Hook 'Em Horns

Beige book: U.S. growing at modest pace. The U.S. economy is expanding at a "modest pace," the Fed's Beige Book reported, although "some areas experienced mixed or weakening activity." Five of the 12 Fed districts saw moderate growth, with the Philadelphia region "somewhat weaker." In addition, "stock market volatility and increased economic uncertainty led many contacts to downgrade or become more cautious about their near-term outlooks." Consumer spending grew, mostly as a result of stronger auto sales, but demand for other products was flat or fell in several regions.

Yuan to achieve "full convertibility" by 2015. Chinese officials have told EU business executives that the yuan will achieve "full convertibility" by 2015. If true, the move would be welcomed by the U.S. and EU, which have long complained that the currency is undervalued. Giving credence to the potential timeframe is an FT report that China will today formally support turning London into an offshore trading center for the renminbi. However, Standard Chartered's Stephen Green warns that 2015 sounds "a bit too early," especially given that global volatility "looks set tocontinue for the next few years."

Today's Markets:
In Asia, Japan +0.3% to 8793. Hong Kong -0.7% to 19913. China -0.7%to 2499. India +0.6% to 17166.
In Europe, at midday, London +0.7%. Paris +0.7%. Frankfurt +0.9%.
Futures at 7:00: Dow flat. S&P flat. Nasdaq +0.3%. Crude -0.35% at $89.03. Gold +1.1% to $1837.80.

Thursday's economic calendar:

8:30 Initial Jobless Claims
8:30 Trade Balance
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
1:00 PM Bernanke: Economic Outlook
3:00 PM Consumer Credit
4:30 PM Fed Balance Sheet
4:30 PM Money Supply
7:00 PM Pres. Obama to discuss jobs and economy

http://seekingalpha.com/article/292364-wall-street-breakfast-must-know-news