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Tuesday August 6, 2013 - 15:34:54 GMT
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| | Email US Market Update: Equity Markets Sag on Absence of Positive Catalysts US Market Update: Equity Markets Sag on Absence of Positive Catalysts
Tue, 06 Aug 2013 11:17 AM EST

***Economic Data***
- (PT) Bank of Portugal reports July ECB financing to Portuguese banks at 50.15B v 49.4B prior
- (DE) Germany Jun Factory Orders M/M: 3.8% v 1.0%e; Y/Y: 4.3% v 0.3%e
- (BR) Brazil July FGV Inflation IGP-DI M/M: 0.1% v 0.2%e
- (US) ICSC Chain Store Sales w/e Aug 3rd: w/w +0.3%; Y/Y: +2.5%
- (CA) Canada Jun Int'l Merchandise Trade: -C$470M v -C$510Me
- (US) Jun Trade Balance: -$34.2B v -$43.5Be
- (US) Redbook Retail Sales w/e Aug 3rd: +3.7% y/y, July MTD: +1.0% m/m; July YTD: +3.2%- 09:00
- (MX) Mexico Jun Leading Indicators M/M: 0.01 v 0.03 prior
- (EU) Weekly ECB Forex Reserves: 212.8B v 212.3B prior
- (BR) Brazil July Vehicle Production: 312.3K v 320.8K prior; Vehicle Sales: 342.3K v 318.6K prior
- (US) Aug IBD/TIPP Economic Optimism: 45.1 v v 47.5e
- (US) June JOLTs Job Openings: 3.93M v 3.9Me
- (UK) July NIESR GDP Estimate: 0.7% v 0.6% prior
- (MX) Mexico July Vehicle Production: 234.7K v 266.4K prior; Vehicle Domestic Sales: 86.6K v 83.7K prior

- US equities have moved lower from the open of trading this morning, dragging European equities sharply lower with them. There is no single catalyst, with a combination of sagging retail shares, the CS downgrade of IBM and profit taking after recent record highs all being cited. As of writing, the DJIA is down 0.74%, the S&P500 is down 0.80% and the Nasdaq is down 0.92%.

- The June trade deficit dropped 22.4% to $34.2 billion, the lowest level since October 2009 and well below May's $44.1 billion figure. Exports rose slightly to $191.2 billion. Analysts point out that the trade deficit is turning out to be much lower than the Commerce Department assumed when preparing the advance estimate of Q2 GDP and that the actual data could add about six-tenths of a percentage point to the running total of Q2 revisions. This suggests that, pending additional data, the second reading of Q2 GDP could be as high as +2.3% versus the advance estimate of +1.7%.

- Newly inaugurated Iran President Hasan Rouhani said he is prepared to begin "serious and substantive" negotiations with western powers over Iran's nuclear program. The comments come after both EU and White House officials said Rouhani's accession presents a good opportunity to restart talks.

- Atlanta Fed Governor Lockhart commented that the Fed could begin tapering QE bond purchases as early as Sept but would not rule out an October date. Lockhart also said the soft July non-farm payrolls likely reflect the impact of the slow summer season. He expects to see NFP monthly figure averaging 180-200K.

- Last night there were press reports that most workers in IBM hardware unit in the US will be required to take one week off with reduced pay, due to continuing slack in markets. In addition, Credit Suisse cut IBM to underperform from neutral, warning that future organic growth will be challenging. All in all IBM is down 2.5% today.

- Shares of MGM are up more than 5% in the early going after the casino name comfortably topped expectations on solid revenue growth in both Las Vegas and Macau operations. The rest of the major casino stocks are in the red.

- Teen retailer American Eagle Outfitters cut its Q2 guidance in half just two weeks ahead of reporting results for the quarter. The firm warned that revenue decreased 2% in Q2 while comps decreased 7%, with sales exacerbated by a highly promotional retail environment. Multiple firms cut ratings after the announcement and shares of AEO are down more than 16%. Other retailers are suffering on the news, with ANF down 6.7%, PSUN and URBN down 5% a piece and GPS down 3%.

- The Washington Post Company is up 4.5% after CEO Jeff Bezos cut a deal to acquire the firm's main operating business and one of the nation's premier newspapers, the Washington Post, for $250M. Analysts point out that the move will not affect Amazon as Bezos is buying the operation on his own. The media circus has only just begun as talking heads try to divine Bezos' intentions for the paper.

***Looking Ahead***
- 11:30 (US) Treasury to sell $45B in 4-Week Bills
- 12:00 (US) DOE Aug Short-Term Crude Outlook
- 13:00 (US) Treasury to sell $32B in 3-Year Notes
- 13:00 (US) Fed's Evans speaks to Reporters in Chicago
- 16:30 (US) Weekly API U.S. Crude Oil Inventories




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