Trade the News Market Internals Update

***Looking Ahead***

– 12:30 (US) Fed’s Plosser speaks in New York City
– 13:00 (US) Treasury to sell $13B in 30-Year Bonds Reopening
– 13:15 (US) Fed’s Tarullo speaks in Washington on Growth and Inflation
– 13:40 (EU) ECB’s Gonzalez-Paramo speaks in Moscow
– 18:45 (US) Fed’s Lacker speaks on Economy at University of Baltimore
– 22:00 (CH) China Q1 Real GDP Y/Y: 9.4%e v 9.8% prior
– 22:00 (CH) China Q1 Business Climate Index
– 22:00 (CH) China Mar Industrial Production Y/Y: 14.0%e v 14.9% prior; YTD: 14.1%e v 14.1% prior (Leaked at 14.8%)
– 22:00 (CH) China Mar Retail Sales Y/Y: 16.5%e v 11.6% prior; YTD: 16.5%e v 15.8% prior (YoY Leaked at 17.4%)
– 22:00 (CH) China Mar Consumer Price Index Y/Y: 5.2%e v 4.9% prior (Leaked as between 5.3-5.4%)
– 22:00 (CH) China Mar Producer Price Index: 7.2%e v 7.2% prior (Leaked at 7.4%)

10:30 AM Market Internals update at 10:30ET

– NYSE volume 220M shares, about even to its three-month average; decliners lead advancers by 1.6:1.
– NASDAQ volume 410M shares, about 13% below its three-month average; decliners lead advancers by 1.6:1.
– VIX index +3% at just over 17.00

5:45 AM TradeTheNews.com European Market Update: Officials downplay any thoughts of a Greek debt retructuring as peripherals widen

***Economic Data***

– (FI) Finland Mar CPI M/M: 0.5% v 0.3%e; Y/Y: 3.3% v 3.0%e
– (HU) Hungary Feb Final Industrial Production M/M: 0.9% v 0.9% prior; Y/Y: 14.3% v 14.3% prior
– (CH) China Mar New Yuan Loans (CNY): 679.4B v 600.0Be
– (CH) China M2 Money Supply Y/Y: 16.6% v 15.4%e
– (CH) China Mar Foreign Exchange Reserves: $3.04T v $2.98Te
– (NV) Netherlands Feb Retail Sales Y/Y: 3.0% v 2.3%e
– (NO) Norway Q1 Existing Homes Q/Q: +5.1% v -0.1% prior
– (SP) Spain March Banks ECB Borrowings: €44B v €51B m/m
– (GR) Greece Jan Unemployment Rate: 15.1% v 15.1%e
– (RU) Russia Gold & Forex Reserve w/e Apr 8th: $508.4B v $504.5B prior
– (SZ) Swiss Apr Credit Suisse ZEW Expectations Survey: +8.8 v -13.5 prior
– (SA) South Africa Feb Gold Production Y/Y: -2.3 v 15.1% prior; Mining Production Y/Y: 2.8 v 4.3% prior

Fixed income:
– (IT) Italy Debt Agency (Tesoro) sold total €6.0B vs. €6.0B indicated in 2016 and 2023 bonds
– Sold €4.5B vs. €4.5Be in 3.75% 2016 BTPs; Avg Yield 3.83%; Bid-to-cover: 1.25x
– Sold €1.5B vs. €1.5Be in 4.75% 2023 BTPs; Avg Yield 4.88% v 3.93% prior; Bid-to-cover: 1.6x v 2.49x prior
– (SW) Sweden sold SEK750M vs. SEK750M Indicated in 0.5% I/L 2017 Bonds; Avg Yield 0.89%
– (HU) Hungary Debt Agency (AKK) sold HUF50B in 12-Month Bills; Avg yield 5.98% v 5.96% prior
– (UK) DMO sold £2.0B in 4.25% Dec 2040 Gilts; avg yield 4.323% v 4.522% prior; Bid-to-cover:1.68 x v 1.9x prior; Tail bps

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