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Thursday September 12, 2013 - 15:31:33 GMT
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TradeTheNews.com US Market Update: Equity Markets Flat Despite Jobless Claims

TradeTheNews.com US Market Update: Equity Markets Flat Despite Jobless Claims
Thu, 12 Sep 2013 11:09 AM EST

***Economic Data***
- (IT) Italy Senate committee to discuss Berlusconi
- (IL) Israel Q2 Current Account Balance: $1.8B v $1.9B prior
- (IE) Ireland Aug CPI M/M: +0.1% v -0.1% prior; Y/Y: 0.0% v 0.7% prior
- (IE) Ireland Aug CPI EU Harmonized M/M: 0.1% v 0.5%e; Y/Y: 0.0% v 0.5%e
- (RU) Russia Gold and Forex Reserve w/e Sept 6th: $503.9B v $510.8B prior
- (IN) India Aug CPI Y/Y: 9.5% v 9.6%e
- (IN) India July Industrial Production Y/Y: +2.6% v -0.8%e
- (BR) Brazil July Retail Sales M/M: 1.9% v 0.2%e; Y/Y: 6.0% v 3.0%e ; Retail Sales Broad Y/Y: 3.7% v 1.2%e
- (US) Initial Jobless Claims: 292K v 330Ke; continuing Claims: 2.871M v 2.97Me
- (US) Aug Import Price Index M/M: 0.0% v 0.5%e; Y/Y: -0.4% v +0.4%e
- (CA) Canada July New Housing Price Index M/M: 0.2 v 0.1%e; Y/Y: 1.9% v 1.9%e
- (CA) Canada Aug Teranet/National Bank HPI M/M: 0.6% v 0.3%e; Y/Y: 2.3% v 1.9% prior; House Price Index: 159.12 v 158.16 prior
- (US) Weekly EIA Natural Gas Inventories: +65 bcf v +65-70 bcf expected range

- US equity indices have recovered from their earlier swoon and are around unchanged this morning. As of writing, DJIA and S&P500 are flat and the Nasdaq +0.15%.

- Initial jobless claims dropped to 292K in the week ended Sept. 7, however the data was clouded by some technical problems in claims processing at two unnamed states. This was the lowest figure since 2006, although the unprocessed claims will likely show up in data out next week. The four-week MA remains around 321K. In a separate report, US export prices fell for the sixth straight month in August while prices for non-petroleum imports eased.

- Gold has been dropping all week as plans to avert strikes on Syria gather momentum. But this morning gold moved sharply lower, and spot is currently down 2.5% on the day. Earlier, the metal touched $1,325.60, the lowest since Aug. 15. Multiple other factors are in play: overnight trading on the Nanex was halted briefly after the submission of a huge sell order, the jobless claims data continue to decelerate and there have been huge decelerations in India gold buying on continued INR weakness.

- US coal names are down one or two percent a piece today on continuing circulation of the Obama Administrations latest plan to curb CO2 emissions from power plant. The latest EPA proposal would limit emissions to 1,100 lbs of CO2 per megawatt hour for coal plants and 1,000 lbs for large gas-fired plants. These rules would effectively ban construction of new coal plants and are a stepping-stone for the administration's forthcoming emissions standards for existing power plants.

- In earnings, grocery name Kroger is up more than 3% on solidly in-line Q2 results and a better SSS forecast for the full year. Lululemon is down 6% after cutting its FY13 outlook. On the conference call, executives warned of a weak start to Q3 due to late deliveries of Fall products. Men's Warehouse fell as much as 14% in aftermarket trading on a big Q2 miss and lowered FY13 guidance. MW has recovered approximately half its losses in the early going today.

***Looking Ahead***
- 12:00 (IS) Iceland Aug International Reserves (ISK): No est v 475B prior
- 12:30 (DE) German SPD chief and candidate Steinbruck campaign event in Mnchen
- 13:00 (DE) German Chancellor Merkel holds campaign rally in Neuss
- 13:00 (US) Treasury to sell30-Year Bonds Reopening
- 14:00 (US) Aug Monthly Budget Statement: -$150.0Be v -$190.5B prior
- 17:00 (CL) Chile Central Bank Interest Rate Decision: Expected to leave the Overnight Rate Target unchanged at 5.00%
- 19:00 (PE) Peru Central Bank Interest Rate Decision: Expected to leave the Reference Rate unchanged at 4.25%

 

 

 

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13:30 US- Weekly Jobless
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15:30 US- EIA Crude
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