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Friday September 13, 2013 - 15:39:55 GMT
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| | Email US Market Update: Closing Out the Week on a Sour Note US Market Update: Closing Out the Week on a Sour Note
Fri, 13 Sep 2013 11:08 AM EST

***Economic Data***
- (IE) Ireland July Trade Balance: 3.2B v 3.0B prior
- (BR) Brazil July Economic Activity Index M/M: -0.3% v -0.6%e; Y/Y: 3.4% v 2.9%e
- (IN) India Forex Reserves w/e Sept 6th: $274.8B v $275.5B prior
- (IS) Iceland Aug Unemployment Rate: 4.0% v 3.9% prior
- (PL) Poland Aug M3 Money Supply M/M: 0.7% v 0.7%e
- (PL) Poland Aug CPI M/M: -0.3% v -0.3%e; Y/Y: 1.% v 1.1%e
- (US) Aug PPI M/M: 0.3% v 0.2%e; Y/Y: 1.4% v 1.3%e
- (US) Aug PPI Ex Food and Energy M/M: 0.0% v 0.1%e; Y/Y: 1.1% v 1.3%e
- (US) Aug Retail Sales Advance M/M: 0.2% v 0.5%e; Retail Sales Ex Auto M/M: 0.1% v 0.3%e; Ex Auto and Gas: 0.1% v 0.3%e; Control Group: 0.2% v 0.3%e
- (CA) Canada Q2 Capacity Utilization Rate: 80.6% v 80.6%e
- (US) Sept Preliminary University of Michigan Confidence: 76.8 v 82.0e
- (US) July Business Inventories: 0.4% v 0.2%e

- US markets have seen choppy, low-volume trading this morning. As of writing, the DJIA is up 0.37%, the S&P500 is up 0.14% and the Nasdaq is down 0.15%.

- Two relatively poor data reports are helping to dampen sentiment. The Sept University of Michigan Consumer Confidence survey missed expectations and fell to its lowest level since April. Meanwhile the August Advanced Retail Sales gained the least in four months.

- The game of handicapping the next Fed chairman was a focus overnight. Japanese daily Nikkei reported that President Obama would nominate Larry Summers as chairman early as next week, as his perceived hawkishness hit markets. The White House later rejected the report.

- The US 10-year yield was slightly higher coming into the US session and is around 2.90% this morning. Gold is now down over 5% in just the last four sessions and spot gold approached the $1,300 handle earlier in the session, for one-month lows. Sterling strengthened noticeably against the dollar this morning, topping 1.5860 for its strongest level since February. EUR/USD tested the top and bottom of the range seen over the last week in this morning's session, trading as high as 1.3320 and then dropping to 1.3260 as of writing.

- Twitter resorted to a tweet on its own platform to inform users and potential investors of its long-awaited plans to pursue an IPO. Little other information about the company or the IPO has been made public: SEC regulations say financial statements and other relevant information only have to be made available 21 days before the road show, which is expected later this year or in early 2014. Most of Twitter's revenue comes from advertising, and research firm eMarketer estimates that it will generate $583M in worldwide ad revenue in 2013, up from $288M in 2012, and some figures say the revenue growth rate of 100% can be sustained in 2014. Based on the appraisals of venture capital sources, Twitter's estimated market value is around $10-20B. Shares of Twitter investor GSV Capital are up 12% on the news.

- Among notable movers, shares of Ulta Salon are up a whopping 16% after a solidly in-line earnings report and a price target hike at Credit Suisse. ADRs of small Chinese software security firm NQ Mobile are up 8% on the launch of a new suite of products. Stratasys is down 4.5% as shares fall to meet the pricing of its 4.5M share secondary. United Natural Foods is up 11% on a strong earnings report.

***Looking Ahead***
- 13:30 (DE) German Chancellor Merkel holds campaign rally in Wuppertal
- 15:00 (AR) Argentina Aug CPI M/M: 0.9%e v 0.9% prior; Y/Y: 10.6%e v 10.6% prior
- 15:00 (AR) Argentina Aug Wholesale Price Index M/M: No est v 1.1% prior; Y/Y: No est v 13.7% prior
- (BR) Brazil Aug Tax Collections (BRL): No est v 94.3B prior
- (CO) Colombia Central Bank Monetary Policy Minutes

- (DE) German state of Bavaria holds its elections (**Note: Federal elections on Sept 22nd)




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