TradeTheNews.com US Market Update: Choppy Equity Trading as Markets Watch Greece
Thursday, May 24, 2012
TradeTheNews.com US Market Update: Choppy Equity Trading as Markets Watch Greece
DJIA +27 S&P500 +5.6 NASDAQ flat
***Economic Data*** - (ZA) South Africa Central Bank (SARB) leaves interest rates unchanged at 5.50%; as expected - (IR) Ireland Apr Property Prices M/M: -1.1% v 0.0% prior; Y/Y: -16.4% v -16.2%e - (TR) Turkey May Industrial Confidence: 113.8 v 116 prior; Capacity Utilization: 74.7% v 74.7% prior - (BR) Brazil Apr Unemployment Rate: 6.0% v 6.2%e - (US) Apr Durable Goods Orders: +0.2% v +0.2%e; Durables Ex Transportation: -0.6% v +0.8%e; Capital Goods Orders Non-defense Ex-Aircraft: -1.9% v 0.8%e; Capital Goods Shipment Non-defense Ex-Aircraft: -1.4% v -1.0%e - (US) Initial Jobless Claims: 370K v 370Ke; Continuing Claims: 3.260M v 3.250Me - (US) Markit May Flash US MANUFACTURING PMI: 53.9 v 56.0 prior [new index] - (BE) Belgium May Business Confidence: -11.2 v -11.0e - (MX) Mexico Q1 GDP Y/Y: 10.0% v 8.7%e - (BR) Brazil Apr Current Account: -$5.4B v -$4.0Be; Foreign Direct Investment (FDI): $4.7B v $4.9Be - (US) EIA Natural Gas Inventories: + 77bcf v +75-80 bcf expected range - (EU) EFSF priced €3.0B 1.125% 2015 bond at 99.892; Reoffer yield 1.162% (in line with earlier guidance of +18bps over mid-swaps)
- Weak Chinese and European manufacturing PMI data weighed on both Asian and European equity indices overnight. In Europe, officials continue to weakly insist that they would like to see Greece stay in the euro zone even as thinly veiled preparations for Plan B continue. In the US, cash equity trading has been choppy in the first hour and a half but is still holding up in the black. Traders continue to wonder what drove yesterday's big equity reversal, although nothing convincing seems to have emerged besides wild hopes for more Fed easing based off of Kocherlakota comments. This morning's April durable goods data was mixed, with the headline figure meeting expectations but various permutations showing weakness when aircraft orders were backed out of the mix. The weekly jobless claims numbers were flat with last week's showing, suggesting that job growth may be stalled. Crude has gained a bit more than a buck after possible barriers in the Iran nuke negotiations emerged.
- Hewlett-Packard's Q2 results contrast sharply with competitor Dell the other day. HP beat estimates and raised its FY12 outlook, although its margins continue to be well under trend and revenue in the printing business is down nearly 10% y/y. Shares of HPQ are up 6% in mid morning trade, while DELL is in the red. Shares of Pandora Media are up 18% this morning after the firm roundly beat consensus expectations and reported big y/y gains in both total active users and advertising revenue.
- High-end retailer Tiffany is getting crushed this morning after the firm offered a dim Q1 report. Earnings and revenue totals miss expectations, sales comps in the US and Europe were flat (the New York flagship store's SSS was -4%) and the firm also slashed its FY12 outlook. Shares of TIF fell 8% and are not recovering, while fellow high-end name Saks is in the red. There were no surprises in Costco's report, with earnings and sales growth meeting the consensus view, on solid comps. COST is +2%.
- FX trading saw choppy price action during the New York morning as dealers traded off comments from ECB Governor Nowotny, who said that the ECB had not used its entire arsenal, possibly suggesting that some form of coordinated action was being prepared to help Europe. EUR/USD climbed off 22-month lows and attempted to reclaim the 1.26 handle several times. The prior January low of 1.2622 now provided some technical resistance in the pair. EUR/CHF cross bounced off its 1.2000 floor as several convenient rumors circulated and weakened the franc. The cross tested two-month highs above 1.2070 first on SNB intervention rumors and then on a possible tax on Swiss deposits to discourage hot money flows.
***Looking Ahead*** - 11:00 (US) May Kansas City Fed Manufacturing Activity: 5 v 3 prior - 12:20 (DE) ECB member Asmussen in Poland - 15:00 (AR) Argentina Apr Industrial Production M/M: No est v 1.9% prior; Y/Y: 1.5%e v 2.1% prior - 19:30 (JP) Japan Apr National CPI Y/Y: No est v 0.5% prior; Ex-Food Y/Y: No est v -0.5% prior
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