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By John Balassi
NEW YORK, June 9 (IFR) - Summary of overnight events andTuesday's main headlines:Dow Futures: -19, S&P Futures: -2.50, Nasdaq Futures: -10.75CDX IG23: 0.0625bp wider, CDX HY23: 0.0625 point lower 10-yr UST yield: 2.382 +0.1bp; 30-yr UST yield: 3.114%, +0.9bpEUR/USD: 1.1271, -0.19%HEADLINESProsecutors search Deutsche Bank offices for client transactionevidenceDeutsche Bank offices in Frankfurt were searched on Tuesday byGerman prosecutors seeking evidence related to client securitiestransactions, Germany's largest lender said.
HSBC to cut 50,000 jobs in quest for higher dividendsHSBC pledged a new era of higher dividends on Tuesday, layingout plans to slash nearly one in five jobs and shrink itsinvestment bank by a third to combat sluggish growth across itssprawling empire.
Greece delivers reform plan to EU, warns on cost of failure Greece handed its creditors new proposals on unlocking funds tokeep the country from default, with Prime Minister AlexisTsipras offering hope for a deal and warning the cost of failurewould be enormous.U.S. rate prospects spook global stocks, dollar on defensiveEuropean shares followed Asian stocks lower on Tuesday asspeculation intensified that the U.S. Federal Reserve couldraise interest rates sooner than many expect, though this failedto give the dollar a significant boost.
Markets not pricing in enough Fed rate risk: PIMCO's Balls Financial markets could be taken by surprise by higher U.S.interest rates in the future, a top executive with global fundmanagement firm PIMCO said on Tuesday.GLOBAL MACRO* Market opens risk off as thoughts of early Fed tighteningspooks markets* EU receive new reform proposals from Greece, market expectsmore can kicking - Rts* Brent recovers to $63, as increased emerging market demandoffsets oversupply* UK May BRC Retail Sales 0% (prev -2.4%)* CHF May Unemployment Rate 3.3% (prev 3.3%)* France April Budget Balance EUR -59.84bn (prev EUR -26.29bn)* CHF May CPI 0.2% m/m (exp 0.1%, prev -0.2%) and -1.2% y/y (exp-1.2%, prev -1.1%)* UK April Trade Balance GBP -8.561bn (exp GBP -9.9bn, prev GBP-10.705bn)* EZ Q1 GDP revised 0.4% q/q (exp 0.4%, prev 0.4%) and 1% y/y(exp 1%, prev 1%)US DATA* 09:00 NFIB Small Business Optimism Index (May) (prev 96.9)* 10:00 Wholesale Inventories (Apr) (mkt +0.1% m/m, prev +0.1%m/m)* 10:00 Wholesale Sales (Apr) (prev -0.2% m/m)* 10:00 JOLTS Job Openings Level (prev 4.994 mn)EVENTS * 13:00 Treasury auctions $24 bln 3-year notesHIGH-GRADE SUMMARY:Number of deals priced: 6 on MondayTotal issuance volume: US$6.85bnUSD HIGH-GRADE PIPELINEReynolds American, Baa2/BBB-, mandated joint leads Citigroup andJ.P. Morgan to arrange fixed income investor calls. ReynoldsAmerican secured an up to $9b bridge loan from Citigroup andJ.P. Morgan for its Lorillard Tobacco merger agreement. IPALCO Enterprises, Baa3/BB+, asked J.P. Morgan and MorganStanley to arrange fixed income investor conference calls. Nonghyup Bank, rated A1/A, will start fixed-income meetings inAsia and Europe for a US dollar bond offering on June 1.Citigroup, Commerzbank, HSBC and Societe Generale were mandated.Janus Capital Group Inc., Baa3/BBB-, asked Citigroup, J.P.Morgan and Wells Fargo to arrange fixed income investormeetings. Kite Realty, Baa3/BBB-, mandated Citigroup, J.P. Morgan andWells Fargo to arrange investor meetingsHalliburton Co, A2/A, filed an S-3ASR automatic debt securitiesshelf registration. Proceeds were flagged for general corporatepurposes including but not limited to repayment or refinancingof debt, financing of acquisitions, working capital, CAPEX andrepurchases and redemptions of securities. (Reporting By John Balassi)
