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Jeremy Frommer, CEO of Hedge Fund LIVE Jeremy Frommer has 20 years of industry experience and is currently responsible for general management and leadership of the General Partner. Previously, Mr. Frommer was a Managing Director and Head of the Global Prime Services Group (“GPS”) at RBC... More
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  • China’s Largest Trade Deficit in 7 Years + Spain’s Downgrade Give Way to Weakest Premarket Activity This Week 0 comments
    Mar 10, 2011 3:29 PM

    HedgeFundLIVE.com – Morning Notes

    - Weakest premarket activity this week
    - Global markets are down on negative macro news items
    - Starting with China- trade balance came in much worse than expected and showed a deficit, which was largely unexpected; note that this $7.3B deficit is the largest that this figure has been in seven years
    - In Japan, Q4 final GDP came in weaker than expected, -1.3%
    - Japan revised Q4 GDP down
    - Bank of Korea hiked rates by 25bps, expected
    - Asian markets closed down notably with the Shanghai and Nikkei both down 1.5%
    - New Zealand cut rates
    - China CPI number will be released tonight (US time) and this figure is one to keep an eye out for
    - Spain was downgraded one notch by Moody’s, adding to pressure to European markets
    - Note that bunds initially spiked on Spain’s downgrade news
    - UK trade balance came in better than expected
    - German trade balance came in worse than expected
    - Oil seeing a bit of a pullback this morning
    - S&P futures are down nonetheless, about 9 handles from FV ahead of the bell
    - In the Middle East, reports that Gaddafi may agree to talks about potential transition of power; meanwhile, fighting continues in Libya; continued bombing of oil port town, Brega
    - Gold and silver are lower this morning
    - Jobless Claims: 397K vs. 376K; prior revised up to 371K from 368K
    - Continuing Claims dropped to 3.771M from 3.791M
    - January Trade Balance: -$46.3B vs. -$41.5B; prior revised up to -$40.3B from -$40.6B
    - Futures pulling in following claims number
    - On tap for rest of today: Treasury Monthly Budget Statement is out at 2p
    - Treasuries seeing bit of a bid as equities are weak this morning
    - Macroeconomic numbers finally surfacing and hitting the markets

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