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Tuesday May 7, 2013 - 15:18:03 GMT
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EUR/USD retook 1.31 aided by better German manufacturing data overnight, however the pair dropped back to around 1.3085 during the US cash equity trade as stocks traded off. AUD/USD hovered near two-m US Market Update: S&P500 Pushes Out To Record Highs After Three Up Sessions
Tue, 07 May 2013 10:59 AM EST

***Economic Data***
- (DE) Germany Mar Factory Orders M/M: +2.2% v -0.5%e; Y/Y: -0.4% v -2.9%e
- (PT) Bank of Portugal reports Apr ECB financing to Portuguese banks at 49.8B vs. 47.8B prior
- (US) ICSC/GS weekly chain store sales w/e May 3rd w/w: -1.0%; y/y: +2.4%
- (PL) Poland Apr Total Official Reserves: $109.1B v $108.9B prior
- (RU) Russia Apr Consumer Prices M/M: 0.5% v 0.5%e; Y/Y: 7.2% v 7.2%e; CPI YTD: 2.4% v 2.4%e
- (RU) Russia Apr CPI Core M/M: 0.4% v 0.4% prior; Core YTD: 1.3% v 1.3% prior
- (CL) Chile Apr Trade Balance: $0.5B v $0.5Be; Total Exports: $6.9B v $6.9B prior; Total Imports: $6.5B v $5.8B prior
- (CL) Chile Apr Copper Exports: $3.5B v $3.4B prior
- (US) Redbook Retail Sales w/e May 3rd: +2.3% y/y, Apr MTD: -2.5% m/m; Apr MTD: +2.2% y/y
- (MX) Mexico Mar Leading Indicators M/M: 0.1% v 0.1% prior
- (BR) Brazil Apr Vehicle Production: 340.9K v 319.1K prior Vehicle Sales: 333.7K v 283.9K prior; Vehicle Exports: 55.1K v 43.5K prior
- (US) Mar JOLTs Job Openings: 3.844M v 3.770Me
- (US) May IBD/TIPP Economic Optimism: 45.1 v 47.5e

- After a flattish pre-market session, US equities pushed higher in the first few minutes of trading before rapidly reversing direction to flatline around 10:00ET. The S&P500 closed at a new all-time high yesterday afternoon and traded as high as 1,623 this morning before reversing. As of writing the DJIA is +0.28%, the S&P500 is +0.15% and the Nasdaq is -0.17%.

- EUR/USD retook 1.31 aided by better German manufacturing data overnight, however the pair dropped back to around 1.3085 during the US cash equity trade as stocks traded off. AUD/USD hovered near two-month lows following the RBA rate cut earlier today.

- MBIA is in focus this morning after the firm reached a $1.6B cash settlement of outstanding mortgage repurchase issues with Bank of America. BoA gets the right to buy a 4.9% stake in the bond insurer in exchange, and it will also remit $137M worth of MBIA senior debt and provide MBIA with a $500M credit line. BAC gained about 1.5% this morning on the news.

- Shares of First Solar tumbled as much as 10% in today's early cash trading after the solar firm missed earnings expectations. Nevertheless, revenue was up more than 50% y/y, beating expectations and executives reiterated the firm's full-year targets.

- Shares of Anadarko are flat this morning after giving up earlier gains. The independent driller managed to widely beat expectations in its Q1 on record production numbers, however profits were lower on a y/y basis.

- Yahoo disclosed good news from two of its Asia partners. Alibaba Group saw its profit nearly triple in 2012 and Yahoo Japan posted a 13% profit gain in 2012. Alibaba's strong performance was particularly significant given speculation the firm is about to go profit, which would result in a profit windfall for Yahoo. Shares of YHOO gained 5% before the open, but have given up gains in the early going.

***Looking Ahead***
- 11:30 (US) Treasury to sell $30B in 4-Week Bills
- 12:00 (US) DOE Short-Term Crude Outlook
- 13:00 (EU) ECB member Asmussen (Germany) on banking union
- 13:00 (US) Treasury to sell $32B in 3-Year Notes
- 15:00 (US) Mar Consumer Credit: $16.0Be v $18.1B prior
- 16:00 (NZ) New Zealand Central Bank (RBNZ) Gov press conference
- 16:30 (US) Weekly API U.S. Crude Oil Inventories



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