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Tuesday March 12, 2013 - 15:18:31 GMT
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(US) US Market Update: Markets Flat in a Quiet Session

(US) US Market Update: Markets Flat in a Quiet Session
Tue, 12 Mar 2013 10:57 AM EST

***Economic Data***
- (IS) Israel Feb Trade Balance: -$1.3B v -$1.3B prior
- (PT) Portugal Jan Trade Balance: -572M v -978M prior
- (PT) Portugal Jan Construction Works Index: 50.7 v 47.6 prior
- (PT) Portugal Feb Consumer Price Index M/M: -0.1 % v +0.1%e; Y/Y: 0.0% v 0.1%e
- (PT) Portugal Feb CPI EU Harmonized M/M: -0.1% v 0.0%e; Y/Y: 0.2% v 0.3%e
- (EU) OECD Jan Unemployment Rate: 8.1% v 8.0% prior
- (US) Feb NFIB Small Business Optimism: 90.8 v 90.0e
- (US) ICSC/GS weekly chain store sales w/e Mar 10th w/w: 0.7%; y/y: 1.8%
- (PT) ECB reports Feb Portugal bank financing at 49.5B v 49.7B m/m
- (US) Redbook Retail Sales w/e Mar 9th: +2.7% y/y; Mar MTD: +0.6% m/m
- (US) Jan JOLTs Job Openings: 3.693M v 3.670Me
- (MX) Mexico Jan Industrial Production M/M: 1.1% v 0.9%e; Y/Y: 1.7% v 1.5%e
- (BR) Brazil Jan CNU Capacity Utilization: 84.0% v 81.0%e
- (EU) ECB weekly Forex Reserves: 218.2M v 218.6B prior

- The DJIA has racked up daily gains for the last seven consecutive sessions, its longest streak in a year. This morning traders are holding back somewhat during a quiet session, with little consequential news on the wires. In Washington, the focus is on the release of Rep. Paul Ryan's budget proposals, which will be at the heart of the GOP's negotiating position. The Senate Democrats are expected to release their proposal later this week. The DJIA is up 0.14%, the S&P500 is flat and the Nasdaq is down 0.28%.

- EUR/USD continues to hold above the 1.30 handle and traders have been unable to elect sell-stops below 1.2960. German Bundesbank President Weidmann reiterated the German position that the euro exchange rate was in line with historical average and was not a threat to the economy, helping the pair test session highs near 1.3050.

- Spot gold made a sudden leg higher right around 07:00ET and participants were at a loss to provide a good reason for the move. Some said it was all technicals while others blamed Weidmann's remark that the European debt crisis is not over yet. Spot gold is up 1.2% on the session.

- Shares of YUM Brands rose more than 4% in the premarket after the company disclosed that China sales fell less than the company had projected. China sales comps dropped 20% in the Jan-Feb period, compared to the -25% drop estimated just a month ago. YUM is up 2% in mid morning trade.

- Costco disclosed another solid quarterly earnings report. EPS and revenue growth was right in line with expectations, as were comps. COST is up 2.5%.

- Shares of small mobile gaming name Glu Mobile are up 19% today after the firm said it would launch real-money gambling games in the UK, including a slot-machine app. Note that Boyd Gaming is down nearly 4%.

- Outdoor retailer Cabela's offered strong Q1 guidance this morning ahead of an analyst day, with earnings seen well ahead of expectations and sales comps up at a high-teens percentage rate. Shares of CAB are up 9.5%.

- VeriPhone is up 6% after CEO Bergeron stepped down abruptly to be replaced by the chairman.

***Looking Ahead***
- 11:00 (UK) Feb NIESR GDP Estimate: No est v 0.0% prior
- 11:00 (MX) Mexico Weekly International Reserves
- 11:00 (US) Fed to purchase $1.00-1.50B in Notes
- 11:30 (FI) ECB's Liikanen speaks on the ECB & Banking Union in Helsinki
- 11:30 (US) Treasury to sell $45B in 4-Week Bills
- 12:00 (US) Mar DOE Short-Term Crude Outlook
- 12:00 (BR) Brazil to sell I/L 2018, 2022, 2030, 2040 and 2050 Bonds
- 12:30 IMF Dep Min Zhu
- 13:00 (US) Treasury to sell $32B in 3-Year Notes
- 13:15 (CH) Swiss Finance Minister Widmer-Schlumpf speaks in Bern
- 14:00 (DE) German Chancellor Merkel speech
- 16:30 (US) Weekly API Crude Oil Inventories



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