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Friday August 23, 2013 - 15:27:24 GMT
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| | Email US Market Update: Tepid Trading After Flash Freeze US Market Update: Tepid Trading After Flash Freeze
Fri, 23 Aug 2013 11:05 AM EST

***Economic Data***
- (BR) Brazil Aug FGV Consumer Confidence: 113.1 v 108.3 prior
- (IN) India Forex Reserves w/e Aug 16th: $278.8B v $278.6B prior
- (CA) Canada July CPI M/M: 0.1% v 0.2%e; Y/Y: 1.3% v 1.4%e; Consumer Price Index: 123.1 v 123.2e
- (CA) Canada July CPI Core M/M: 0.0% v 0.1%e; Y/Y:1.4% v 1.5%e
- (MX) Mexico July Unemployment Rate: 5.1% v 5.2%e
- (BE) Belgium Aug Business Confidence: -8.6 v -11.3e; highest level in 18 months
- (CL) Chile July PPI M/M: -0.8% v -0.4% prior
- (BR) Brazil July Current Account Balance: -$8.4Be v -$4.0B prior; Foreign Direct Investment (FDI): $5.3Be v $7.2B prior
- (US) July New Home Sales: 394K v 487Ke
- (EU) Euro Zone Aug Advance Consumer Confidence: 15.6v -16.5e
- (MX) Mexico Q2 Current Account Balance: -$6.0B v -$3.4Be

- US equity indices have dipped into and then out of negative territory this morning, while European stocks have gained steadily and look ready to close at their highs. The 10-year UST yield has pulled back further and looks ready to drop below 2.8%. As of writing, the DJIA is up 0.17%, the S&P500 is up 0.10% and the Nasdaq is up 0.40%.

- New home sales fell to their lowest level in seven months in July, widely missing expectations. The June new home sales data was revised lower as well, while median prices in July flattened and supply rose higher. All regions of the US saw lower new home sales, by double digits y/y except in the northeast. Major homebuilders are down 2-3% in the early going this morning.

- The Jackson Hole conference began today and multiple Fed officials weighed in on the outlook for a September taper. Dove Bullard said the FOMC should be in no hurry to reduce QE purchases. Moderate, non-voter Lockhart said he would support a move in Sept if the data was still pointing toward sustainable improvements, but cautioned that numbers out so far do not point to a strong pickup in economic activity later in 2013.

- Nasdaq CEO Greifeld alluded to actions by outside parties to explain yesterday's three-hour long trading freeze. Greifeld specifically pointed to moves by high-frequency traders to gain an advantage over other traders as the reason for the event. Nasdaq has said that trades executed between 12:14 and 12:23 would stand but that trades between the 12:23 freeze and the resumption of trading would not stand. Shares of NDAQ were down 6% after the reopen of trading yesterday and have regained a few percent this morning.

- Just a month after Microsoft reported terrible Q4 results (with EPS at $0.52 versus expectations of $0.75), the company announced that it was looking for a replacement for long-serving CEO Balmer, who will serve until a successor is found. Rumors of the move had been circulating for some time. After years of consecutive mediocre and failed product launches under Balmer, investors have responded with enthusiasm, sending shares of MSFT up 7% this morning.

- Shares of Pandora Radio are down more than 12% in early trading this morning. The firm topped expectations in its Q2 and saw very strong growth in mobile revenues, however its Q3 guidance widely missed consensus views.

***Looking Ahead***
- 13:00 (DE) German Chancellor Merkel holds Campaign Rally in Recklinghausen
- 13:00 (DE) Germany Fin Min Schaeuble speaks at CDU Election Event, Rottenburg
- 14:00 (DE) Germany Fin Min Schaeuble speaks at CDU Election Event, Landau
- 15:00 (AR) Argentina July Industrial Production M/M: No est v -0.1% prior; Y/Y: 3.3%e v 3.8% prior
*Note: UK markets are closed on Monday, Aug 26th for a holiday




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