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Tuesday February 12, 2013 - 16:51:08 GMT
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| | Email US Market Update: FX Volatility Impacts Markets Post-G7; Traders Await SOTU US Market Update: FX Volatility Impacts Markets Post-G7; Traders Await SOTU
Tue, 12 Feb 2013 11:33 AM EST

***Economic Data***
- (PT) Portugal Jan Consumer Price Index M/M: -1.2% v +0.3%e; Y/Y: 0.2% v 1.7%e
- (PT) Portugal Jan CPI EU Harmonized M/M: -1.3% v -0.2%e; Y/Y: 0.4% v 1.5%e
- (US) Jan NFIB Small Business Optimism: 88.9 v 89.0e
- (US) ICSC/GS weekly chain store sales w/e Feb 9th w/w: -2.5%; y/y: +2.1%
- (PL) Poland Dec Current Account: -1.2B v -0.9Be; Trade Balance: --1.2B v -0.6Be; Exports: 10.6B v 11.0Be; Imports: 11.9B v 11.6Be
- (US) Redbook Retail Sales w/e Feb 10th: 1.1% y/y prior; Feb MTD: 12.4% m/m prior
- (EU) ECB weekly Forex Reserves w/e Feb 9th: 216.6B v 216.7B prior
- (US) Dec JOLTs Job Openings: 3.620M v 3.700Me

- US equities are making modest gains this morning. China remains closed for the New Year holidays, while in Japan the Nikkei jumped nearly 2% on the weaker yen, easily shrugging off the North Korea nuclear test. European stocks have gained steadily and look to close at their highs. The DJIA is up 0.2%, the S&P500 is up 0.1%, while the Nasdaq is in the red as investors sell Apple in the wake of CEO Cook's presentation this morning.

- The United Nations Security Council is meeting this morning in the wake of North Korea's third nuclear test last night. The test has angered both Russia and China, while South Korea and Japan have expressed serious concerns. Most analyst expect China and Russia to be more amenable to sanctions in the Security Council.

- The official G7 communiquis causing headaches this morning. Ahead of the G20 talks in Moscow later this week, the G7 reaffirmed that markets should decide FX rates while also agreeing that individual countries policy objectives may focus on domestic objectives. Markets took the G7 statement as a kind of implicit approval of Japan's efforts to weaken the yen, although just before the US open the G7 issued a formal statement that the communique had been misunderstood and that the G7 was concerned about Japan's moves.

- After holding around 94.30 through the overnight session, USD/JPY briefly tested below 92 in the wake of the G7 clarification. The euro has also strengthened somewhat, with EUR/USD was gaining above the 1.34 level.

- Credit Suisse reported that inflows into mutual funds soared to $38B in January, the highest amount in nine years. However, analysts point out that another $32B also flowed into bond funds, diluting the "great rotation" talk.

- Coca Cola's Q4 figures were largely in-line with expectations (on an adjusted basis), with case volumes up in low single-digits worldwide, with the exception of Europe. The CEO said emerging market growth, especially in India and China, would remain robust. Shares of KO are down 2%.

- Chemicals firm Huntsman is down 4% despite better- or in-line results in its Q4. Huntsman also boosted its quarterly revenue.

- Avon Products managed to top consensus expectations in its Q4 despite big y/y declines in both North America and Asia revenues. Shares of AVP are up 16%.

- Shares of Level 4 are down more than 13% this morning after the firm's quarterly loss (unadjusted) was steeper than expected.

- Cubit Corp missed both top- and bottom-line targets and shares of CUB are down 8% this morning.

***Looking Ahead***
- 11:30 (US) Fed's George
- 11:30 (US) Treasury to sell $45B in 4-Week Bills
- 12:00 (US) DOE Short-Term Crude Outlook
- 12:30 (DE) German Bundesbank's Dombret
- 13:00 (US) Treasury to sell $32B in 3-year notes
- 13:30 (US) Fed's Lockhart in Madrid
- 14:00 (DE) German Chancellor Merkel at CDU Ash Wednesday event
- 14:00 (US) Jan Monthly Budget Statement: -$2.0Be v -$260M prior
- 16:00 (KR) South Korea Jan Export Price Index M/M: No est v -0.5% prior; Y/Y: No est v -6.2% prior
- 16:00 (KR) South Korea Jan Import Price Index M/M: No est v -1.1% prior; Y/Y: No est v -8.8% prior
- 16:30 (US) Weekly API U.S. Crude Oil Inventories
- 18:00 (US) Fed's Plosser
- 20:00 (US) President Obama gives State of the Union Address




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