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Wednesday April 17, 2013 - 15:10:11 GMT
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TradeTheNews.com US Market Update: Poor Earnings, Apple and European Slide Drag US Indices Sharply Lower

TradeTheNews.com US Market Update: Poor Earnings, Apple and European Slide Drag US Indices Sharply Lower
Wed, 17 Apr 2013 10:51 AM EST

***Economic Data***
- (PT) Portugal Mar Producer Prices M/M: 0.1% v 0.2% prior; Y/Y: 1.5% v 1.8% prior
- (US) MBA Mortgage Applications w/e Apr 12th: 4.8% v 4.5% prior
- (ZA) South Africa Feb Retail Sales M/M: +2.7% v -0.8%e; Y/Y: 3.8% v 1.8%e
- (PL) Poland Mar Avg Gross Wages M/M: 3.3% v 4.3%e; Y/Y: 1.6% v 2.5%e
- (PL) Poland Mar Employment M/M: -0.2% v -0.2%e; Y/Y: -0.9% v -0.9%e
- (RU) Russia Mar Producer Prices M/M: 0.5% v 1.1%e; Y/Y: 3.4% v 3.9%e
- (RU) Russia Mar Real Retail Sales M/M: 8.3% v 7.2%e; Y/Y: 4.2% v 2.5%e
- (RU) Russia Mar Unemployment Rate: 5.7% v 5.8%e
- (RU) Russia Mar Disposable Income: 8.3% v 5.4%e
- (RU) Russia Mar Real Wages Y/Y: 4.2% v 5.3%e
- (RU) Russia Mar Investment In Productive Capacity: -0.8% v +0.5%e
- (CA) Canada Mar Teranet/National Bank House Price index M/M: +0.4% v -0.3%e; Y/Y: 2.6% v 2.2%e; HPI Index: 153.31 v 152.72 prior
- (CA) Bank of Canada (BOC) leaves Interest Rates unchanged at 1.00%, as expected
- (US) Weekly DOE Crude Oil Inventories

- European equities dropped sharply overnight in a move that has seen very few satisfying explanations. Analysts suggest key technical breakdowns and/or a fat finger trade hit the German DAX, which led the slide lower in Europe just before 04:00ET. In the US, a crop of weak earnings reports plus a big slide in Apple are weighing on indices. As of writing the DJIA is down 1.05%, the S&P500 is down 1.39% and the Nasdaq is down 1.83%.

- Front-month WTI crude is giving up some of the gains seen during yesterday's session and is back in the $87 handle. This morning Iran warned that if oil prices decline further, OPEC may call for an emergency meeting. Gold remains steady, with spot gold holding around the $1,385 area.

- EUR/USD held in a 1.3170-1.3180 band from yesterday afternoon through about 02:00ET. The mysterious crash in the DAX and other European equity markets knocked EUR/USD down to around 1.3135 level in the US premarket. Then just before 10:00ET, traders heavily read into remarks by ECB hawk Weidmann and drove the pair down below 1.3050 in short order. Note that Weidmann was quoted by wires as having said "the ECB could adjust rates if new information warrants a change," which was seen as some as a big change for the noted hawk. However the literal transcript of his speech shows very little change: "We might adjust in response to new information," said Weidmann. "I don't think that the monetary-policy stance is the key issue."

- Tech stocks are having a volatile morning. Yahoo reported lower-than-expected Q1 revenue, caused by a sharp drop in display advertising. Shares of YHOO had been in the red earlier but are bouncing higher in mid-morning trading. Apple is falling to fresh 2013 lows below $419, with shares of the company down 4.6% this morning. Yesterday Digitimes reported that shipments of the iPad mini could fall 20-30% in Q2 due to waning demand ahead of the launch of the latest version of the tablet.

- Shares of Intel are down 1% in the early going, only they are off only slightly more than the overall declines in equities this morning. Other chip and semi names are getting hit harder: Texas Instruments is down 3.3%, Marvell is off 2.3% and Freescale Semi is down 4%. Intel missed top- and bottom-line expectations but hinted at a possible upturn in the business in the second half of the year.

- Bank of America is pulling down financial stocks after earnings missed expectations. Shares of BAC are down 3.5% while other major banks are down about 2%. BoA's net income quadrupled from year-ago levels but analysts expected more and total revenue was down about 8% y/y. Key fixed income and FX revenue was down very sharply. Regional bank PNC is up a few percent on a positive Q1 report, while Bank of New York is down 2.5% after missing expectations.

- Shares of shale gas driller Magnum Hunter are down more than 20% after the firm dismissed PricewaterhouseCoopers as its independent accounting firm. No further details regarding the development were disclosed.

- Aerospace and defense conglomerate Textron missed earnings and revenue targets and cut its FY13 guidance. Shares of TXT are down 11%. Note that shares of Caterpillar are down 2% after analysts at Macquarie cut the name

***Looking Ahead***
- 11:00 (US) Fed to purchase $1.25-1.75B in Notes
- 11:15 (CA) Bank of Canada Gov Carney post rate decision press conference
- 12:00 (US) Fed member Rosengren speaks in New York
- 13:30 (BR) Brazil Mar CAGED Formal Job Creation: 110.0Ke v 123.5K prior
- 14:00 (US) Fed's Beige Book
- 15:00 (US) Tsy Sec Lew
- (BR) Brazil Central Bank (COPOM) Interest Rate Decision: Expected to raise the SELIC Target by 25bps to 7.50%
- 19:50 (JP) Japan Mar Total Merchandise Trade Balance: -522.2Be v -777.5B prior; Adjusted Merchandise Trade Balance: -934.5Be v -1.08T prior

 

 

 

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