Overnight Event Summary

It’s the last Friday of 2013. Here is what happened overnight.

  • Japan’s inflation accelerated to the fastest pace since 2008  last
    month, bringing the rate closer to policy makers’ target while
    threatening to erode household spending power unless employers boost
  • Treasury 10Y notes head for sixth straight weekly loss as yields touched above 3.00% overnight; have risen over 10bps this week amid record high closes for U.S.
    stocks, limited holiday week liquidity.
  • China’s benchmark money-market rate posted its biggest weekly drop since 2011 as PBOC cash injections and fiscal fund transfers boosted supply
  • PBOC has added a net 29b yuan this week by auctioning seven-day reverse repo contracts on Dec. 24, according to data compiled by Bloomberg
  • Turkey’s lira tumbled to a record low as Justice Minister Bekit Bozdag  defended the government two days after his appointment by Erdogan, saying prosecutors and judges had overstepped their bounds in a widening graft probe
  • Turkey’s military, which as recently as 1997 pressured the country’s first Islamist prime minister to step down, has stayed clear of the fray
  • Thailand’s army chief refused to rule out the possibility of a coup even after stressing that the military can’t take sides in the deadly dispute between protesters and Prime Minister Yingluck Shinawatra’s government
  • A car bomb killed former Finance Minister Mohamad Chatah in downtown Beirut today, the state-run National News Agency said, citing its correspondent
  • BofAML Corporate Master Index OAS holds at YTD low 129bps; $50b priced this month. High Yield Master II OAS holds at 396bps, tightest since 2007; nearly $21b priced in Dec. CDX High Yield closed at 108.54, fourth consecutive record, from 108.48; YTD low 101.03 (June 24)
  • Sovereign yields higher. Nikkei little changed, Shanghai Composite +1.4%. U.S. equity-index futures decline. WTI crude and gold little changed, copper rises

Source: Bloomberg


via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/6KxmBFdsJh0/story01.htm Tyler Durden

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