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Wednesday November 13, 2013 - 16:21:41 GMT
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| | Email US Market Update: Equities Bounce Back from Premarket Swoon US Market Update: Equities Bounce Back from Premarket Swoon
Wed, 13 Nov 2013 11:05 AM EST

***Economic Data***
- (ZA) South Africa Sept Retail Sales Constant M/M: -0.7% v +0.3%e; Y/Y: 0.2% v 2.5%e
- (BR) Brazil Sept Retail Sales M/M: 0.5% v 0.8%e; Y/Y: 4.1% v 4.6%e; Broad Retail Sales Y/Y: 7.5% v 8.2%e
- (EU) OECD Sept Unemployment Rate: 7.9% v 7.9% prior
- (US) MBA Mortgage Applications w/e Nov 8th: -1.8% v -2.8% prior
- (CA) Canada Oct Teranet/National Bank HPI M/M: 0.1% v 0.0% prior; Y/Y: 3.1% v 2.7% prior; House Price Index: 159.34 v 159.12 prior
- (RU) Russia Oct YTD Budget Balance (RUB): 672.5B v 591.3B prior

- US equity markets were deep in the red before the open, taking their cue from Asia and Europe trading. Analysts suggest that the underwhelming communique from the Chinese leadership's plenary session knocked down markets overnight. US indices are moving back into positive territory as of writing, with the DJIA still down 0.34%, while the S&P500 has returned to unchanged and the Nasdaq is up 0.01%.

- Starbucks said it would be paying $2.5B in damages and fees due to the early termination of a bagged coffee grocery deal with Kraft Foods. The award will go to Mondelez International, which spun off Kraft Foods in 2012. Starbucks revised its Q4 EPS results lower to reflect settlement but also reaffirmed its FY14 guidance despite the arrangement. Shares of SBUX dropped 2% in the aftermarket, but are back to unchanged in mid-morning trade.

- Chinese web portal Sina reported strong Q3 quarterly results yesterday after the close, with profits more than doubling y/y and ad revenue up sharply. Note that advertising revenue on its Sina Weibo microblogging platform surged 125% y/y. Shares of SINA are up more than 12%.

- Department store giant Macys reported excellent gains in its Q3 report, with earnings up more than 30% y/y, although revenue growth was much more modest. Top- and bottom-line results beat expectations. Executives made upbeat comments about the firm's Q4 outlook, including its view of the upcoming holiday season, although it also warned there would be higher pressure on margins in the quarter. Shares of Macys are up 9.3% this morning.

- Retail name Perry Ellis is down 22% after it slashed its prior FY14 guidance and offered very poor Q3 guidance. The company blamed softness in the private label business and reduced sales through its direct retail channel for the change

- US-traded ADRs of Russian steel giant Mechel are down 20% this morning, and Moscow-traded shares declined 40% in the premarket after questions arose yesterday about negotiations with creditors over a possible debt covenant holiday though 2014. The CFO had reassured investors that the company was not facing a threat of default, but that did not help. More commentary from executives this morning seems to have calmed nerves, but MTL remains down 15%.

***Looking Ahead***
- 11:30 (US) Treasury to sell combined $62B in 4-Week and 52-Week Bills
- 12:00 (CA) Canada to sell 30-Year Bonds
- 12:00 (US) DOE Short-Term Crude Outlook
- 13:00 (US) Treasury to sell $24B in 10-Year Notes
- 14:00 (US) Oct Monthly Budget Statement: -$102.0Be v -$120.0B prior
- 18:50 (JP) Q3 Preliminary GDP Q/Q: 0.4%e v 0.9% prior; GDP Annualized Q/Q: 1.7%e v 3.8% prior; GDP Nominal Q/Q: 0.4%e v 0.9% prior
- 16:30 (US) Weekly API Crude Oil Inventories
- 19:00 (US) Fed's Bernanke speaks to Town Hall of Teachers
- 19:00 (AU) Australia Nov Consumer Inflation Expectation: No est v 2.0% prior
- 20:00 (KR) Bank of Korea (BoK) Interest Rate Decision: Expected to leave 7-Day Repo Rate unchanged at 2.50%




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AA: Major, A: High, B: Medium

Mon 15 Oct 2018
AA 12:30 US- Retail Sales
Tue 16 Oct 2018
AA 08:30 GB- Employment
A 09:00 DE- ZEW Survey
A 13:15 US- Industrial Production
Wed 17 Oct 2018
AA 08:30 GB- CPI
A 09:00 EZ- Final HICP
A 12:30 US- Housing Starts/Permits
A 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
AA 18:00 US- Fed Policy Minutes
Thu 18 Oct 2018
A 1:30 AU- Employment
AA 08:30 GB- Retail Sales
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