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Wednesday November 27, 2013 - 16:45:58 GMT
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| | Email US Market Update: Traders Brush Off Weak Durables, Send Equities Higher US Market Update: Traders Brush Off Weak Durables, Send Equities Higher
Wed, 27 Nov 2013 11:19 AM EST

***Economic Data***
- (UK) Nov CBI Industrial Reported Sale: +1 v +10e
- (IE) Ireland Oct Property Prices M/M: 1.8% v 1.8% prior; Y/Y: 6.1% v 3.6% prior
- (US) MBA Mortgage Applications w/e Nov 22nd: -0.3% v -2.3% prior
- (US) Initial Jobless Claims: 316K v 330Ke; Continuing Claims: 2.776M v 2.85Me
- (US) Oct Durable Goods Orders: -2.0% v -2.0%e; Durables Ex Transportation: -0.1% v +0.5%e; Capital Goods Orders Non-defense Ex Aircraft: -1.2% v +0.9%e; Capital Goods Shipments Non-defense Ex Aircraft: -0.2% v 0.2%e; Durables Goods Orders Ex-Defense: -1.3% v +3.2%
- (US) Oct Chicago Fed National Activity Index: -0.18 v +0.10e
- (CA) Canada Sept Average Weekly Earnings Y/Y: 1.9% v 1.3% prior
- (US) Nov Chicago Purchasing Manager: 63.0 v 60.0e
- (US) Nov Final University of Michigan Confidence: 75.1 v 73.1e
- (US) DOE Crude: +2.95M v +0.5Me; Gasoline: +1.75M v +0.5Me; Distillate: -1.67M v -1Me

- US equity markets are responding well to the flood of data released this morning, although trading volumes are a bit light ahead of the Thanksgiving holiday. As of writing, the DJIA is up 0.21%, the S&P500 has gained 0.24% and the Nasdaq is up 0.46%.

- Positive data included the jobs data and a surprise in the final University of Michigan Consumer Sentiment Index. The weekly jobless claims report continued to trend in the right direction: initial claims dropped back to levels seen in September, while the continuing claims fell to its lowest point since January 2008. The Michigan index posted a much stronger rebound in late November than anticipated, with a final reading of 75.1 versus the preliminary 72. Note that this contrasts sharply with yesterday's Conference Board November consumer confidence index, which hit seven-month lows.

- The headline October durable orders fell 2.0% as expected, however the various subcomponents were much weaker than expected. With defense and aircraft, orders fell 1.9% versus expectations for a 0.9% gain, for the third decline in the last four months. Note that this report contrasts sharply with the October ISM manufacturing and the Oct factory orders data out earlier in the month.

- Crude has given up more ground this morning. The front-month WTI contract has bounced around in a range between $93.50 and $94.50 for most of the week. In the premarket, the contract dropped into the $92 handle and has since traded as low as $92.10 on heavy volume. No immediate catalyst was seen, however many city the ongoing impact of the Iran diplomatic breakthrough. There have been press reports of Iran holding talks with various companies to resurrect its moribund oil sector.

- Shares of Hewlett-Packard are up 7% this morning. The firm met EPS expectations but widely topped revenue targets. With the exception of the enterprise group, HP's revenues continue to contract. CEO Whitman talked up the progress made in restructuring and promised new products in 2014 in the tablet and 3D printing areas.

- Hilton has announced plans to IPO on the NYSE. The $1.25 billion IPO is set to be one of the largest offerings in recent years and comes after the hotel giant was taken private in 2007 by Blackstone Group for more than $18 billion.

***Looking Ahead***
- 12:00 (US) Weekly EIA Natural Gas Inventories
- 12:00 (CA) Canada to sell 30-Year Real Return Bonds
- 12:15 (PT) Portugal PM Coelho with France President Hollande in Madrid
- 13:00 (US) Treasury to sell $29B in 7-Year Notes
- (BR) Brazil Central Bank (COPOM) Interest Rate Decision
- 18:50 (JP) Japan Oct Retail Trade M/M: -0.8%e v 1.7% prior (revised from 1.8%); Y/Y: 2.1%e v 3.1% prior
- 20:30 (CN) China Oct YTD Industrial Profits Y/Y: No est v 13.5% prior




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