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Wednesday May 8, 2013 - 16:26:27 GMT
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| | Email US Market Update: Europe Leads US Equities Higher Once Again US Market Update: Europe Leads US Equities Higher Once Again
Wed, 08 May 2013 11:11 AM EST

***Economic Data***
- (PL) Poland Central Bank (NBP) cut Base Rate by 25bps to 3.00%; not expected
- (DE) Germany Mar Industrial Production M/M: +1.2% v -0.1%e; Y/Y: -2.5% v -3.8%e
- (PT) Portugal Mar Industrial Sales M/M: +7.7% v -2.8% prior; Y/Y: -8.3% v -7.0% prior
- (US) MBA Mortgage Applications w/e May 3rd: 7.0% v 1.8% prior
- (BR) Brazil Apr FGV Inflation IGP-DI: -0.1% v +0.1%e
- (NO) Norway Central Bank (Norges) leaves the Deposit Rates unchanged at 1.50%, as expected and maintains Rate Path outlook
- (BR) Brazil Apr IBGE Inflation IPCA M/M: 0.6% v 0.5%e; Y/Y: 6.5% v 6.4%e
- (CL) Chile Apr CPI M/M: -0.5% v -0.1%e; Y/Y: 1.0% v 1.4%e; CPI Ex Perishables & Fuel: -0.3% v +0.1%e
- (CA) Canada Apr Housing Starts: 174.9K v 175.0Ke
- (MX) Mexico Feb Gross Fixed Investment: 0.5% v 0.0%e
- (US) Weekly DOE U.S. Crude Oil Inventories: Crude: +230K v +1.5Me; Gasoline: -900K v -0.5Me; Distillate: +1.8M v +0.5Me; Utilization: 87% V 84.8%e

- A second decent German manufacturing report from March out this morning drove equity gains in European markets this morning. US trading has been more subdued, with the DJIA flat, the S&P500 up 0.21% and the Nasdaq up 0.35%.

- EUR/USD drifted higher after another round of better German data. German March industrial production growth topped expectations just a day after better German March factory orders. EUR/USD climbed to one-week highs around 1.3180. Norway's NOK currency was broadly firmer after the Norges Bank kept interest rates unchanged, as expected. Meanwhile the Polish Central Bank resumed its easing cycle with a surprise 25bps cut to its base rate.

- Shares of Fusion-io are tanking this morning, down 26% after founder and CEO David Flynn and co-founder Rick White resigned to pursue other entrepreneurial activities. Both men will continue as advisors to the firm.

- With the housing recovery seemingly in full swing, Freddie Mac reported its second-largest quarterly profit ever in its Q1. The numbers reflect rising home prices, falling mortgage delinquencies and increased refinance activity. Shares of FMCC are up 11%.

- For the first three months of the year, the government-controlled company on Wednesday reported net income of $4.6 billion, up from $577 million in the year-ago quarter. It was the company's sixth straight quarter of profits, and the largest since a $5.7 billion gain in the third quarter of 2002.

- Healthcare giant McKesson is up 6% or so despite less than impressive Q4 revenue and profits. The company's net income was cut in half on a y/y basis. Investors are focusing on the very strong initial profit forecast for FY14, which is being bolstered by the recent acquisition of PSS World Medical.

- AOL did not have a terrible Q1 as both revenue and net income grew incrementally on a y/y basis, although EPS missed expectations slightly. Overall ad revenue grew a respectable 9%, although analysts were concerned about the operating loss at the firm's media group. Shares of AOL are down 6%

***Looking Ahead***
- 11:30 (IT) Italy details BTP auction on May 13th
- 12:00 (CA) Canada to sell 5 Year Notes
- 13:00 (US) Treasury to sell $24B in 10-Year Notes
- 17:00 (CO) Colombia Mar Exports FOB: $5.0Be v $4.7B prior
- 21:30 (CN) China Apr CPI Y/Y: 2.3%e v 2.1% prior
- 21:30 (AU) Australia Apr Employment Change M/M: +11.0Ke v +36.1K prior; Unemployment Rate: 5.6%e v 5.6% prior




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