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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 Capital... More
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  • Thursday Morning Notes: Global Markets Lower Following Ugly Action in U.S. Markets on Wednesday  0 comments
    Jun 2, 2011 10:31 AM

    HedgeFundLIVE.com – Morning Notes

    - Global markets continued to see pressure in the overnight after yesterday’s ugly action in the U.S. markets
    - No-Confidence vote against Japan PM Naoto Kan, who survived the vote, but pledged to resign once nuclear crisis is resolved
    - Nikkie closed down 1.7%, Hang Seng down 1.6%, Shanghai Comp down 1.4%
    - European bourses are trading lower as well
    - Note that today is Ascension Day holiday in Europe (markets remain open) so volume is fairly light there
    - European bourses bounced off their lows after ECB Pres. Jean Claude Trichet commented that he wanted to form a EU finance ministry and give leaders ability to limit spending
    - Euro hit a one month high this morning
    - Greece was downgraded by Moody’s with a negative outlook
    - Greece downgrade implies a 50% default risk over next five yrs
    - UK Construction PMI came in better than expected
    - Initial Jobless Claims: 422K; prior revised up to 428K from 424K
    - Continuing Claims fall to 3.711M from 3.712M
    - Q1 Productivity (revised): +1.8% vs. +1.6%; prelim was +2.9%
    - U.S. retailers reported May Comp Sales this morning, and most have been weaker than expected
    - Remaining on the economic calendar for today: April Factory Orders at 10a
    - S&P futures are about 2.25 handles from FV ahead of the open

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