RESEARCH | GLOBAL MACRO DAIL Y | NEW YORK OPEN 2 Augu st 2011 PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES STARTING AFTER PAGE 11 Global Macro Daily The House approved legislation to raise the US debt ceiling by $2.1trn and the legislation now goes to the Senate for a final vote later today. Market Insights and Events Global 4 Europe 4 Asia Pacific 5 North America 6 EEMEA 8 Latin America 8 The next 24 hours Europe 9 North America 9 EEMEA 9 Latin America 9 Calendar 10 Contacts 11 The debt deal does not stabilize the debt-GDP ratio, however, and does not appear to meet the criteria laid down by rating agencies to avoid a downgrade. We maintain our recommendation of Treasury curve steepeners. However, given the extent of steepening of 5s30s curve, we recommend 10s30s curve steepeners instead (see FOCUS below). Global manufacturing confidence indicators have disappointed in the past 24 hours. The ISM manufacturing index fell to 50.9 in July from 54.5 in June, well below expectations. The reading was the lowest since July 2009, suggesting a weak start for growth in Q3.Full StoryThe headline euro area manufacturing PMI was unrevised at 50.4 in July. The main "new news" in the release came from the peripheral countries: in particular, the sharp deterioration in Spanish PMI. Full StoryIn light of the weak manufacturing confidence indicators, the upcoming Services PMI numbers (Wednesday for Europe and the US) are likely to draw additional attention, with a potentially larger-than -usual impact on cyclical assets. Focus Not Good Enough Ajay Rajadhyaksha, Anshul Pradhan Policymakers in Washington have agreed on a deal that a) raises the debt ceiling until after the November 2012 elections, and b) cuts the deficit by around $900bn in the first step, with triggers that would add another $1.2-$1.5trn in cuts in the second stage in the absence of an agreement to cut deficits by at least that amount. Our first reactions: This deal does not put the US on a sustainable fiscal path , since it does not stabilize the debt-GDP ratio over the next decade. Moreover, the recent weakness in US growth has the potential to offset most of the savings claimed by the debt reduction package.
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However, what matters far more than the rating agency move is whether bond markets
come to the same conclusion about US debt. The 5s/30s curve (where we have
recommended a steepener since April, when S&P put the US on negative outlook) is a good
place to start. The 5s30s curve has steepened by nearly 55bp since early April. A substantial
part of the move has been due to weaker data leading to expectations of Fed hikes being
pushed out. But some of it seems to be driven by fiscal concerns. The 10bp narrowing of
30y swap spreads over the same period and the nearly 25bp of cheapening of 10y USTreasuries relative to 10y bunds support this theory as well. In previous research (see "How
risk-free are US Treasuries?", January 8, 2010), we estimated the effect of a one-notch
downgrade in the sovereign rating to correspond to an increase in yields of about 25bp. The
moves so far suggest that the effect of such a downgrade has been priced in to a large
extent, although long-end swap spreads appear to have further room to tighten.
Given that the current plan does not solve longer-term fiscal issues, we do not expect a
reversal of the 5s/30s steepening just because a deal has been passed. But the large move
that has already occurred means that we find the entry level to be unattractive for 5s30s
steepeners. In addition, there are a couple of other risks to 5s/30s steepeners. The
weakness in data could put QE3 back on the table. Brian Sack, the markets group chief of
the New York Fed, has suggested that monetary accommodation could be achieved by theFed’s extending the duration of its portfolio. This would put downward pressure on long-
end rates, hurting the 5s/30s steepener. Even if the Fed were to stay on hold in the face of
disappointing data, 5s might well be anchored near current levels, given how much they
have rallied. We recommend moving the steepening out to 10s/30s instead. That part of the
yield curve has steepened considerably less than 5s/30s, and any new asset purchases
should affect the entire 10-30 year sector, reducing the risk of flattening.
