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Monday October 28, 2013 - 15:57:26 GMT
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| | Email US Market Update: Markets Quiet Ahead of FOMC US Market Update: Markets Quiet Ahead of FOMC
Mon, 28 Oct 2013 11:09 AM EST

***Economic Data***
- (UK) Oct CBI Industrial Reported Sales: 2 v 32e
- (US) Sept Industrial Production M/M: 0.6% v 0.4%e; Capacity Utilization: 78.3% v 78.0%e; Manufacturing Production: 0.1% v 0.3%e
- (US) Sept Pending Home Sales M/M: -5.6% v 0.0%e; Y/Y: +1.1% v +3.5%e
- (US) Oct Dallas Fed Manufacturer Activity: 3.6 v 9.0e

- Trading has been a bit subdued this morning, as investors await the FOMC decision due out on Wednesday. Not too much is expected out of the meeting, with the taper now all but off the table for this time around. As of writing, the DJIA is down 0.17%, the S&P500 is flat and the Nasdaq is down 0.37%.

- The September pending home sales data were not pretty, with big misses seen in both the m/m and y/y figure. The m/m data has been negative for four months in a row. The NAR commented that lower housing affordability are likely responsible for the bulk of reduced contract activity. "In addition, government and contract workers were on the sidelines with growing insecurity over lawmakers' inability to agree on a budget," said the NAR. Homebuilder stocks are in the red following the data, but losses have been fairly mild.

- The Dallas Fed October manufacturing activity index fell to 3.6 from September's 12.8 reading and August's 5.0 level. Every subindex was equal to or higher than the September report except for new orders, which ground to a halt in the month. The ISM-weighted version of the index rose slightly, from 51.6 to 52.5, but still well below the US September ISM Manufacturing reading of 56.2.

- The dollar saw some strength in the overnight session as pairs consolidated ahead of this week's FOMC meeting. USD/JPY touched 97.80 for the first time in three sessions after dipping into the 96 handle on Friday. Meanwhile EUR/USD dropped slightly, to around 1.3780. Note that oil prices are slightly elevated as Brent rises into the $107 handle on more Libya port troubles. WTI front-month crude has followed Brent higher, to $98.60.

- Merck is down 2% this morning after the firm narrowed its FY13 EPS guidance and did not improve its expectations for lower annual revenue. The patent cliff is hurting the pharma giant, which continues to see revenue slump across most of its product line, most notably diabetes drug Januvia. Biogen Idec saw nice outperformance on both the top and bottom lines. The company widely beat expectations for sales of its new multiple sclerosis drug Tecfidera. BIIG rose as much as 4% in the first minutes of trade, but is back around unchanged as of writing.

***Looking Ahead***
- 11:30 (US) Treasury to sell combined $65B in 3-Month and 6-Month Bills
- 11:30 (IL) Israel Central Bank Interest Rate Decision: Expected to leave Base Rate unchanged at 1.00%
- 13:00 (US) Treasury to sell 2-Year Notes
- 15:00 (AR) Argentina Sept Industrial Production M/M: no est v -1.5% prior; Y/Y: +2.5%e v -0.4% prior
- 19:30 (JP) Japan Sept Jobless Rate: 4.0%e v 4.1% prior




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