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Overnight Headlines and Four Items for the Day Ahead

June 11, 2014 7:20 AM EDT

Market strategists at Nomura, including Muhammad Kirdar, highlighted the following five headlines overnight and said investors should keep they eye on the following four items for the day ahead.

Headlines:

UK: The ILO unemployment rate declined to 6.6%, below the market expectation of 6.7%. Jobless claims fell by 27.4k in May (Consensus: -25.0k, Previous: -25.1k). Average weekly earnings came in at 0.7% (Consensus: 1.2%, Previous: 1.7%).

Japan: The corporate goods price index increased by 4.4% y-o-y in May, exceeding expectations of 4.1% y-o-y.

Japan: The Business Outlook Survey for Q2 revealed worsening business sentiment for large companies as its DI fell to -14.6 from 12.7 in Q1.

Korea: The unemployment rate fell to 3.6% (sa) in May from 3.9% in April.

Malaysia: Industrial production rose by 4.2% y-o-y in April from 4.3% in March

The Day Ahead:

ECB Mersch speaks at Global ABS conference in Barcelona.

Bank of Portugal releases its Summer Economic Bulletin.

German FM Schäuble and Greek FM Stournaras hold a panel discussion in Berlin.

US budget: Spending cuts, greater tax revenues and stronger economic growth have been supportive in narrowing the deficit. With the reduced level of government spending continuing into fiscal 2014, it should continue to fall. In fact, the deficit thus far for FY14 is $181bn smaller than in the same period last year. Consensus expects a budget deficit of $130.5bn in May.

Related ETFs: iShares MSCI Japan (NYSE: EWJ), CurrencyShares Japanese Yen Trust (NYSE: FXY)



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