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Wednesday April 3, 2013 - 15:50:32 GMT
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| | Email US Market Update: Weak ADP Report Raises Concerns About Friday's March Jobs Report US Market Update: Weak ADP Report Raises Concerns About Friday's March Jobs Report
Wed, 03 Apr 2013 11:32 AM EST

***Economic Data***
- (EU) OECD Feb Inflation Y/Y: 1.8% v 1.7% prior
- (RU) Russia Q1 Preliminary Current Account: $27.9B v $28.0Be
- (US) MBA Mortgage Applications w/e Mar 29th: -4.0% v +7.7% prior
- (US) Mar ADP Employment Change: +158K v +200Ke
- (BR) Brazil Mar PMI Services: 50.3 v 52.1 prior (7-month low)
- (US) Mar ISM Non-Manufacturing: 54.4 v 55.5e
- (US) Weekly DOE Crude Oil Inventories: Crude: +2.7M v +1.5Me; Gasoline: -570K V -500Ke; Distillate: -2.27M V -1Me; Utilization: 86.3% V 86.0%e

- European and US equity indices are at their lows this morning thanks to discomfort with the US employment outlook. Once again the S&P500 remains within points of its 1,576.09 all-time high from October 2007. As of writing the DJIA is down 0.40%, the S&P500 is down 0.61% and the Nasdaq is down 0.53%.

- EUR/USD drifted higher to test 1.2840 but well contained below the 200-day moving average of 1.2883. All eyes now focused on ECB and BoJ rate decisions on Thursday, although only the BoJ decision is expected to have policy implications.

- The March US employment report comes out on Friday and already traders are getting jittery about the data. Today's ADP report substantially missed expectations and hit five-month lows, although the strong Feb number was revised even higher. Analysts say March's pullback was largely due to construction job growth slowing after showing strength in recent months. The pronounced softness in the employment component of the March ISM non-manufacturing survey is also a factor this morning.

- Food processor ConAgra's Q3 profits fell slightly and missed expectations, mostly due to ongoing costs from the company's acquisition of Ralcorp. Revenues were up modestly and the firm reiterated its full-year outlook. Shares of CAG.

- Seed firm Monsanto beat top- and bottom-line expectations in its Q2 report, and also hiked its FY13 outlook. Strong corn sales ahead of a record US planting season plus results in Brazil drove the firm's strong outperformance. Revenue was up 15% y/y. Shares of MON are.

- Share of US Airways are down nearly 3% after the firm's March metrics showed unit revenue was flat y/y. The firm warned that result was lower than expected and blamed "reduced close-in demand believed to be driven largely by the sequester." Shares of Delta are down 2% and UAL is down 1.3%.

- Refining names are down sharply for a second consecutive session this morning. Last Friday the EPA proposed new rules to reduce sulfur emissions from cars and trucks - the so-called Tier 3 standards - which would require higher automobile fuel efficiencies and fresh investments among refiners. Analysts have piled on with negative comments

***Looking Ahead***
- 11:30 (BR) Brazil Central Bank weekly currency flows
- 12:00 (IC) Iceland Central Bank Minutes
- 12:00 (IC) Iceland Central Bank Releases Minutes
- 14:30 (US Fed's Williams Speaks on Monetary Policy in Los Angeles
- 17:00 (US) Fed's Bullard to Introduce Lecture in St. Louis
- (JP) BOJ Interest Rate Decision: First meeting under Gov Kuroda



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