***Economic Data*** - (IR) Ireland Sept Trade Balance: â‚¬3.9B v â‚¬3.8B prior - (PD) Poland Oct Sold Industrial Output M/M: -1.6% v 0.0%e; Y/Y: 8.0% v 10.1%e - (PD) Poland Oct Producer Prices M/M: 0.0% v 0.2%e; Y/Y: 4.0% v 4.1%e - (BE) Belgium Nov Consumer Confidence: 0 v -2 prior
- Traders are a bit cautious again this morning after yesterday's risk-on session, following China's reserve requirement increase. The Chinese announcement came just as leading central bankers - including the Fed's Bernanke, ECB Chief Trichet, Brazil's Meirelles and IMF Chief Strauss-Kahn - began a panel discussion on the current state of global monetary policy. The Irish situation is adding to the uncertainty, with Ireland still mum on whether it plans to accept a bank bailout or not, even as official rhetoric makes it seem the nation cannot avoid saying yes to European funding. Adding to the celtic tension, Anglo Irish Bank stated that accounts were down significantly YTD and fund raising has been challenging, further pressuring the bank's capital levels and further complicating Ireland's rapidly evolving bank crisis. Crude has rolled over into the January contract, which is trading just shy of $82. Treasury prices not moving all that much but are a little higher, with the 10-year yield just below 2.9% and the long bond pinned at 4.25%.
- In tech earnings, Dell's Q3 earnings were better than expected, although its revenue take was subpar. The PC giant continues to see strength from the ongoing corporate IT refresh cycle, while its sees consumer demand softer than hoped. Semi name Marvell Technology was a bit ahead of consensus views in its Q3. Salesforce.com's revenue beat the Street and the firm slightly increased its 2011 earnings outlook. DELL is up 2%, MRVL is up more than 4% and CRM is up 15%.
- In retail earnings The Gap met expectations and reaffirmed its outlook, although the firm's existing earnings guidance range still falls short of consensus estimates. Foot Locker and Ann Taylor did quite well. ANN beat top- and bottom-line expectations, while Foot Locker crushed earnings targets, tripling profits on a y/y basis. Comps at ANN and FL were very strong. GPS is down 2%, while FL and ANN are both up 8%.
- The greenback is its worst levels and moving into positive territory as the concerns that festered earlier in the week resurfaced late on Friday. The PBoC reserve requirement increase earlier in the day had dealers rethink the chances for further tightening by the Chinese. ECB Chief Trichet stressed the importance of a strong dollar, providing an excuse for traders to square up positions for the week. The update by Allied Irish in mid-NY morning provided the dollar with more momentum for the rebound.
***Looking Ahead*** - (CO) Colombia Central Bank Interest Rate leaves the Overnight Lending Rate unchanged at 3.00%; As Expected - 11:30 (BR) Brazil Oct CAGED Formal Job Creation: 169.0Ke v 246.9K prior - 14:00 (AR) Argentina Sept Economic Activity Index M/M: No est v 0.3% prior; Y/Y: 8.8%e v 8.5% prior - 14:00 (AR) Argentina Industrial Production M/M: No est v 1.2% prior; Y/Y: 9.0%e v 10.1% prior
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