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Tuesday July 23, 2013 - 15:25:14 GMT
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TradeTheNews.com US Market Update: After Fresh All-Time Highs, US Equities Slide into the Red

TradeTheNews.com US Market Update: After Fresh All-Time Highs, US Equities Slide into the Red
Tue, 23 Jul 2013 11:08 AM EST

***Economic Data***
- (IE) Ireland Jun Property Prices M/M: 1.2% v 0.3% prior; Y/Y: +1.2% v -1.1% prior
- (TR) Turkey Central Bank (CBRT) widen its rates corridor with an upward adjustment of the ceiling; left Benchmark Repo Rate unchanged at 4.50% while raising Overnight Lending Rate by 75bps to 7.25%
- (BR) Brazil July FGV Consumer Confidence: 108.3 v 112.9 prior
- (US) ICSC Chain Store Sales w/e July 19th: w/w 1.4%; Y/Y: +2.1%
- (HU) Hungary Central Bank (NBH) cut Base Rate by 25bps to 4.00%, as expected
- (CA) Canada May Retail Sales M/M: 1.9% v 0.4%e; Retail Sales Less Autos M/M: 1.2% v 0.4%e
- (US) Redbook Retail Sales w/e July 19th: +3.3% y/y, July MTD: +0.9% m/m; July YTD: +3.1%
- (US) May House Price Index M/M: 0.7% v 0.8%e
- (CL) Chile Jun PPI M/M: -0.4% v +0.3% prior
- (EU) Weekly ECB Lending to Banks: 804.4B v 803.3B prior
- (BR) Brazil Jun Current Account: -$4.0B v -$5.0Be; Foreign Direct Investment (FDI): $7.2B v $5.5Be
- (US) July Richmond Fed Manufacturing Index: -11 v +9e
- (EU) Euro Zone July Advance Consumer Confidence: -17.4 v -18.3e; highest since Aug 2011

- After a good start to the day, US indices are flat or in the red this morning and most European indices are looking to close in the red as well. As of writing the DJIA is flat, the S&P500 is down 0.2% and the Nasdaq is down 0.5%

- The Richmond Fed Manufacturing survey widely missed expectations, contrasting sharply with the very strong regional manufacturing reports out of the New York and Philadelphia Fed banks last week. Crude rapidly came off its highs, dropping into the $106 handle after trading as high as $108.80 earlier in the morning.

- Overnight, Chinese Premier Li drew a line in the sand on GDP, saying the government won't tolerate anything below +7%. The comments are just one more rebuttal of comments attributed to Finance Minister Lou Jiwei, who hinted last week that the new team might tolerate lower GDP levels. The comments helped goose Asian equities higher.

- Shares of DJIA components Dupont and United Technology sustained solid 2% gains in the first hour of trading on solid quarterly reports, although DD has dropped to unchanged mid morning. A third DJIA component, Travelers, is down a solid 3% despite seemingly firm headline numbers.

- Shares of Netflix have recouped losses in the early going after steep post-market losses yesterday. NFLX nearly turned positive in the first minutes of trading but is down around 2.8% as of writing. The firm saw solid y/y gains in net income and revenue, but the net streaming additions disappointed many investors after a strong showing in the prior quarter. Note that there has been a lot of really positive analyst notes out this morning.

- The tech industry saw some good news in earnings out of Texas Instruments out last night. The firm met expectations in its Q2 and offered an upbeat look at Q3, saying customers seem more confident about placing orders for chips. Multiple analysts raised PTs on the name and shares of TXN are up nearly 5%.

- Shares of troubled retailer Radioshack are down 3.8% in mid-morning trade after having opened up more than 3%. The firm's quarterly losses were steeper than expected even as revenue widely topped expectations. Note also that the CFO stepped down.

- Regional banking names Regions Financial and Zions Bancorp are both in the red this morning on disappointing profits as the gains to be had from releasing loan loss reserves run out, leaving only ultrathin margins from low, low rates.

***Looking Ahead***
- 11:30 (US) Treasury to sell combined $65B in 4-week and 52-Week Bills
- 13:00 (US) Treasury to sell $35B in 2-Year Notes
- 13:00 (BR) Brazil Jun CAGED Formal Job Creation: 97.3Ke v 72.0K prior
- 15:00 (AR) Argentina Jun Trade Balance: $995Me v $1.3B prior
- 19:00 (PT) Bank of Portugal Bank Lending Survey
- 19:50 (JP) Japan Jun Merchandise Trade Balance: -155.7Be v -993.9B prior; Adjusted Merchandise Trade Balance: -594.7Be v -821.0B prior
- 21:30 (AU) Australia Q2 CPI Q/Q: 0.5%e v 0.4% prior; Y/Y: 2.5%e v 2.5% prior
- 21:45 (CN) China July HSBC Flash Manufacturing PMI: 48.2e v 48.2

 

 

 

 

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