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Wednesday April 10, 2013 - 15:49:23 GMT
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| | Email US Market Update: S&P500 Makes Fresh All-Time Highs US Market Update: S&P500 Makes Fresh All-Time Highs
Wed, 10 Apr 2013 11:26 AM EST

***Economic Data***
- (PT) Portugal Feb Construction Works Index: 48.1 v 50.5 prior
- (PT) Portugal Mar Consumer Price Index M/M: 1.7% v 1.0%e; Y/Y: +0.5% v -0.2%e v 0.0% prior
- (PT) Portugal Mar CPI EU Harmonized M/M: +1.1%e v -0.1% prior; Y/Y: 0.1%e v 0.2% prior
- (PL) Poland Central Bank (NBP) leaves the Base Rate unchanged at 3.25%
- (US) MBA Mortgage Applications w/e Apr 5th: +4.5% v -4.0% prior
- (BR) Brazil Mar IBGE Inflation IPCA M/M: 0.5% v 0.5%e; Y/Y: 6.6% v 6.6%e (12-month high)

- Just after the open the S&P500 broke above its all-time high of 1,576, made back in October 2007. European indices are looking to close at their highs. As of writing the DJIA is up 0.86%, the S&P500 is up 0.1% and the Nasdaq is up 1.48%.

- The FOMC minutes were released early this morning at 09:00ET, instead of 14:00ET, after the accidental disclosure of the information yesterday afternoon. The minutes themselves exposed the lively debate over the right time to begin winding down Fed asset purchases. All but a few officials agreed that the program should continue until at least midyear. Some said buying should taper down around midyear, others felt buying should continue through September before tapering, and a few wanted buying to continue at its current pace into 2014.

- The White House proposed $3.77 trillion budget blueprint for fiscal 2014 that would trim the deficit over three years by cutting social security, requiring the rich to pay more in taxes and enacting spending cuts to replace the sequester. House Speaker Boehner rejected the proposal, saying the Obama budget never reaches balance and that it backtracks on entitlement reform.

- USD/JPY traded as high as 99.72 but still failed to take 100 this morning after a round of remarks from BoJ Chief Kuroda. The central banker asserted that BoJ monetary policy was not targeting FX rates and said the bank had no plans to implement additional easing measures at the moment. The euro softened up after some overnight strength, with EUR/USD dropping back to the 1.30 handle after Kuroda's remarks.

- With earnings season warming up, the profit warnings have begun. Hospital name Health Management Associates said it Q1 earnings would be half the expected amount and revenues would be weak. The firm's FY13 forecast was subpar as well. The firm said admissions were falling in the quarter. Shares of HMA are down 16%. Competitors THC and CYH are both down more than 5% each.

- Shares of electronics manufacturer Little Fuse jumped 6% in the premarket after the firm raised its Q1 outlook and offered very positive comments about the firm's performance in the quarter. LFUS gave up most of these gains and is up a mere 2% as of writing.

- ADRs of Chinese solar name JinkoSolar are down 7% or so on the firm's huge Q4 loss. Competitor YGE is down nearly 10% on the news, while TSL is off nearly 6%.

- Spot gold is approaching one-week lows, down 1% on the session. Overnight Goldman Sachs lowered its 2013 and 2014 gold price forecasts, following a similar move from Deutsche Bank yesterday morning. Note also that Cyprus is auctioning off around 400M in gold this morning, adding weight.

***Looking Ahead***
- 12:00 (US) IMF chief Lagarde at Economics Club in NY
- 12:00 (US) USDA World Agricultural Supply and Demand Estimates (WASDE)
- 13:00 (DE) ECB member Weidmann (Germany) in Dusseldorf
- 13:00 (US) Treasury to sell 10-Year Notes Reopening
- 14:00 (US) Mar Monthly Budget Statement: -$107.0Be v -$198.2B prior
- 17:00 (US) Fed's Fisher speaks on Economy, Monetary Policy in El Paso TX
- 21:30 (AU) Australia Mar Employment Change: -7.5Ke v +71.5K prior; Unemployment Rate: 5.4%e v 5.4% prior


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