The Week That Was: June 3rd - 7th 2013

Succinctly summarizing the positive and negative news, data, and market events of the week...

Positives

1. U.S. trade deficit comes in slightly better than expected, still hits $40.3bn
2. May non-mfg ISM comes in at expectations (as orders slow and inventory builds)
3. June’s Beige Book is out, and it didn’t say growth is outright slowing, so that’s good
4. Initial weekly jobless claims 346k, almost exactly in-line with expectations
5. Thursday’s 3:30 ramp was epic, RC LLC has your back – just BTFD
6. Non-Farm Payrolls beat expectations

Negatives

1. The problem with Japan’s “Plan B”
2. IG credit spreads widening
3. Abe’s attempts at defeating the “inflation monster” underwhelm
4. Hindenburg Omen beginning to confirm
5. The Tuesday streak is over
6. Is there a collateral shortage starting? Overnight repo suggests the possibility
7. Gasp! Dow drops below 15,000
8. Big miss in May for ADP, 135k vs 165k consensus
9. As a reminder, equities are completely diverged from credit & macro indicators
10. Nikkei enters bear market, sees 20% correction from its highs
11. The USD/JPY has crashed
12. The Real Unemployment rate is 11.3%

Additional

• Meet PRISM – the Government’s Internet Espionage Operation
• Putting Fed ‘tapering’ into perspective
• The debt of nations: a look at household debt
• Gov’t trying desperately to squeeze the money market

(h/t @ZH_Crown)