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TradeTheNews.com US Market Update: Risk Back On Following H-P, European Rally TradeTheNews.com US Market Update: Risk Back On Following H-P, European Rally
Fri, 22 Feb 2013 11:01 AM EST
- (IT) Italy Dec Retail Sales M/M: +0.2% v -0.6%e; Y/Y: -3.8% v -3.2%e
- (IN) India Forex Reserves w/e Feb 9th: $293.5B v $294.5B prior
- (BR) Brazil Feb IBGE CPI IPCA-15 M/M: 0.7% v 0.6%e
- (TR) Turkey Feb Industrial Confidence: 107.5 v 102.1 prior; Capacity Utilization: 72.2% v 72.4% prior
- (CA) Canada Jan Consumer Price Index M/M: 0.1% v 0.2%e; Y/Y: 0.5% v 0.6%e; Consumer Price Index: 121.1 v 121.5e
- (CA) Canada Jan CPI Core M/M: 0.1% v 0.2%e; Y/Y: 1.0% v 1.0%e
- (CA) Canada Dec Retail Sales M/M: -2.1% v -0.3%e; Retail Sales Less Autos M/M: -0.9% v +0.2%e
- (BR) Brazil Jan Current Account: -$11.4B v -$9.7Be; Foreign Direct Investment (FDI): $3.7B v $4.9Be
- (BE) Belgium Feb Business Confidence: -11.0 v -12.0e
- (MX) Mexico Jan Unemployment Rate: 5.4% v 5.0%e
- Yesterday's hiccup of risk aversion is forgotten today as the European equity rally on lighter-than-expected LTRO repayments plus solid gains in tech thanks to H-P are driving things higher. The DJIA is up 0.39%, the S&P500 is up 0.35% and the tech-heavy Nasdaq is up 0.43%.
- The euro plunged to six-week lows after the LTRO repayment announcement. Banks repaid €61.1B, which was below expectations of €130B. USD/CAD tested above the 1.0225 level after CPI and retail sales data came in light. Thi was the weakest level for CAD since last July.
- Investors are applauding Hewlett-Packard's surprisingly positive Q1 results. The firm topped consensus earnings and revenue expectations and its guidance for Q2 was strong. Multiple analysts raised ratings and PTs on the name overnight. Nevertheless, the firm continues to bleed revenue; on CNBC, CEO Whitman said that revenue would only return to growth in 2014. Shares of HPQ are up 10%.
- Newly-minted hedge fund darling AIG is up nearly 4% this morning after reporting earnings. On an operating basis, the firm widely beat expectations, however that is before factoring in the firm's $4B quarterly losss from the sale of ILFC and the Sandy storm impact.
- Abercrombie & Fitch is getting hammered today after earnings. The firm's Q4 performance met expectations and it raised the dividend 14%, however comps are still sliding lower and the firm's initial FY13 guidance was weighed down by a new method of accounting for inventory. In addition, its Q1 outlook was very weak. ANF is down 7.5%.
- Darden Restaurants offered very soft guidance halfway through its Q3. The firm's outlook for the quarter was terrible and it cut its FY13 forecast. The firm warned that prominent headwinds from "increased payroll taxes and rising gasoline prices put meaningful pressure on the discretionary purchasing power of our guests." Counterintuitively, DRI is up 3% on the news.
- (PT) Portugal releases Year-to-Date Budget Report
- (PE) Peru Q4 GDP Y/Y: 6.4%e v 6.5% prior
- (CO) Colombia Central Bank Interest Rate Decision: Expected to cut Overnight Lending Rate by 25bps to 3.75%
- 11:00 (US) Fed to purchase $1.25-1.75B in Notes
- 15:00 (IT) Italy PM candidate press conferences
- 16:00 (CO) Colombia Dec Retail Sales Y/Y: 3.9%e v 6.7% prior
- 16:00 (CO) Colombia Dec Industrial Production Y/Y: -2.3%e v -4.1% prior
- 18:30 (US) Fed's Tarullo speaks on regulations in NY
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GVI Trading. Potential Price Risk Scale
Mon 19 Mar 2018
AA: Major, A: High, B: Medium
Tue 20 Mar 2018
AA 9:30 GB- CPI
A 10:00 DE- ZEW Survey
Wed 21 Mar 2018
AA 03:00 AU- Employment
AA 9:30 GB- Employment
A 12:30 US- Current Account
AA 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
A A 18:00 US- Fed Rate Decision
A 21:00 NZ- RBNZ Rate Decision
Thu 22 Mar 2018
AA All Day flash PMIs
AA 9:30 GB- Retail Sales
AA 12:00 GB- Bank Of England Decision
A 13:30 US- Weekly Jobless
Fri 23 Mar 2018
AA 12:30 CA- CPI/Retail Sales
A 12:30 US- Durable Goods
A 14:00 US- New Homes Sales
John M. Bland, MBA
co-founding Partner, Global-View.com
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