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Taper Talk, BoJ Action and China PMI Vaporizes Risk Appetite   
Thu, 23 May 11:16 AM EST/04:16 PM GMT
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Economic Data
- (RU) Russia Gold & Forex Reserve w/e May 17th: $512.4B v $520.4B prior
- (BR) Brazil Apr Unemployment Rate: 5.8% v 5.6%e
- (US) Initial Jobless Claims: 340K v 345Ke; Continuing Claims: 2.912M v 3.000Me
- (US) May Preliminary Markit US PMI Manufacturing: v 51.4e
- (MX) Mexico Q1 GDP (Current $) Y/Y: 3.0% v 4.2%e
- (US) Mar House Price Index M/M: 1.3% v 0.8%e; Q/Q: 2.0% v 1.5% prior
- (ZA) South Africa Central Bank (SARB) leavse Interest Rate unchanged at 5.00%, as expected
- (US) Apr New Home Sales M/M: 454K v 425Ke
- (EU) Euro Zone May Advanced Consumer Confidence: -21.9 v -21.8e
- (US) Weekly EIA Natural Gas Inventories: +89 bcf v +86 to +91 bcf expected range

- Global markets have been on a sleigh ride since Chairman Bernanke spoke before Congress yesterday morning. Add to Chairman's remarks the contraction seen in the May China HSBC PMI data and another BoJ emergency operation to manage JGBs and you've got an exciting market. The Nikkei plummeted 7.3%, for its biggest one-day drop since the T?hoku earthquake and tsunami in 2011, while European indices are all down 2.2% or more. As of writing, the DJIA is down 0.38%, the S&P500 is down 0.67% and the Nasdaq is off 0.36%.

- Analysts are doing their best to highlight that very little new was heard in Bernanke's testimony or the FOMC minutes. Bernanke told Congress it was possible the Fed could start tapering asset buys in the next few meetings, however the preponderance of his talk highlight the fact that the d ...
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