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Thursday July 25, 2013 - 15:21:23 GMT
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TradeTheNews.com US Market Update: China Casts Shadow Over Global Markets

TradeTheNews.com US Market Update: China Casts Shadow Over Global Markets
Thu, 25 Jul 2013 10:54 AM EST

***Economic Data***
- (IE) Ireland Jun PPI M/M: -1.2% v +0.6% prior; Y/Y: 0.4 v 1.9% prior
- (RU) Russia Gold & Forex Reserve w/e July 19th: $505.7B v $506.0B prior
- (TR) Turkey July Industrial Confidence: 105.6 v 111.8 prior; Capacity Utilization: 75.5% v 75.3% prior
- (US) Initial Jobless Claims: 343K v 340Ke; Continuing Claims: 2.997M v 3.03Me
- (US) Jun Durable Goods Orders: 4.2% v 1.4%e; Durables Ex Transportation: 0.0% v 0.5%e; Capital Goods Orders Non-defense Ex Aircraft: 0.7% v 0.6%e; Capital Goods Shipments Non-defense Ex Aircraft: -0.9% v +1.1%e; Durables Ex-Defense: +3.0% v +3.5% prior
- (CA) Canada May Average Weekly Earnings Y/Y: 2/5% v 1.8% prior
- (BE) Belgium July Business Confidence: -12.0 -12.2e
- (MX) Mexico May Global Economic Indicator: 1.7% v 1.8%e
- (US) Weekly EIA Natural Gas Inventories: +41 bcf v +45-50 bcf expected range

- US equity indices are struggling to stay out of negative territory this morning as key blue-chip names deliver tepid quarterly results. Note that steep declines in the Shanghai Composite are hanging over markets as Beijing continues to throw measures at the system to help stabilize growth. European markets were down sharply before recovering, although they will likely close in the red. As of writing, the DJIA is down 0.32%, the S&P500 is down 0.10% and the Nasdaq is up 0.37%, thanks largely to Facebook's stunning performance.

- The greenback saw its earlier gains recede as the New York morning progressed. EUR/USD edged back to 1.3230 and threatened to hit fresh one-month highs above 1.3255. Note that the IMF reiterated its projection that the ECB might need to cut interest rate again (which would result in negative deposit rates) to support growth and also called for it to hold another LTRO operation.

- Share of Facebook are having about their best day ever following Q2 results, with FB up 25% and within striking distance of its IPO price. The sound of hysterical approval from the analyst community has been overwhelming, as PT and ratings are hiked universally. The firm has doubled its mobile revenue and generated greater than 20% growth in monthly and daily active users.

- General Motors' net income actually declined on a y/y basis, although the company has managed to staunch the bleeding in Europe, helping earnings and top-line revenue beat consensus views. Share of GM are down a bit on the day. After gaining in the premarket, shares of Raytheon are back in the red. Raytheon widely topped expectations and raised its FY13 outlook.

- Chemicals names Dow and 3M reported pretty flat results that met expectations. 3M saw a huge $2.2B gain in the quarter from the sale of its stake in a Kuwaiti petrochemical venture, but ex this just met expectations. MMM and DOW are in the red.

- Colgate saw decent revenue increases, however the strong dollar shaved these gains down, forcing the firm to cut its FY13 outlook. Pricing issues drove revenue declines in Asia and Europe. Shares of CL are up slightly. Visa saw double-digit growth in transactions and 9% payments volume growth, helping it beat expectations. Shares of Visa are up more than 4%.

- Unlike competitors US Airways and American, United had a poor second quarter, with key metrics down y/y and earnings well below par. Shares of UAL are in the red this morning. Southwest also saw declines in unit revenues and other problems. Shares of LUV are down 3%.

- Despite the brightening picture in US housing, homebuilders Pulte and M/I Homes are down sharply in the session. Both firms missed EPS expectations, and while M/I order rate held up well, Pulte's new orders declined 12%. Both PHM and MHO are down more than 8% in mid-morning trading.

***Looking Ahead***
- 13:00 (US) Treasury to Sell $29B in 7-Year Notes
- 15:00 (AR) Argentina Jun Supermarket Sales Y/Y: No est v 19.0% prior
- 19:30 (JP) Japan Jun National CPI Y/Y: +0.1%e v -0.3% prior; CPI Ex Food, Energy Y/Y: -0.3%e v -0.4% prior

 

 

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Amazing Trader EVENT RISK Calendar:


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14:00 EZ- Draghi Speech
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15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
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