to exceed 25% cash payout in 2013) • Germany May retail sales +0.8% m/m versus estimate +0.4% (+0.4% y/y versus estimate +0.2%) • ECB denies the Sueddeutsche article they are discussing additional bond-buying across 17 EU states Leading European Sectors: Tech -0.82%, Healthcare -0.75%, Chemicals -0.31% L

e ECB today (statement @ 7:30am, Draghi press conference @ 8.30am) (link<http://www.ecb.int/press/tvservices/webcast/html/webcast_120802.en.html>). Sueddeutsche thinks the ECB will announce a two-pronged plan to buy peripheral bonds in the secondary market (via the SMP) while the EFSF/ESM will buy bonds dire

rate is 12.1%, July consumer prices +1.6% y/y inline with estimates • ECB President Mario Draghi favors releasing miutes from the ECB meetings says Sueddeutsche (MNI) • Nintendo profit beats estimates helped by weaker JPY (70% revenues from overseas) (after close) • Honda profit misses estimates as delive

higher with the exception of the SCHOMP which continues to underperform. China PMI out tonight 0 9pm tonight and Europe/US PMI's tomorrow morning. Sueddeutsche reporting again that plans to give the ESM a banking license to give it access to unlimited ECB funding are gaining support (although Germany still

of Science • D.A.Wallach, =ecording Artist; Songwriter; Artist in Residence, Spotify; Hi-Tech =nvestor PRESS: • Andrian Kreye, Feuilleton editor, Sueddeutsche =eitung, Munich • John Markoff, Science =orrespondent, The New York Times • Ludwig =iegele, Technology Editor, The Economist EDGE: • John Brockma