- US equity indices are moving sideways this morning as another round of grim
industrial production data clouds out any sunshine from the mildly positive
housing data. The May housing starts and buildings permits data came in
slightly above estimates, rising by the biggest amount in three months.
However, the May industrial production and capacity utilization data provided
herbicide for green housing shoots, with both readings still in negative
territory. The industrial production data showed its seventh straight month of
contraction, while capacity utilization marked its fourth consecutive record
low. Bearish comments from various quarters are also weighing on sentiment:
Goldman Sachs Chief Economist said he still sees the potential for a market
correction over next several weeks, while the American Bankers Association
unemployment peaking at 10% and above 9.5% throughout 2010. Note also that
Morgan Stanley expects to repay its TARP funds sometime today. NYMEX crude has
recouped its losses from yesterday on the weaker USD, with the front-month
contract back over $72 mid morning.
- In earnings, shares of Best Buy are down 5% after the company came in more or
less even with analysts' estimates and reaffirmed its 2010 forecast. Smithfield
Foods' loss was slightly less than expected, while its revenue was well below
estimates. The company believes the A(H1N1) virus only had a short-term effect
on US pork
demand. As consumers received more accurate information
about the virus, Smithfield saw
domestic market conditions begin to move back to more normal levels.
International markets still face some restrictions, however. La-Z-Boy was in
the black in its Q4 crushing estimates for an $0.11 loss. Shares of LZB are up 15%
but off their best levels.
- In other equity news, Genzyme temporarily shut down drug production at its
Allston Plant after it detected a virus that impairs cell growth in one of six
bioreactors at the facility. The company expects the plant to be fully
operational by the end of July. Shares of GENZ fell 7% before the open and have
recovered somewhat in early trading. Steelmaker Nucor essentially reiterated
their earlier qualitative guidance for Q2 with hard numbers before the open.
The company said its loss in the quarter would be smaller than expected,
sending its shares up 4%. According to Nucor's CEO, order entry has improved in
recent weeks, although the economic outlook remains very uncertain in light of
the continuing structural economic challenges. Shares of Tyco are up 8% after
the firm guided substantially higher than the Street for its Q3, citing
additional revenue in consumer markets and undersea telecom segments.
- JPY price action has been choppy as dealers continue to debate the situation
public pension fund, the worlds largest. There was news the fund might sell
JGBs to cover payments; dealers were noting that this could mark the beginning
of the end for Japan
as a capital exporter. In addition, Japanese tax laws could encourage
repatriations of funds back home. These raise question about whether you can
expect the JPY to be in demand for the foreseeable future. The steady dollar
during the mid-NY morning helped the energy and metals consolidate their
earlier gains. The CAD and AUD currencies were paring their gains as a result.
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Mon 12 Mar 2018 A 17:00 US- 3-Yr Auction Tue 13 Mar 2018 A 10:00 DE- ZEW Survey AA 12:30 US- CPI A 17:00 US- 10-Yr Auction Wed 14 Feb 2018 AA 12:30 US- Retail Sales A 12:30 US- PPI A 14:30 US- EIA Crude A 17:00 US- 30-Yr Auction Thu 15 Mar 2018 A 12:30 US- Weekly Jobless A 12:30 US- Philly Fed, Empire PMI A 12:15 US- Industrial Production Fri 16 Mar 2018 A 10:00 EZ- final HICP A 12:30 US- Housing Starts/Permits A 14:00 US- prelim Univ of Mich
John M. Bland, MBA co-founding Partner, Global-View.com
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
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