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Wednesday Morning Notes: Markets Have Strongly Rebounded Off Their Lows – Morning Notes

- Markets have strongly rebounded off their overnight lows
- Nikkei closed down 50ps with weakness attributed to Japan Trade Balance data, which came in weak, showing the first deficit in 31 years
- Shanghai closed down 90bps; Hang Seng closed up 10bps
- Euro and oil have also rebounded nicely off their overnight lows
- UK GDP came in in line
- There were rumors out that Greece would hold early elections, which PMs dismissed
- French Finance Minister Christine Lagarde announced she would seek IMF MD position, the post that Strauss-Kahn had left
- OECD (Organization for Economic Cooperation and Development) revised its US forecast up to +2.6% from +2.2%; left its global growth forecast unch’d
- Reports were out that Germany may pass its stress test
- On economic calendar for today: March FHFA Housing Price Index out at 10a; 5-yr note auction results out at 1p
- S&P futures are down 2.25 handles from FV ahead of the 8:30a Durable Goods number
- April Durable Goods Orders Ex Transport: -1.5% vs. +0.6% expected; prior revised up to +2.5% from +2.3%
- April Durable Goods Orders: -3.6% vs. -2.0%; prior revised up to +4.4% from +4.1%

- Futures are ticking lower following latest data release; may prove to be short-lived