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Friday October 18, 2013 - 16:05:16 GMT
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| | Email US Market Update: Market Focus Returns to Fundamentals US Market Update: Market Focus Returns to Fundamentals
Fri, 18 Oct 2013 11:11 AM EST

***Economic Data***
- (BR) Brazil Oct Final IGP-M Inflation: 0.9% v 0.9%e
- (IN) India Forex Reserves w/e Oct 11th: $279.0B v $277.7B prior
- (BR) Brazil Oct IBGE Inflation IPCA-15 M/M: 0.5% v 0.4%e; Y/Y: 5.8% v 5.7%e
- (CA) Canada Sept CPI M/M: 0.2% v 0.1%e; Y/Y: 1.1% v 1.0%e; Consumer Price Index: 123.3 v 123.3e
- (CA) Canada Sept CPI Core M/M: 0.2% v 0.3%e; Y/Y: 1.4% v 1.4%e
- (BE) Belgium Oct Consumer Confidence Index: -6 v -7 prior
- (MX) Mexico Sept Unemployment Rate: 5.3% v 5.1%e

- A sense of normality is returning to markets as some pretty decent corporate earnings sent the S&P500 and Nasdaq higher this morning. Meanwhile, yesterday's blue-chip misses continue to weigh down the Dow. As of writing, the DJIA is down 0.10%, the S&P500 is up 0.31% and the Nasdaq is up 0.84%.

- Dollar weakness continues as we head into the end of the week. EUR/USD hit an eight-month highs just shy of 1.3700, which is presenting some resistance. A break above 1.3712 would mark a 2013 high for the euro and likely spur more upside momentum as buy-stop orders are triggered. USD/JPY unable to climb back above the 98 handle. Dealers noted that 10-year US/Japan bond spread was around 210bps earlier in the week and had fallen below 195bps by Friday.

- Morgan Stanley reported very strong Q3 results, with earnings and revenue topping expectations on very strong growth in trading revenues at the firm. Note that the gains in stock trading revenue more than offset most of the decline in fixed-income, FX and commodity trading, where revenue fell 44%, in line with the slump seen across the industry. Shares of MS are up 2%.

- Google's Q3 numbers modestly topped consensus views as paid click growth continued to more than make up for lower revenue per click. Shares of GOOG rose 10% in after-market trading and before the open, and have risen further in cash trading, popping over $1000 for the first time. Google highlighted that YouTube branded video-ads grew 75% y/y, with 40% of traffic now coming from mobile devices.

- Industrial giants GE and Ingersoll-Rand are gaining this morning on solid Q3 results. Earnings at both beat, although GE's revenue was a bit shy of estimates. Nevertheless, GE saw 19% y/y order growth and margins continued to recovery. GE is up 2% while IR is up 6%. Honeywell's revenue also fell a bit short in Q3 and the firm's Q4 guidance was a bit disappointing. HON is down 2%.

- Drilling giant Schlumberger and smaller rival Baker Hughes both saw ~20% y/y earnings growth. Schlumberger's grow was evenly distributed across its broad global footprint. Both firms were very bullish about growth in 2014, with steady gains in North America drilling and an even better outlook overseas. SLB is up 2.5% and BHI is up 8%.

- AMD is one of the biggest losers this morning, with shares down more than 12% despite the chipmaker's relative good Q3 numbers. Investors appear to be disappointed with the firm's weak Q4 revenue guidance. In addition, on the conference call executives warned that consumer notebook softness expected to continue and industry PC unit shipments to decline 10% this year.

***Looking Ahead***
- 13:00 (US) Fed's Tarullo on orderly resolution in Washington DC
- 14:00 (US) Fed's Evans speaks on Economy in Chicago
- 15:00 (AR) Argentina Aug Economic Activity Index M/M: No est v -1.2% prior; Y/Y: 4.8%e v 5.1% prior
- 15:40 (US) Fed's Dudley on orderly resolution in Washington DC
- 16:30 (US) Fed's Stein
- 17:00 (CO) Colombia Aug Industrial Production Y/Y: -1.0%e v +0.2% prior
- 17:00 (CO) Colombia Aug Retail Sales Y/Y: 5.5%e v 5.4% prior


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Mon 12 Nov 2018
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