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Wednesday September 11, 2013 - 15:38:01 GMT
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| | Email US Market Update: Apple Weighs Down Nasdaq, S&P500 US Market Update: Apple Weighs Down Nasdaq, S&P500
Wed, 11 Sep 2013 11:19 AM EST

***Economic Data***
- (PT) Portugal Aug CPI M/M: -0.7% v -0.2%e; Y/Y: 0.2% v 0.7%e
- (PT) Portugal Aug CPI EU Harmonized M/M: -0.7% v -0.2%e; Y/Y: 0.2% v 0.7%e
- (US) MBA Mortgage Applications w/e Sept 6th: -13.5% v +1.3% prior
- (ZA) South Africa July Manufacturing Production M/M: 5.0% v 2.0%e; Y/Y: 5.4% v 1.6%e
- (PL) Poland July Current Account Balance: -178M v +60Me; Trade Balance: 293M v 420Me; Exports: 13.0B v 13.0Be; Imports: 12.7B v 12.7Be
- (MX) Mexico July Industrial Production M/M: -0.1% v +0.4%e; Y/Y: % v -0.8%e; Manufacturing Production Y/Y: % v +1.1%e
- (US) July Wholesale Inventories M/M: 0.1% v 0.3%e; Wholesale Trade Sales M/M: 0.1% v 0.5%e
- (US) DOE Crude: -220K v -1.5Me; Gasoline: +1.66M v -Me; Distillate: +2.59M v +500Ke

- With Apple down nearly 6% this morning, the Nasdaq and the S&P500 are lagging behind the DJIA. As of writing, the DJIA is up 1.25%, while the S&P500 is down 0.17% and the Nasdaq is down 0.41%.

- On the Syria front, President Obama asked for patience with diplomatic efforts to corral Damascus's chemical weapons in his address last night. These comments are being echoed by Congressional leaders from both parties this morning. Commentators suggest that while Russia's plan is certainly a very long shot, it could make Syria the world's problem again rather than a US problem. WTI crude is flat on the day, trading around the $107 handle.

- Doubleline Capital's Jeffrey Gundlach threw cold water on Fed taper plans in a public webcast last night. In May, Gundlach said QE would go on forever, and yesterday he predicted the Fed would keep buying bonds until targeted yields were achieved. He believes the 10-year UST yield will rise to 3.1-3.2% as latecomers to the bond market rally unwind positions. Currently the UST 10-year yield is in a holding pattern right around 2.96%.

- Shares of infertility treatment biotech OvaScience are down 30% this morning after the FDA questioned the status of its main candidate, Augment. The company believes Augment is a cellular and tissue-based product, and as such, could be marketed commercially without FDA oversight or review as drug. The FDA disagreed and advised the company to submit an IND application, and the company chose to suspend enrollment US in US trials while moving forward with its plans for enrollment outside of the US.

- Shares of Apple are down 5.9% this morning as most analysts make cautious or hostile remarks about the new iPhone 5C and 5S models. Most are concentrating on the 5C, its chances in China and its big no-contract price tag of $549 (most Chinese carriers do not offer discounts on handsets with contracts). Note that Apple enthusiasts Oppenheimer and Lazard both reiterated their buy calls and hiked price targets. Note also that China Mobile continues to negotiate with Apple over carrying the new handsets.

- In what will be the largest corporate bond sale in history (by a very broad margin), Verizon is selling $49B in bonds today (up from $20B initially) to fund its buy-out of its Verizon Wireless JV partner, Vodafone Group. The bid-to-cover is more than 2x, with more than $90B in orders. Commentators suggest the huge interest in the sale suggests investors are hunting for yield ahead of the Fed's big moment next week.

- Among other movers, United Rentals is down 5.5% after an executive made comments at an investor conference, providing a relatively granular update on current trends and some commentary on longer-term goals that are being seen as disappointing. Harvest Natural Resources is up 24% after entering negotiations with Pluspetrol Venezuela SA to sell its Venezuela assets and then spin off the rest of the company.

***Looking Ahead***
- 11:30 (UK) BOE's Miles
- 11:30 (BR) Brazil Central Bank weekly currency flow data
- 12:00 (DE) Germany Fin Min Schaeuble speaks at CDU Campaign Rally, Geldern
- 12:00 (EU) EU President Van Rompuy with Portugal Foreign Min Machete in Brussels
- 12:00 (CA) Canada to sell 30 Year Real Return Bonds
- 13:00 (US) Treasury to sell 10-Year Notes Reopening
- 13:00 (EU) ECB Asmussen (Germany) speaks in Berlin
- 13:30 (DE) German Chancellor Merkel holds campaign rally in Wrzburg
- 14:15 (DE) German SPD chief and candidate Steinbruck faces Voter Questions at Town Hall Event on ARD TV
- 17:00 (NZ) RBNZ Interest Rate Decision: Expected to leave the Official Cash Rate unchanged at 2.50%
- 21:30 (AU) Australia Aug Employment Change: +10.0Kev -10.2K prior; Unemployment Rate: 5.8%e v 5.7% prior




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