Little direction seen ahead of US holiday period

Economic Data

- (US) MBA Mortgage Applications w/e Nov 16th: -2.2% v +12.6% prior

- (PL) Poland Oct Core Inflation M/M: 0.3% v 0.3%e; Y/Y: 1.9% v 1.9%e

- (US) Initial Jobless Claims: 410K v 410Ke; Continuing Claims: 3.337M v 3.342Me

- (US) Nov Preliminary Markit US PMI Manufacturing: 52.4 v 51.0e

- (MX) Mexico Sept Retail Sales: 3.4% v 4.0%e

- (CA) Canada Oct Teranet/National Bank HPI M/M: -0.2% v -0.4% prior; Y/Y: 3.4% v 3.6% prior; House Price Index: 154.59 v 154.97 prior

- (BR) Brazil Central Bank weekly currency flows

- (US) Nov Final University of Michigan Confidence: 82.7 v 84.5e

- (US) Oct Leading Indicators: 0.2%% v 0.1%e

- (US) DOE Crude: -1.47M v +1Me; Gasoline: -1.55M v +1Me, Distillate: -2.67M v -1Me; Utilization: 87.5 % v 86.6%e

- US stock trading is fairly quiet ahead of the Thanksgiving holiday. Indices opened near the flat line despite EU and IMF officials being unable to come to a resolution on Greece at last night's finance ministers meeting. US Treasury markets are seeing some selling for the second straight session as some speculate traders are unwinding positions ahead of thinner holiday trade, as well as potentially reacting to some of the more positive comments made by Fed Chairman Bernanke yesterday. Reminder, US stock and bond markets are closed tomorrow and both close early on Friday. The benchmark 10-year yield has backed up another basis point towards 1.68%. Oil prices opened for floor trade higher after weekly API data revealed larger than expected drawdowns across the board. WTI is trading up 0.8% after EIA data confirmed draw downs in all three categories.

- Shares of Deere & Co are losing fertile ground following quarterly results. EPS missed consensus estimates but they did beat on the topline. Initial 2013 guidance of Q1 sales up 5% and FY sales up 10% y/y is being met with a lukewarm response.

- The shine is clearly off of Zale Corp after Q1 results sent shares plunging more than 25%. Sales missed consensus estimates, margins contracted and they could only reiterate previous guidance of positive net income for the year.

- has rallied 8% after Q3 results showed a nice beat on the top line. Management noted, given the strong customer response to our next generation social and mobile cloud technologies, that they expect to surpass a $4 billion annual revenue run rate during our fiscal year 2014.

- The EUR/USD has since recovered most of its losses from the Asian session and remained back over 1.2800 by the mid-NY morning. German Fin Min Schaeuble noted that eurogroup finance ministers were united on the Greek bond buyback idea to plug funding gaps. The EU Leaders will meet over the next two days to try to hammer out an agreement on the EU budget but much discord remains.

- The USD/JPY continued to hit fresh 7 1.2 month highs on continuation of the recent trend as expectations that more aggressive action would be taken to help the economy if LDP wins the December election.

Looking Ahead

***All times listed for economic events are denominated in Eastern Standard Time (Add 5 hours for GMT equivalent)

- 11:00 (US) Treasury 2-year, 5-year and 7-year refunding announcement

- 11:00 (US) Fed to sell $7.00-8.00B in Notes

- 12:00 (US) Weekly natural gas inventories

- 12:15 (CH) SNB's Fritz Zurbruegg Speaks in Luzern

- 13:00 (US) Treasury to sell $13B in10-Year TIPS Reopening

- 14:00 (AR) Argentina Oct Industrial Production M/M: No est v -1.7% prior; Y/Y: 1.5%e v -4.4% prior

- 20:45 (CN) China Nov HSBC Flash Manufacturing PMI: No est v 49.5 prior

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