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Tuesday July 16, 2013 - 15:22:25 GMT
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| | Email US Market Update: Markets in Holding Pattern Ahead of Bernanke Testimony US Market Update: Markets in Holding Pattern Ahead of Bernanke Testimony
Tue, 16 Jul 2013 11:03 AM EST

***Economic Data***
- (IL) Israel Q1 Final GDP Annualized: 2.9% v 2.7% prelim
- (BR) Brazil July FGV Inflation IGP-10 M/M: 0.4% v 0.6%e
- (US) ICSC Chain Store Sales w/e July 12th: w/w -1.1%; Y/Y: +1.7%
- (PL) Poland Jun Avg Gross Wages M/M: 2.9% v +3.4%e; Y/Y: 1.4% v 2.1%e
- (PL) Poland Jun Employment M/M: 0.2% v 0.0%e; Y/Y: -0.8% v -0.9%e
- (PL) Poland Jun Core Inflation M/M: 0.0% v 0.0%e; Y/Y: 0.9% v 0.9%e
- (RU) Russia Jun Producer Prices M/M: 0.4% v 0.3%e; Y/Y: 3.7% v 4.0%e
- (CA) Canada May Manufacturing Sales M/M: 0.7% v +0.8%e
- (US) Jun CPI M/M: 0.5% v 0.3%e; Y/Y: 1.8% v 1.6%e
- (US) Jun CPI Ex Food & Energy M/M: 0.2% v 0.2%e; Y/Y: 1.6% v 1.6%e
- (US) Jun CPI NSA: 233.504 v 233.431e; CPI Core Index: 233.643 v 233.597e
- (US) Redbook Retail Sales w/e July 12th: +3.0% y/y, July MTD: 0.8% m/m
- (US) May Total Net TIC Flows: $56.4B v $12.7B prior; Net Long-term TIC Flows: -$27.2B v -$25.0Be
- (EU) Weekly ECB Forex Reserves: 212.1B v 211.9B prior
- (US) Jun Industrial Production: 0.3% v 0.3%e; Capacity Utilization: 77.8% v 77.7%e; Manufacturing Production: 0.3% v 0.3%e
- (US) July NAHB Housing Market Index: 57 v 51.0e

- US equities have pulled back from all-time highs after nearly two weeks of solid gains. The S&P500 saw its eight consecutive daily gain yesterday. Fed Chairman Bernanke's upcoming testimony before Congress is giving traders a reason to cool off the rally. As of writing, the DJIA is -0.15%, the S&P500 is down -0.12% and the Nasdaq is down 0.20%.

- There was a pop higher seen in the US June inflation data, which is due mostly to higher gasoline prices. Note that the core rate advanced only 0.2%. The NAHB Housing market index crushed expectations, rising to 57 instead of falling to 51 as expected. This is the highest level since January 2006, and was the third straight monthly rise. A broad selection of homebuilder stocks are up 2% or more on the news.

- Chairman Bernanke is slated to speak before the House Financial Services Committee on Wednesday in his semi-annual monetary policy report. After reiterating last week that rates would stay low for a long time, analysts suspect Bernanke may address some of the more hawkish language heard in the FOMC statement that preceded his speech.

- Goldman Sachs widely topped expectations in its Q2, powered by another strong showing in the debt capital markets, edging out the prior quarter's record underwriting revenues by a hair. However, the firm's comment that it faced 'more challenging' conditions for fixed income trading raised some eyebrows. On the conference call, analyst grilled the CFO on meeting the new proposed US capital ratios, although he avoided qualifying where the firm is in relation to the proposed levels.

- In other earnings, Share of Johnson & Johnson pushed out to all-time highs above $91 earlier this morning after solid y/y earnings and revenue comfortably topped expectations. Shares of Coca-Cola fell nearly 4% after both North America and European case volumes declined on a y/y basis and the firm missed revenue targets.

- There were reports on tech blogs that Apple is holding talks to acquire PrimeSense, an Israeli company that created the 3D sensor used in Microsoft's Kinect. The acquisition price is said to be around $280 million. PrimeSense's technology is used in millions of other devices, and analysts speculate it could beef up the gaming abilities of the long-heralded Apple Television.

- Shares of Tesla are down nearly 7% after Goldman Sachs warned the firm is wildly overvalued. In a best scenario, Goldman thinks Tesla is worth $120. In the worst scenario, it could be only worth $58.

- On the M&A front, Shuffle Master agreed to be acquired by Bally Technologies for $23.25/shr in cash, in a total deal valued at $1.3B. Shares of BYI are up 6.5% on the news.

***Looking Ahead***
- 11:30 (US) Treasury to sell $35B in 4-Week Bills
- 13:30 (BR) Brazil to sell I/L 2018, 2022, 2030, 2040 and 2050 bonds
- 14:15 (US) Fed's George speaks on Economic Conditions and Agriculture
- 16:30 (US) Weekly API U.S. Crude Oil Inventories



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