Figure 2: Growth is expected to track well below the CBO’sestimate in 2011…
Figure 3: …which would lead to a worsening of deficits,
offsetting the bulk of the savings
1.50%
2.70%
3.10%
2.80%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
2011 Q4/Q4 2012 Q4/Q4
19
4348
5764
7178
8491
98105
0
20
40
60
80
100
120
2011 2013 2015 2017 2019 2021Barclays CBO Additional Deficits for 1% lower growth in 2011
Global manufacturing PMIs show a continued slide in activity into July with very few
exceptions. Slowing global activity may provide a bid for currencies with more closed
economies, such as the USD and the JPY. Other traditional safe havens, such as the EUR and
the CHF, may underperform, given their more open economies. There are risks to consider
for the USD and JPY, primarily stemming from potential policy action. Full Story
Europe
Italy: July central government budget data
Fabio Fois
Central government budget data show a surplus of EUR4bn in July, compared with a surplus
of EUR2.5bn recorded in July last year. In a note published on its website, the Italian
Treasury reports that, net of transfers made to Greece, the surplus would have been of
EUR5.0bn. YTD, the state sector borrowing requirement was EUR39.6bn versus EUR44.7bn
recorded in 2010. Full Story
French, Italian and Spanish new car registrations: Momentum remains
tentative
Marion Laboure, Julian Callow
French, Italian and Spanish new car registrations: Momentum remains tentative. Based on
our seasonally adjusted calculations, we find that the pace of new car registrations in July in
France, Italy and Spain continued to be weak, reflecting the ongoing concerns of
households towards making big-ticket expenditures. While French registrations in SA terms
in July were slightly above their Q2 average, our calculations suggest that the Italian and
Spanish registrations were weaker. Full Story
Swiss PMI (sa) at 53.5 in July, marginally up m/m
Thorsten Polleit
In July, the Swiss PMI (sa) stood at 53.5, marginally up from the 53.4 reported for June
(market consensus: 52.5, BarCap: 51.1). This is actually somewhat surprising given thelatest decline in the KOF index (which fell 0.19 points m/m to 2.04 in July) and growing
concerns about the potentially dampening effects the appreciating Swiss franc exchange
rate could have on growth. Looking at the PMI breakdown, output rose strongly to 51.5
Congressional Budget Office scoring of compromise to raise debt ceilingindicates plan cuts at least $2trn from deficits over next 10 years
Troy Davig
The Congressional Budget Office (CBO) scoring of the proposed compromise to raise the
debt ceiling indicates that, over a ten-year horizon, deficit savings from already agreed upon
discretionary spending caps would culminate in $917bn relative to the CBO March baseline.Other measures, which will come from either recommendations from a Congressional Joint
Select Committee or automatic spending cuts, would result in over $2trn in deficit savings
over the next 10 years. Full Story
Lowest US ISM reading since July 2009
Peter Newland
The ISM manufacturing index fell to 50.9 in July from 54.5 in June, well below our forecast
(55.0) and the consensus (54.5) and the lowest reading since July 2009. The decline was
broad-based, with new orders down to 49.2 from 51.6 (the first reading below 50 since the
recession); production falling to 52.3 from 54.5; and declines in supplier deliveries (to 50.4
from 56.3), employment (to 53.5 from 59.9), and inventories (to 49.3 from 54.1). Full Story
Small increase in US construction spending
Michael Gapen
Construction spending rose 0.2% m/m in June, in line with our forecast (0.2%) and one-
tenth above the consensus (0.1%). The upside surprise also came with an upward revision
to May's numbers, where construction spending was revised to show an increase of 0.3%
against the previous 0.6% decline. The increase in June was driven by a 0.8% increase in
private construction spending, while public construction spending fell 0.7%. Full Story
US Debt Ceiling Deal: Not good enoughAjay Rajadhyaksha, Rajiv Setia, Anshul Pradhan, Amrut Nashikkar
Policymakers have agreed on a deal cutting $2.1-2.4trn in deficits over the next 10 years,
which, in our view, does not stabilize the debt-GDP ratio. Further, this debt profile does not
appear to meet the criteria laid down by rating agencies, and could act as a trigger for a
downgrade. We maintain our recommendation of Treasury curve steepeners. However,
given the extent of steepening of the 5s30s curve, we recommend 10s30s curve steepeners
instead. Full Story
US Fixed Income Outlook for August 2, 2011
Ajay Rajadhyaksha, Dean Maki
Over the weekend, the Democratic and Republican leaderships coalesced around a plan to
increase the debt ceiling that would cut $2.1-2.4trn in spending and raise the ceiling until
after November 2012. We think this proposal falls short of the threshold set by S&P and
does not stabilize the debt-to-GDP ratio over the next decade. We recommend 10s30s
curve steepeners on lower-than-expected growth and a lack of resolution for longer-term
July manufacturing PMI in Emerging EMEA has continued the downward trend observed in
Q2 11. Average PMI declined by 2.1pts to 50.8 in July, well below the averages of 53.7 in Q2and 56.2 in Q1. However, most of the decline in July was attributable to strike-induced
declines in South Africa. Still, without South Africa, average PMI fell by 0.6pts to 52.1, more
