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Russia concerns abate   
Tue, 30 Sep 11:23 AM EST/04:23 PM GMT
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Economic Data
(EU) Euro Zone Sept Advance CPI Estimate Y/Y: 0.3% V 0.3%e; CPI Core Y/Y: 0.7% V 0.9%e
(CA) Canada July GDP M/M: 0.0% V 0.3%e; Y/Y: 2.5% V 2.8%e
(US) July S&P/Case-Shiller 20 City M/M: -0.50% V 0.0e; Y/Y: 6.75% V 7.4%e; Home Price Index: 173.34 V 174.45e
(US) Sept Chicago Purchasing Manager: 60.5 V 62.0e
(EU) Eurostat revises today's earlier Euro Zone Sept Advance CPI Core (ex-energy, unprocessed food) estimate higher from 0.7% to 0.8%

US stocks markets opened under some modest pressure and quickly moved to session lows within the first hour of trade. US bond markets were recouping early losses as safe haven flows sent money into bonds and gold. It appears headlines out of Russia were the major culprit. Reports circulated that Central bank had discussed options for capital controls to offset increasing outflows. The Ruble traded below of the Russia Central Bank (CBR) 44.40 bottom of the floating trading corridor which only enhanced the consternation. Ultimately reports citing the Russian Fin Ministry denied that they were considering capital controls and sentiment has improved.

All three of the major US indices are in the green, up 0.25% or more, and bond prices are marginally lower. The US 10-year yield remains pinned around the 2.5% level. WTI is under some pressure down 1.5% and for the first time in a while it is underperforming Brent. The DJ Transports are getting a boost from lower oil prices led by the Airlines

Equity news has overall been pretty constructive led by Ebay's decision to finally spin off PayPal. Other large cap tech names tied to activist investors have rallied including shares of Yahoo, EMC a ...
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