Wednesday, October 2, 2013

Morning Prep 10/02/13;

7:30am EST

Focus-Points this morning:
·       President Obama says there is ‘no negotiation’ over debt ceiling and urges Republicans to re-open the US Govt
·       US Treasury Secretary Lew:  the US has until October 17th before the reserves run out
·       US Fitch Rating Agency:  Govt shutdown isn’t cause for a downgrade in rating, however there will be if this continues too long
·       US 1-year and 5-year bonds have inverted yield curves, first time since 2011
·       ECB Expected to leave rates unchanged this morning in their meeting
·       Italy anticipates that Prime Minister Letta will win the confidence vote
·       Traders continue to prepare for Friday’s Non-Farm Payroll news, amid rumors that it may not be released at the same time due to the Govt Shutdown
·       Fed Speakers on the Calendar in the US this morning; Bernanke, Rosengren and Bullard
·       E-Mini S&P -.66%
·       Crude Oil -.25%
·       FDAX -.50%
·       Euro -.05%                 

Economic News on the schedule today:
Through early hours of Wednesday ET, no progress was made in reaching a budget deal. The Treasury Department indicated that its best estimate for reaching the debt ceiling is October 17--an issue in addition to enacting a budget for the new fiscal year starting October 1 and would end the partial shutdown of federal operations until the debt ceiling is hit or raised. Currently, it appears to be low odds that the employment situation report will be released this Friday. 

8:15am EST:             ADP Employment Report
10:30am EST:           Crude Oil Inventories
12:00pm EST:          Eric Rosengren Speaks

3:00pm EST:             Ben Bernanke Speaks

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