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Wednesday September 25, 2013 - 15:29:58 GMT
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| | Email US Market Update: Markets on Hold as Congress Dithers US Market Update: Markets on Hold as Congress Dithers
Wed, 25 Sep 2013 11:15 AM EST

***Economic Data***
- (UK) Sept CBI Industrial Reported Sales: 34 v 23e
- (ZA) South Africa Q3 BER Consumer Confidence: -8 v +1 prior
- (US) MBA Mortgage Applications w/e Sept 20th: +5.5% v +11.2% prior
- (BR) Brazil Aug PPI Manufacturing M/M: 1.5% v 1.2% prior; Y/Y: 6.0% v 5.0% prior
- (US) Aug Durable Goods Orders: +0.1% v -0.2%e; Durables Ex Transportation: -0.1% v +1.0%e; Capital Goods Orders Non-defense Ex Aircraft: +1.5% v +2.0%e; Capital Non-defense Ex Aircraft: +1.3% v +1.5%e
- (MX) Mexico July IGAE Economic Activity Y/Y: +1.7% v +1.2%e
- (US) Aug New Home Sales: 421K v 420Ke

- Volumes remain thin and US markets pretty much flat this morning as investors wait out the continuing fiscal drama in Washington, DC. As of writing, the DJIA, S&P500 and Nasdaq are all flat on the session, after recovering earlier losses.

- The August durables orders were essentially unchanged, although the capital goods components (ex-aircraft) snapped two months of declines and returned to growth. August new home sales rebounded from a dip lower in July.

- As Senator Cruz continues his quixotic "filibuster," the Senate is preparing to complete its version of the CR funding bill by Sunday, Sept 29th. The Senate version will fund the federal government through November 15th (versus the House bill's December 15th target) and obviously strips out Obamacare defunding. This morning Treasury Sec Lew said the extraordinary measures designed to keep government finances afloat would be exhausted by October 17th, and condemned plans to "prioritize" payments as just "default by another name." The House may see an initial vote to increase the debt ceiling as soon as Friday.

- Shares of JC Penny are down 13% this morning on no clear news. Note that reports earlier this week suggested the company was making the rounds talking to investment bankers about another capital raise. Reports suggested it would borrow against its real estate holdings.

- Deutsche Bank Co-CEO Jain confirmed reports from yesterday about the firm's poor fixed-income performance in the quarter. At a BoA conference, the executive warned that Q3 debt trading revenue would decline significantly, although equity sales and trading were performing well.

- Chinese Internet company Alibaba has reportedly ended talks with the Hong Kong stock exchange over an IPO and is reportedly now looking to list in the US on the NYSE. According to reports, Hong Kong would not make an exception to its rules against dual-class shareholdings, depriving the founders with more control over the company.

- AAR Corp missed revenue targets in its Q1 report and shares of AIR are off nearly 8% as a result. Carnival is down another 5% or so as more analysts downgrade the name in the wake of its Q3 earnings report. Chinese solar names are moving higher after the US Solar Energy Industries Association proposed to resolve trade dispute on solar gear between US and China.

- In deal news, MAKO Surgical has agreed to be acquired by orthopedics-product firm Stryker Corp for around $1.65B. Mako makes a surgeon-interactive robotic arm used in knee and hip replacement procedures called Makoplasty. Its shareholders will receive $30 a share, a 86% premium to its Tuesday closing price. Mako is expected to issue an additional four million shares in connection with the deal. Intuitive Surgical is up 2% or so on the news.

***Looking Ahead***
- 12:00 (US) Fed reports Q2 Financial Accounts: Household net worth $T v $70.35T q/q
- 12:00 (FR) France Aug Net Change Jobseekers: No est v +6.3K prior; Total Jobseekers: No est v 3.286M prior
- 15:00 (AR) Argentina Aug Supermarket Sales Y/Y: No est v 16.5% prior; Shop Center Sales Y/Y: No est v 19.7% prior
- 17:00 (KR) South Korea Sept Consumer Confidence: No est v 105 prior




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