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Forex Blog

Back to The Headlines

Monday April 30, 2012 - 15:20:30 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

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TradeTheNews.com US Market Update

Monday, April 30, 2012 11:03:15 AM

 TradeTheNews.com US Market Update

DJIA -36 S&P500 -7 NASDAQ -19

***Economic Data***
- (PL) Poland Apr NBP Inflation Expectations: 4.3% v 4.4%e
- (ZA) South Africa Mar Budget Balance (ZAR): -11.5B v +5.8B prior
- (ZA) South Africa Mar Trade Balance: -5.5B v -4.3Be
- (US) Apr NAPM-Milwaukee: 52.9 v 53.0e
- (US) Mar Personal Income: 0.4% v 0.3%e; Personal Spending: 0.3% v 0.4%e
- (US) Mar PCE Deflator M/M: 0.2% v 0.3%e; Y/Y: 2.1% v 2.2%e
- (US) Mar PCE Core M/M: 0.2% v 0.2%e; Y/Y: 2.0% v 2.0%e
- (CA) Canada Feb Gross Domestic Product M/M: -0.2% v +0.2%e; Y/Y: 1.6% v 2.1%e
- (CA) Canada Mar Industrial Product Price M/M: 0.2% v 0.0%e; Raw Materials Price Index M/M: -1.6% v +0.3%e
- (CL) Chile Mar Unemployment Rate: 6.6% v 6.6%e
- (CL) Chile Mar Total Copper Production: 423.1K v 379.5K prior
- (CL) Chile Mar Retail Sales Y/Y: 9.2% v 10.9%e
- (CL) Chile Mar Manufacturing Index: 0.2% v 3.0%e
- (US) Apr Chicago Purchasing Manager: 56.2 v 60.0e (lowest level since Nov 2009)
- (UK) BOE buys £1.6B in 2015-2019 Gilts in reverse auction; bid-to-cover:2.57 x v 2.25x prior
- (US) Apr Dallas Fed Manufacturing Activity: -3.4 v 8.0e

- US equity markets are rolling over this morning following last week's solid gains. Note that the S&P500 was just about 1% away from its recent four-year highs by the end of last week, making for a very sensitive market. In Europe, Spain followed the UK into official recession territory and drumbeat of bailout fears and anti-austerity commentary resurfaced. S&P futures turned negative before the US open, and cash trading sent the index steadily lower over the first hour of trading. Two negative regional manufacturing surveys have not helped matter: the April Dallas Fed index widely missed expectations and the Chicago Purchasing managers' index hit its lowest level since November 2009.

- Health insurance name Humana missed Q1 earnings estimates and offered a Q2 earning guidance range that was significantly weaker than expected. On the conference call, Humana executives said that the balance of FY12 earnings would fall in the second half of 2012, with more costs coming in the first half. Shares of HUM are down 6%. Generic pharma name Watson met expectations in its Q1 and reiterated its full-year outlook. WPI advanced 2% in the premarket but has given up these gains and is trading down 1% mid morning. Chemicals name Lyondell Basel missed top- and bottom-line expectations slightly, thanks to high prices for crude oil inputs. Shares of LYB are down 5%.

- Microsoft disclosed another piece of its tablet computer strategy this morning, announcing that it has agreed to invest $300M in Barnes & Noble's Nook digital reader business. For Barnes & Noble, the deal helps establish the value of the Nook business: the agreement values the Nook and college textbook business at $1.7B. Shares of BKS rose by 85% in the premarket on news of the deal. In other deal news, medical device maker Hologic said it would buy diagnostic test firm Gen-Probe Inc for about $3.75B in cash, or $82.75/shr, a 20% premium to Friday's closing value. The big deal of the morning was Sunoco, which Energy Transfer Partners proposed to acquire for $50.13/shr in cash and stock. Pipeline operator Energy Transfer Partners has seen the value of its natural gas pipeline transport business sink along with the price of gas, and hope to bolster its margins with Sunoco's crude oil pipeline network. Note that Sunoco is still divesting its refining business and will continue talks with Carlyle Group LP to buy its Philadelphia refinery.

- In FX trading, USD/JPY tested below the 80 handle in mid-morning trading. Weaker Canadian GDP data sent the CAD currency lower in the session. USD/CAD pair was back at 0.9865 area after testing 0.9805 earlier today.

***Looking Ahead***
- (CO) Colombia Central Bank Interest Rate Decision: Expected to leave the Overnight Lending Rate unchanged at 5.25%
- (US) US President Obama hosts Japan PM Noda
- 11:00 (DE) German Chancellor Merkel holds Schleswig-Holstein State Election Rally
- 11:00 (US) Fed to purchase $1.5-2.0B in Notes
- 11:30 (US) Treasury to sell $30B in 3-Month and $28B in 6-month Bills
- 12:00 (EU) EU's Juncker and EU Commissioner Rehn
- 12:00 (CO) Colombia Mar Urban Unemployment Rate: 11.5%e v 12.5% prior
- 13:00 (DE German Chancellor Merkel holds Schleswig-Holstein Election Rally
- 15:30 (MX) Mexico Mar YTD Budget Balance (MXN): No est v -24.3B prior
- 17:30 (US) Fed's Fisher speaks on jobs in Beverly Hills, CA
- 18:00 (FR) French President Sarkozy's Party holds Labor Day Rally in Paris

  

 

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