growth, a point proven by history according to the seminal work of Reinhart and Rogoff. 


Switching gears, it was a second straight week that saw peripheral yields and risk metrics (CDS) come in, while new peripheral sovereign paper was issues at significant premiums (vs pervious auctions as recent as last month), and data—including confidence figures and retail sales—slid to the downside! [See below in Data Dump].




Below is an updated EUR/USD price level chart. Our immediate term TRADE support is $1.24 and resistance is $1.26. Today’s Summit release sent the price through our $1.26 line. We’ll be monitoring this level closely to confirm or deny aninflection. Our intermediate term TREND support level remains at $1.23. Our call is that if $1.23 breaks, look out below! We’re not EUR parity folks because we see Eurocrats stepping in to prevent it.


Weekly European Monitor: “Not in my Lifetime”  - GGG. EUR USD


Call Outs:

ECB - A Reuters poll found 48 out of 71 analysts expect the central bank to cut rates next week, most of them forecasting a 25 basis point cut to 0.75%. Benoit Coeure said last week cutting rates was an option and one that would be discussed at the ECB's 5 July meeting.


Italy - Italy’s business lobby sees GDP at -2.4% and -0.3% in 2012/2013 (down from -1.6% and +0.6%).


Spain - Rajoy “we can’t finance at current prices for too long” and “many institutions have no market access”.


UK - Barclays Plc was fined 290 million pounds, the largest penalties ever imposed by regulators in the US and UK, after admitting it submitted false London and euro interbank offered rates.


Germany - Egan Jones Downgraded Germany From AA- To A+.


France - France's government will increase the minimum wage by more than inflation this year for the first time since 2006, in the hope that stronger consumption will revive the country's ailing economy.


Spain - Moody’s downgraded 28 Spanish banks (12 cut to junk) citing the sovereign downgrade earlier this month as well as the possibility that commercial real estate losses will worsen. 


EU - is losing around €1 trillion a year in tax evasion. The EU Commission is calling on the 27-nation bloc to improve tax collection nationally, boost cooperation between EU countries in fighting tax fraud and increase pressure on tax havens outside the EU to limit tax evasion. Draft proposals include making taxes simpler with the ability to deal with them online and that EU countries should have the same minimum penalties for tax evasion, so that fraudsters cannot choose less risky locations.


Slovenia - may ask for a bailout in July says PM Janez Jansa.


Greece - Greek Finance Minister Vassilis Rapanos resigned for health reasons.


Cyprus - becomes the 5th Eurozone nation to request EU aid, with initial figures projected at up to €10B.


Cyprus - Fitch Ratings cut Cyprus’s credit rating to junk status at BB+ from BBB- and maintained a negative outlook on the nation’s rating, citing expectations that Cypriot banks will need further, substantial capital injections. Fitch said that in addition to the €1.8B required to recapitalize Cyprus Popular Bank, the country’s banks could require as much as an additional €4B in additional capital — an amount equal to 23% of the tiny country’s GDP.



CDS Risk Monitor:

Sovereign CDS were down on the week. Ireland saw the largest decline in CDS w/w at -43bps to 582bps, followed by Portugal -39bps to 808bps, Spain -17bps to 552bps, and Italy -1bps to 508bps. Germany rose +5bps to 104bps.   


Weekly European Monitor: “Not in my Lifetime”  - GGG. CDS   A


Weekly European Monitor: “Not in my Lifetime”  - GGG CDS   B


Data Dump:

Eurozone Business Climate indicator -0.94 JUN vs -0.79 MAY

Eurozone Consumer Confidence -19.8 JUN Final vs -19.3 MAY

Eurozone Economic Confidence 89.9 JUN vs 90.5 MAY (lowest level since 2009)

Eurozone Industrial Confidence -12.7 JUN vs -11.4 MAY

Eurozone Services Confidence -7.4 JUN vs -5.2 MAY


Weekly European Monitor: “Not in my Lifetime”  - ggg. business confid


Weekly European Monitor: “Not in my Lifetime”  - ggg. euro consumer


Weekly European Monitor: “Not in my Lifetime”  - ggg. eurozone services



Germany CPI 2.0% JUN Preliminary Y/Y (exp. 2.1%) vs 2.2% MAY   [-0.2% JUN M/M (exp. -0.1%) vs -0.2% MAY]

Germany Unemployment Rate 6.8% JUN (exp. 6.7%) vs 6.8% MAY (revised up from 6.7%)

Germany Unemployment Change 7K JUN vs 1K MAY

Germany GfK Consumer Confidence 5.8 JUL vs 5.7 JUN


UK Q1 GDP Final UNCH -0.3% Q/Q

UK Q1 GDP Final revised to -0.2% Y/Y vs -0.1% previous estimate

UK Nationwide House Prices -1.5% JUN Y/Y (exp. -0.6%) vs -0.7% MAY   [-0.6% JUN M/M (exp. 0.1%) vs 0.2% MAY]


