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Tuesday May 21, 2013 - 15:35:41 GMT
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| | Email US Market Update: Waiting for Bernanke, US Markets Flat US Market Update: Waiting for Bernanke, US Markets Flat
Tue, 21 May 2013 11:11 AM EST

***Economic Data***
- (EU) OECD Q1 GDP Q/Q: 0.4% v 0.0% prior
- 07:15 (SE) Sweden Central Bank Gov Ingves in Parliament
- (US) ICSC/GS weekly chain store sales w/e May 17th w/w: +0.2%; y/y: +3.1%
- (PL) Poland Apr Sold Industrial Output M/M: -2.3% v -1.7%e; Y/Y: 1.7% v 3.0%e
- (PL) Poland Apr Producer Prices M/M: -0.6% v -0.2%e; Y/Y: -2.0% v -1.5%e
- (RU) Russia Apr Producer Prices M/M: -1.2% v +0.4%e; Y/Y: 1.6% v 3.0%e
- (US) Redbook Retail Sales w/e May 17th: +2.4% y/y, May MTD: +0.5% m/m; May MTD: +2.6% y/y
- (EU) ECB weekly Forex Reserves: 223.3B v 222.9B prior
- (BR) Brazil Apr Tax Collections (BRL): 98.7B v 95.0Be

- US equities continue to trade sideways this morning as markets lack major catalysts for a second consecutive day. Traders are waiting with great anticipation for Fed Chairman Bernanke's Congressional testimony tomorrow morning, during which a definitive update on asset purchases is expected. As of writing the DJIA, S&P500 and Nasdaq are flat on the day.

- The dollar index remains near three-year highs this morning as EUR/USD gives up ground to trade below the 1.2880 level. USD/JPY weakened further overnight but was unable to break above the 102.9 level. Note that Japanese Econ Min Amari said he is now looking for markets to deliver a "balanced yen." Extreme volatility in precious metals continues apace: after dropping sharply but then closing up approx 1.45% yesterday and then popping above $1,400 this morning, spot gold is now down just over 1%, trading around $1,370.

- Solar names gained very strongly this morning across the board on reports in the New York Times overnight that the US, Europe and China would negotiate a grand bargain to cut tariffs and end product dumping of solar panels. Note that midway through the US morning session a US trade official denied the reports and solar names have been volatile since.

- Apple CEO Cook is testifying before a Senate panel this morning regarding offshore tax issues. A Senate investigation found that Apple uses offshore entities to avoid corporate taxes in the US and other countries.

- Shares of Carnival Corp are down more than 6% after the firm slashed its FY13 outlook due to lower net yield expectations. One analyst wrote that the company's soft pricing environment is a direct result of the well publicized operational missteps year-to-date, which resulted in increased promotional activity.

- Home Depot had an excellent Q1, topping expectations on good y/y growth. Comps were strong and margins held up very well. The firm also raised its FY13 outlook, citing the ongoing recovery in the US housing market. HD is up 2% in mid morning trade, after giving up some earlier gains.

- Best Buy is down 5% following the firm's Q1 quarterly report. The firm lost money in the quarter, sold a 50% stake in its European operations and continued to work out its big restructuring plans. On an adjusted basis, EPS slightly topped expectations. Comps were terrible.

- Sprint raised its buyout offer for Clearwire by 14%, to $3.40/shr from $2.97 prior. A vote on the previous offer had been scheduled for today, but Clearwire said it is postponing it until Thursday, May 30. Shares of CLWR are up more than 4% on the news.

***Looking Ahead***
- 11:30 (US) Treasury to sell $30B in 4-Week Bills
- 11:30 (US) Fed's Bullard speaks on Monetary Policy in Frankfurt
- 12:30 (CA) Bank of Canada (BoC) Gov. Carney speech in Montreal
- 13:00 (US) Fed's Dudley in NY
- 13:30 (BR) Brazil Apr Caged Formal Job Creation M/M: 210Ke v 112.5K prior
- 16:30 (US) Weekly API U.S. Crude Oil Inventories
- 19:50 (JP) Japan Apr Total Merchandise Trade Balance: -620.6Be v -362.4B prior; Adjusted Merchandise Trade Balance: -602.9Be v -922.0B prior
- (JP) Bank of Japan Interest Rate Decision (no set time)




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