than a point below its Q2 average. Full Story
South Africa: Massive deterioration in July PMI
Jeffrey Schultz
South Africa's seasonally adjusted PMI fell massively, to back below the critical level of 50, in
July, measuring 44.2 vs 53.9 in June. This marks the lowest level in the index since August
2009 and follows a host of global PMI's over the past few days which suggest somewhat of
a "soft patch" in global manufacturing activity. Strike action along with weaker global
activity heavily impacted July PMI. Full Story
Turkey: Sober market assessment to the military resignations
Koon Chow
The negative market impact from last Friday's high-level resignation from Turkey's military
has started to abate. Investors' concerns that the resignations may negatively impact
political or social stability in Turkey should steadily ease although the Supreme military
council meetings this week (biannual meeting between the PM and senior military officials)
are still likely to be a focal point for the market. The popularity of the ruling AKP party has
been consistently high, lessening the risk that the resignations trigger a popular backlash
against the government. Full Story
Latin America
Venezuela: 2031 allocations signal lower-than-expected supply
Alejandro Grisanti, Alejandro Arreaza
The allocations of more bonds to the public financial systems, means lower supply in the
shorter term and higher supply in the medium term, as the allocation to the public financial
system will be sold through SITME. This allocation also supports the view of no more issuance
during the rest of 2011, which is very supportive to the Venezuelan assets Full Story
Argentina: August 14th
Sebastian Vargas
City of Buenos Aires Mayor Mauricio Macri was re-elected on Sunday night. He garnered
more than 64% of the votes against President Cristina Kirchner's candidate, Daniel Filmus.
We see the result as negative news for Kirchner, suggesting the opposition has momentum,
but believe the Aug 14 primaries will be an important political and market event, as they will
provide fresh information on whether Cristina Kirchner's chances to win in the first round
are as high as the market currently seems to expect. Full Story
Euro area – Retail sales: We look for euro area retail sales to have risen by 2.0% m/m in June (-
0.6% y/y), after a fall of 1.0% m/m (-1.8% y/y) in May. However, this estimate is very tentative
and is likely to be revised down, since it encompasses the provisional German estimate (+6.3%
m/m) which was inflated by a new statistical sample, and which is also very likely to be revised
down sharply at a later stage. An outcome in line with our provisional estimate would result in
the level of retail sales in Q2 being down 0.2% q/q versus Q1.
UK Services PMI: We expect the PMI figure to show a small deceleration in the pace of
output growth in the services sector. We forecast the index to have fallen to 53 in July from
53.9 previously. However, at this level the PMI would still remain consistent with decent
growth in the services sector.
North America
US Personal income and spending: We expect personal income to rise 0.1% and personal
spending to increase 0.1% in June. Within the income number, we are looking for a flat
reading in the main wages and salaries component, consistent with the sideways move in
average hourly earnings and decline in hours worked in the June employment report.
Elsewhere, we have penciled in small gains in rental and interest income. On the
consumption side, our forecast is consistent with a 0.1% gain in real terms as well (with a
flat reading on the PCE price index). Softness partly reflects the further decline in auto sales
during June, which we believe mainly owed to the supply disruption from Japan. Finally,
revisions to the recent history of the personal income and personal spending series, and
their components, will be published with the June release, to bring them into line with the
quarterly revisions to GDP published in the Q2 advance release.
US Vehicle sales: Vehicle sales declined to 11.4mn in June from 11.8mn in May and 13.1mn in
April. This, in large part, reflects a drop in supply as a result of disruption to auto production from Japanese suppliers, as well as decreased incentives and higher prices among domestic suppliers
in response to the supply effect. We expect a modest rebound to 11.8mn sales in July.
EEMEA
Russia: Banking sector no longer has excess liquidity, which has been clearly demonstrated
during the tax payment period. This should keep policy rates on hold.
Romania: The recent decline in inflation to 7.9% and expected fall in July to around 5-5.5%
relieves the pressure to raise rates. However, as inflation remains well above the 2-4%
target, there is no basis for cutting rates at this time. We think the next move will probably
be a cut, but not until H2 2012. Still no signs of life in consumer spending.
Turkey: We expect inflation to surge in July, partly due to unfavourable base effects.
Kazakhstan: KZT strengthening has likely triggered NBK to buy excess currency from the market.
Latin America
Brazil industrial production: This is consistent with a 0.3% m/m SA contraction of IP at the
margin, following drops in most of the IP leading indicators: -2.3% m/m SA in corrugated
paper production, -0.5% in heavy truck flow in toll roads, -0.1% in auto production and -
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