France Consumer Confidence 90 JUN vs 90 MAY


Spain Total Housing Permits -32.4% APR vs -27.8% MAR

Spain CPI 1.8% JUN Prelim Y/Y vs 1.9% MAY

Spain Producer Prices 3.2% MAY Y/Y vs 3.0% APR

Spain Retail Sales -4.3% MAY Y/Y vs -11.5% APR


Italy Retail Sales -6.8% APR Y/Y vs 1.5% MAR

Italy Business Confidence 88.9 JUN vs 86.6 MAY


Italy CPI 3.6% JUN Prelim Y/Y vs 3.5% MAY

Italy PPI 2.3% MAY Y/Y vs 2.5% APR


Sweden PPI 0.3% MAY Y/Y vs 0.0% APR

Sweden Retail Sales 4.6% MAY Y/Y (exp. 3.8%) vs 0.5% APR                                             

Norway Unemployment Rate 3% APR vs 3% MAR

Finland Consumer Confidence 5.8 JUN vs 12.0 MAY

Finland Business Confidence -6 JUN vs -9 MAY

Finland Unemployment Rate 9.5% MAY vs 8.4% APR


Switzerland UBS Consumption Indicator 1.05 MAY vs 1.37 APR


Ireland Retail Sales -2.1% MAY Y/Y vs -1.8% APR

Ireland Property Prices -15.3% MAY Y/Y vs -16.4% APR

Ireland PPI 2.0% MAY Y/Y vs 2.8% APR


Portugal Consumer Confidence -51.5 JUN vs -52.6 MAY

Portugal Economic Climate Indicator -4.4 JUN vs -4.6 MAY


Hungary Unemployment Rate 11.2% MAY vs 11.5%

Slovakia PPI 4.2% MAY Y/Y vs 3.8% APR

Slovakia Consumer Confidence -22.6 JUN vs -22.5 MAY

Slovakia Industrial Confidence 2 JUN vs 2.7 MAY


Netherland Q1 GDP Final -0.8% Y/Y vs -0.8% in Q4   [+0.3% Q/Q vs -0.6% in Q4]

Netherlands Producer Confidence -4.8 JUN vs -5.0 MAY


Czech Republic Business Confidence 4.6 JUN vs 6.0 MAY

Czech Republic Consumer and Business Confidence -2.2 JUN vs -1.4 MAY

Czech Republic Consumer Confidence -29.3 JUN vs -31.0 MAY


Turkey Foreign Tourist Arrivals -1.5% MAY Y/Y vs -5.3% APR


Interest Rate Decisions:

(6/26) Hungary Base Rate UNCH at 7.00%

(6/27) Romania Interest Rate UNCH at 5.25%

(6/28) Czech Repo Rate Announcement CUT to 0.50% vs 0.75%



The Week Ahead:


Sunday: The ESM is set to come into force


Monday: Eurozone Troika will likely start on its mission to Cyprus; Jun. Eurozone, Germany, and France PMI Manufacturing - Final; May Eurozone Unemployment Rate; Jun. UK Lloyds Business Barometer, PMI Manufacturing; Jun. Italy PMI Manufacturing; May Italy Unemployment Rate – Preliminary, New Car Registration, Budget Balance; Spain and Italy Manufacturing PMI


Tuesday: May Eurozone PPI; Jun. UK PMI Construction, BRC Shop Price Index; May UK Net Consumer Credit, Net Lending Sec. on Dwellings, Mortgage Approvals, Money Supply: Jun.  Spain Unemployment


Wednesday: Jun. Eurozone PMI Composite and Services - Final; May Eurozone Retail Sales; Jun. Germany PMI Services – Final; Jun. UK PMI Services, Official Reserves; 1Q UK BoE Housing Equity Withdrawal; France Prime Minister Ayrault is poised to submit new adjusted  budget to his cabinet; Jun. France PMI Services – Final; Spain Services PMI; Jun. Italy PMI Services; 1Q Italy Deficit to GDP; Sweden Riksbank Interest Rate


Thursday: Eurozone ECB Announces Interest Rates; May Germany Factory Orders; UK BoE Announces Rates; Jul. UK BoE Asset Purchase Target; Jun. UK New Car Registration 


Friday: May Germany Industrial Production; Jun. UK PPI Input and Output; May France Central Government Balance, Trade Balance; May Spain Industrial Output


Extended Calendar Call-Outs:


JULY:  France – extraordinary session of parliament in July is due to re-draft the 2013 budget 


9 July:  ESM to come into force


5 July: ECB governing council meeting


19 July: ECB governing council meeting


18-19 October: Summit of EU Leaders



Matthew Hedrick

Senior Analyst

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