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Friday May 17, 2013 - 15:30:32 GMT
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| | Email US Market Update: US Equities Once Again Hovering Around All-Time Highs US Market Update: US Equities Once Again Hovering Around All-Time Highs
Fri, 17 May 2013 11:12 AM EST

***Economic Data***
- (IN) India Forex Reserves w/e May 10th: $293.7B v $294.3B prior
- (RU) Russia Q1 Advance GDP Y/Y: 1.6% v 1.3%e
- (IC) Iceland Apr Unemployment Rate: 4.9% v 5.3% prior
- (CA) Canada Mar Wholesale Sales M/M: 0.3% v 0.4%e
- (CA) Canada Apr Consumer Price Index M/M: -0.2% v 0.0%e; Y/Y: 0.4% v 0.6%e; Consumer Price Index: 122.7 v 122.9 prior
- (CA) Canada Apr CPI Core M/M: 0.1% v 0.2%e; Y/Y: 1.1% v 1.2%e
- (MX) Mexico Mar Global Economic Indicator: -1.8% v -0.7%e
- (MX) Mexico Q1 GDP Q/Q: 0.5% v 0.3%e; Y/Y: 0.8% v 1.1%e
- (US) May Preliminary University of Michigan Confidence: 83.7 v 77.9e
- (US) Apr Leading Indicators: 0.6% v +0.2%e

- Remarkably yesterday's equity declines were the biggest losses US indices had seen in two weeks, inspired by some poor data and yet another afternoon missive from the WSJ's Hilsenrath. Friday is another story, and US equities are surging higher. As of writing the DJIA is up 0.32%, the S&P500 is up 0.37% and the Nasdaq is up 0.38%.

- The dollar index is around three-year highs and EUR/USD is testing six-week lows. Numerous ECB speakers (Praet, Marsch, Asmussen and Coeure) all stated that monetary policy would be remain accommodative for as long as necessary and reiterated that deposits rates could go negative. After holding support around 1.2860 overnight, EUR/USD broke through alleged middle-eastern bids supported the pair around 1.2840 and briefly dipped below 1.2800 before regaining some ground. CAD was broader weaker after Canada April CPI data missed expectations. USD/CAD pair tested above 1.03 handle.

- Gold is falling lower for a seventh straight session, marking its longest losing streak in four years, driven by the deepening conviction that the Fed taper will happen sooner rather than later. Spot gold prices fell $16 to $1,370.

- JC Penny is not the worst performing major stock this morning, despite its big Q1 loss. The firm's comps fell 16% and gross margins were pretty bad. Nevertheless, there were signs that the company has begun to heal after the misdirection of Ron Johnson. Shares of JCP are down 4%.

- Autodesk missed both top- and bottom-line expectations in its Q1 and offered Q2 and FY13 guidance that was also subpar. Analysts cut the name overnight and shares of ADSK are down 10%.

- Dell saw its profits drop 80% y/y and revenue drop 2% in its Q1, with the report right in line with the preliminary look the company offered three days ago. The company highlighted that its networking and cloud business continue to see 10% revenue growth. There was no major news about the struggle between Icahn and Michael Dell over the firm's going-private plans. Shares of DELL are flat on the day.

***Looking Ahead***
- 11:00 (US) Fed to Purchase $4.75-5.75B in Notes
- 13:45 (US) Fed's Kocherlakota, Sweden Central Bank (Riksbank) Gov Ingves speak in Chicago
- 15:00 (AR) Argentina Mar Economic Activity Index M/M: No est v 0.3% prior; Y/Y: No est v 2.3% prior
- 17:00 (CO) Colombia Mar Retail Sales Y/Y: -0.3%e v +0.6% prior
- 17:00 (CO) Colombia Mar Industrial Production Y/Y: -4.3%e v -4.5% prior
- 21:30 (CN) China Apr Property Prices




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AA 12:30 US- Retail Sales
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