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Monday November 18, 2013 - 16:23:29 GMT
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| | Email US Market Update: DJIA Makes 16,000, S&P500 Tops 1800 US Market Update: DJIA Makes 16,000, S&P500 Tops 1800
Mon, 18 Nov 2013 11:08 AM EST

***Economic Data***
- (EU) OECD Q3 GDP Q/Q: 0.5% v 0.5% prior
- (CL) Chile Q3 GDP Q/Q: 1.3% v 1.1%e; Y/Y: 4.7% v 4.4%e v 4.1% prior
- (CA) Canada Sept Int'l Securities Transactions: C$8.4B v C$2.1B prior
- (US) Sept Total Net TIC Flows: -$106.8B v -$13.8B prior; Net Long-term TIC Flows: $25.5B v $20.0Be
- (BE) Belgium Sept Trade Balance: +0.1B v -1.0B prior
- (US) Nov NAHB Housing Market Index: 54 v 55e

- The S&P500 took out the 1800 level this morning marking fresh all-time highs, but then tumbled back to 1799 after the first half hour of trading. The DJIA meanwhile has popped into the 16000 handle for the first time, also making all-time highs before trading a bit lower. As of writing, the DJIA is up 0.35%, the S&P500 is up 0.08% and the Nasdaq is up 0.10%.

- There is a heavy docket of Fed speak due this week, and analysts will be listening for any sign of renewed hawkishness among voting FOMC members. A December taper is looking unlikely, however overnight a JP Morgan analyst was out with a note suggesting that the process could begin in January 2014. The analysts said there would also be a delinking of tapering and interest rate expectations as the macroeconomic outlook improves.

- Front-month WTI has remained in the $93 handle this morning after prices capped a sixth weekly drop on Friday, their longest run of losses since 1998. Note that data released yesterday by the JODI showed Saudi Arabia exported more crude in September than in any month since November 2005, meanwhile traders are betting on lower but more sustainable growth from China. At the same time, the P5+1 group of Western powers appear to be ready to strike some sort of deal with Iran on its uranium enrichment program this week.

- JPMorgan has reached yet another deal with its clients to clean up the mess left behind by its bad business related to the housing meltdown. JPMorgan said it would pay $4.5 billion to resolve claims the bank sold faulty mortgage securities to 21 institutional investors. The deal involves mortgage securities sold by JPMorgan and Bear Stearns, but does not include securities issued by Washington Mutual.

- Shares of Microsoft dipped into the red this morning after Bank of America/Merrill Lynch cut their outlook on the shares to Underperform from Neutral, citing the flat earnings outlook and likely margin declines, plus a good chance the company would select an internal CEO candidate, which carries risks of stagnation. Shares of Supervalu are down 6% after Goldman Sachs cut SVU to a Sell from Neutral.

- Shares of JinkoSolar are up more than 14% after the company crushed expectations in its Q3 report, with revenue way ahead of target. The company hiked its FY13 solar module shipment outlook. Other China solar names are gaining as well.

- Shares of Boeing and EADS are up more than 2% as both firms begin pre announcing deals to be struck at the Dubai air show this week. Sales at the show are expected to surge to their highest levels in six years. Emirates Airlines has already signed deals valued at more than $100 billion for wide-body aircraft.

***Looking Ahead***
- 11:30 (US) Treasury to sell combined $58B in 3-Month and 6-Month Bills
- 12:15 (US) Fed's Dudley to speak in Queens, New York
- 13:30 (US) Fed's Plosser speaks on the Economic Outlook in Philadelphia
- 14:00 (AR) Argentina Q3 Unemployment Rate: 7.2%e v 7.2% prior
- 14:00 (US) Fed to purchase $3.0-4.0B in Notes
- 16:00 (CO) Colombia Sept Trade Balance: $250.0Me v $241.5M prior; Total Imports CIF: $4.7Be v $5.0B prior
- 19:30 (AU) RBA Policy Meeting Minutes from Nov
- 19:45 (US) Fed's Kocherlakota speaks on Bank Regulation in Minneapolis




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Mon 15 Oct 2018
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Thu 18 Oct 2018
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