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Friday March 8, 2013 - 16:29:43 GMT
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| | Email US Market Update: Strong February Non-Farm Payrolls, Fresh Record High in DJIA Prompt Cautious Trading US Market Update: Strong February Non-Farm Payrolls, Fresh Record High in DJIA Prompt Cautious Trading
Fri, 08 Mar 2013 11:09 AM EST

***Economic Data***
- (CL) Chile Feb CPI M/M: 0.1% v 0.3%e; Y/Y: 1.3% v 1.5%e; CPI Ex Perishables & Fuel M/M: 0.1% v 0.1%e
- (DE) Germany Jan Industrial Production M/M: 0.0% v 0.4%e; Y/Y: -1.3% v -1.2%e
- (IN) India Forex Reserves w/e Mar 8th: $290.6B v $291.9B prior
- (BR) Brazil Feb IBGE Inflation IPCA M/M: 0.6% v 0.5%e; Y/Y: 6.3% v 6.2%e
- (CA) Canada Feb Housing Starts: 180.7K v 175.0Ke
- (US) Feb Change in Nonfarm Payrolls: +236K v +165Ke; Change in Private Payrolls: +246K v +170Ke; Change in Manufacturing Payrolls: +14K v +9Ke
- (US) Feb Unemployment Rate: 7.7% v 7.9%e; Underemployment Rate: 14.3% v 14.4% prior; Change in Household Employment: +170K v +17K prior
- (US) Feb Avg Hourly Earning M/M: 0.2% v 0.2%e; Y/Y: 2.1% v 2.1%e; Avg Weekly Hours: 34.5 v 34.4e
- (CA) Canada Feb Net Change in Employment: +50.7K v +8.0Ke; Unemployment Rate: 7.0% v 7.1%e; Full Time Employment Change: +33.6K v -20.6K prior; Part Time Employment Change: +17.2K v -1.4K prior; Participation Rate: 66.7% v 66.7%e
- (CA) Canada Q4 Labor Productivity Q/Q: 0.1% v 0.0%e
- (MX) Mexico Dec Gross Fixed Investment: -0.7%e
- (MX) Mexico Central Bank cuts its Overnight Rate by 50bps to 4.00%; Not expected
- (US) Jan Wholesale Inventories: 1.2% v 0.3%e
- (US) Jan Wholesale Sales M/M: -0.8% v +0.1%e

- The DJIA had closed at fresh all-time highs for three consecutive sessions heading into the February US employment report. The index surged again in early trading after the Feb non-farm payrolls number widely exceeded expectations, but returned to unchanged after the first 40 minutes of trading. As of writing the DJIA is +0.24%, the S&P500 is +0.18% and the Nasdaq is +0.15%.

- The unemployment rate drifted down to its lowest levels since December 2008 while the non-farm payrolls number was very close to the 250K or so level that economists believe is needed for sustained reductions in joblessness. The yield on the 10-year UST jumped 0.06 percentage points to 2.06% as the data dropped.

- The stronger US payrolls report helped to push the dollar higher against the major pairs. GBP/USD dipped below the 1.49 handle for its lowest level since summer 2010 while USD/JPY pair hit fresh three-year highs above 96.55. EUR/USD managed to hold above the 1.30 handle with continued chatter of large sell-stops building below 1.2960.

- Citigroup is the big winner from the Fed stress test data released yesterday after the close. Shares of Citi are up 2% after the Fed ranked their capital levels among the best of the SIFIs tested, and the best among the biggest banking firms. The Fed said STT, AXP and BK were the best performers; STT is up 1%, but shares of nearly all the other firms that were stress tested are in the red. Goldman, Morgan Stanley and JPMorgan didn't do terribly well, while Ally Financial did not pass.

- H.R. Block's Q3 results did not exactly meet expectations, with the firm's quarterly loss much steeper than expected and revenue quite subpar. Total returns were down from a year ago. However the IRS delayed the start of tax season for a week, holding back the firm's business, while the company said it would generate a healthy profit for the year. Shares of HRB are up more than 9%.

- Streaming music firm Pandora reported good Q4 numbers and also disclosed very strong growth in February metrics. In addition, CEO Kennedy said he would step down and assume the role of chairman after ten years of leading the company. Shares of Pandora gained more than 20% in the premarket but are losing altitude in cash trading. P is +16% currently.

- Apparel name Quicksilver is down 9% after widely missing expectations in its Q1 report.

- Texas Instrument brought up the lower end of its Q1 guidance range in its mid-quarter update. Shares of TXN are flat on the session.

- Private equity firm KKR has reached a deal to acquire Gardner Denver for $76/shr in cash, in a total deal valued at $3.74B, as rumored in recent days. This represents a 3% premium to the firm's prior close.

- Shares of Navistar are up another 12% today thanks to supportive comments from Icahn and positive comments from analysts this morning.

***Looking Ahead***
- (CO) Colombia Monetary Policy Minutes
- 12:00 USDA World Agricultural Supply and Demand Estimates (WASDE)
- 20:30 (CN) China Feb Consumer Price Index Y/Y: 3.0%e v 2.0% prior; Producer Price Index Y/Y: -1.5%e v -1.6% prior

- 00:30 (CN) China Feb Industrial Production Y/Y: 10.3%e v 10.3% prior; Industrial Production YTD Y/Y: 10.6%e v 10.0% prior
- 00:30 (CN) China Feb Fixed Urban Assets: Y/Y: 20.7%e v 20.6% prior
- 00:30 (CN) China Feb Retail Sales Y/Y: 15.2%e v 15.2% prior; Retail Sales YTD Y/Y: 15.0%e v 14.3% prior




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