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Thursday April 18, 2013 - 15:39:27 GMT
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| | Email US Market Update: Softer economic data and Q1 earnings season remain a headwind for traders US Market Update: Softer economic data and Q1 earnings season remain a headwind for traders
Thu, 18 Apr 2013 11:23 AM EST

**Economic Data***
- (PT) Portugal Feb Current Account: -258.7M v -17.0M prior
- (RU) Russia Gold & Forex Reserve w/e Apr 12th: $521.3B v $516.9B prior
- (PL) Poland Mar Sold Industrial Output M/M: 9.2% v 10.0%e; Y/Y: -2.9% v -2.2%e
- (PL) Poland Mar Producer Prices M/M: -0.2% v 0.0%e; Y/Y: -0.6% v -0.4%e
- (US) Initial Jobless Claims: 352K v 350Ke; Continuing Claims: 3.068K v 3.075Me
- (US) Apr Philadelphia Fed: 1.3 v 3.0e
- (US) Mar Leading Indicators: -0.1% v +0.1%e
- (US) Weekly EIA Natural Gas Inventories: +31 BCF v +33 BCFe (first build of the year)

- US markets opened generally flat but another batch of softer US data and general uneasiness surrounding Europe are keeping a lid on sentiment. Indices moved to session lows after the April Philly Fed reading missed expectations falling to 1.3. The subcomponents didn't tell any better story, with new orders and employment figures falling back into negative territory. European rumors are once again percolating after a noticeable decline in French banks reignited chatter that a bank there could be running into trouble. The speculation initially weighed on sentiment but as talk of various denials and generally unlikeliness found their way into the market stock prices rebounded in Europe and the US. Treasury and Bund prices relinquished some of the bid associated with the unfounded French rumors and trade near unchanged.

- Earnings season is kicking into high gear and tech remains an early looser. Apple remains below $400 after yesterday's Cirrus Logic outlook. Ebay reported last night and the stock is off more than 4% following commentary that Europe was even weaker than they had anticipated. Sandisk has given back 3.5% after generally solid results could not support the recent price performance. Nokia has plummeted 10% after missing top line expecatations and guiding Devices & Services non-IFRS operating margin -6% to +2%. Smart device sales volumes were down almost 50% y/y.

- Companies historically tied closer to the business and economic cycle are doing better today. PPG has rallied 6% post results while Union Pacific and Verizon have added more than 4%. VZ wireless operating margins jumped while UNP beat on both the top and bottom line.

- Three IPOs opened for trade on the NYSE today and the performance is mixed. Intelsat opened below the offering price of $18, but the world's largest satellite service provided has since rallied towards $19/share. Taminco also opened below the offering price and the largest pure play producer of alkylamines remains below the IPO price of $15. Yesterday's hot IPO Fairway Holdings has seen the NYC grocer add to gains by trading above yesterday's NYSE opening price of $18.

- Markets will focus on the G20 Finance Minister & central bank summit in Washington the next two days. Dealers are expecting G20 to warn Japan and reiterate to pledge against competitive devaluations. The EUR/USD continued to consolidate its price action after comments from Bundesbank President Weidmann on Wednesday

- There has been some movement on the Italian political situation. Italy delegates failed to elected President on first vote (as expected) with a second vote schedule for this afternoon. Franco Marini received 521 votes in the first ballot, less than the expected 562. (**Insight: 672 votes needed in the first three rounds of the 1,007 delegates, 504 votes need on 4th vote)

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- G20 finance ministers and central bankers meet in Washington DC
- 11:00 (CA) Bank of Canada's Carney Gives Interview in Washington
- 11:00 (US) Fed to purchase $2.75-3.50B in Notes
- 12:00 (US) Fed's Raskin Speaks in New York
- 12:00 (NO) Norway Central Bank (Norges) Gov Olsen in Oslo
- 13:00 (US) Treasury to sell $18B in 5-Year TIPS
- 13:30 (DE) German Chancellor Merkel at Euro crisis and energy event
- 16:15 (EU) ECB member Asmussen, EU officials Rehn and Regling wil Eurogroup chief Dijsselbloem in Washington
- 17:00 (CO) Colombia Feb Trade Balance: -$90.1Me v -$213.3M prior; Imports CIF: $4.8Be v $5.2B prior


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