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Monday April 22, 2013 - 15:33:34 GMT
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TradeTheNews.com US Market Update: Trading Subdued Ahead of a Busy Earnings Week

TradeTheNews.com US Market Update: Trading Subdued Ahead of a Busy Earnings Week
Mon, 22 Apr 2013 11:17 AM EST

***Economic Data***
- (US) Mar Chicago Fed National Activity Index: -0.23 v +0.35e
- (MX) Mexico Feb Retail Sales: % v 0.9%e
- (US) Mar Existing Home Sales: 4.92M v 5.00Me
- (EU) Euro Zone Apr Advanced Consumer Confidence: -22.3 v -24.0e

- US trading volumes are subdued this morning, although the VIX index of volatility remains elevated after last week's dramatic trading. In Europe, equity indices are bouncing off of their session lows. As of writing, the DJIA is down 0.45%, the S&P500 is off 0.22% and the Nasdaq is flat.

- USD/JPY retreated back toward the mid 99-area after failing to break above 100 earlier today. Yields on Italian government debt keep moving lower after the Italian Senate voted President Giorgio Napolitano another term: the 10-year yield reached its lowest level since November 2010 and the 15-year yield reached its lowest level since December 2006. The move came as a relief after days of inconclusive voting and signs of a major rift in the main center-left PD party. EUR/USD was contained inside of recent ranges. Dealers noting that a break below 1.30 could set up a test of the 200-day moving average around the 1.2920 area.

- Trading in Caterpillar managed has been volatile after the firm missed top- and bottom-line expectations and cut its FY13 guidance. Shares have been in and out of negative territory. The firm had very mixed comments about business in key US and Chinese markets.

- GE is down another 2.5% this morning as investors continue to sell the name after Friday's poor earnings report. Apple is up 1.0% ahead of earnings.

- Haliburton is up more than 3% on a better-than-expected Q1 report, in line with strong reports from competitors Schlumberger and Banker Hughes last week. The company also said it was holding settlement talks for private claims against it in a trial to determine how to allocate blame for the 2010 Macondo spill and took a $1 billion pretax charge for a possible deal.

- Homebuilder NVR is down nearly 10% this morning after profits came in lower than expected. In addition, the firm saw a troubling increase in the cancellation rate, even as new order rose by a respectable amount y/y.

- Note that Boeing began installing new lithium-ion batteries into five grounded 787s in Japan today, starting a process that should make the first commercial Dreamliners ready to fly again in about a week.

- Switzerland's ABB is buying US solar energy company Power-One Inc for about $1.0B or $6.35 per share in cash, a 57% premium to Friday's close. Power-One is the number two manufacturer of solar inverters that allow solar power to be fed into grids.

***Looking Ahead***
- 11:30 (US) Treasury to sell $60B in 3-Month and 6-Month Bills
- 13:00 (EU) ECB's Noyer speaks in New York
- 14:30 (EU) BoE's Tucker speaks in New York
- 21:45 (CN) China Apr HSBC Flash Manufacturing PMI: 51.4e v 51.6 prior
- (EG) Egypt Holds Parliamentary Elections

 

 

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Amazing Trader EVENT RISK Calendar:


Mon 20 Nov
14:00 EZ- Draghi Speech
15:00 US- Leading Indicators
Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
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13:30 CA- Retail Sales
Fri 24 Nov
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09:00 DE- IFO Survey
US- Early Closes

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