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Monday December 2, 2013 - 16:17:28 GMT
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TradeTheNews.com US Market Update: Equities Flat After Strong ISM Manufacturing Report

TradeTheNews.com US Market Update: Equities Flat After Strong ISM Manufacturing Report
Mon, 02 Dec 2013 10:57 AM EST

***Economic Data***
- (RO) Romania Nov International Reserves: 35.5B v 37.8B prior
- (CZ) Czech Nov Budget Balance (CZK): -79.4B v -47.7B prior
- (BR) Brazil Nov PMI Manufacturing: 49.7 v 50.2 prior
- (RU) Russia Nov Reserve Fund: $86.9B v $87.2B prior; Wellbeing Fund: $88.1B v $88.7B prior
- (ZA) South Africa Nov Naamsa Vehicle Sales Y/Y: -4.6% v -2.9% prior
- (US) Nov Final Markit US PMI Manufacturing: 54.7 v 54.3e
- (CA) RBC Canada Jun Manufacturing PMI: 52.0 v 52.4 prior
- (US) Nov ISM Manufacturing: 57.3 v 55.1e; Prices Paid: 52.5 v 55.0e
- (US) Oct Construction Spending M/M: 0.8% v 0.4%e
- (MX) Mexico Oct Total Remittances: $1.9B v $1.8Be

- US equity markets have given up their earlier gains and dropped into the red in the first hour and a half of cash trading. As of writing, the DJIA is down 0.20%, the S&P500 is down 0.02% and the Nasdaq is down 0.04%.

- USD/JPY tested above 103 for fresh six-month highs on reports the Bank of Japan was working on contingency plans for more economic stimulus beyond the current $70B/month bond-buying operation should the economy stall next year after the sales tax hike in April.

- The November ISM manufacturing survey was quite strong, with the key new orders component rising more than three points from October to 63.6 while inventories fell two points to 50.5. The employment index pushed out to a 19-month high of 56.5.

- Construction spending rose to its highest level in nearly 4.5 years in October as a rebound in public construction projects offset a drop in private outlays. Construction spending fell 0.3 percent in September. The release of the September report was delayed by a 16-day government shutdown. Spending in October was boosted by a 3.2% increase in state and local government outlays, the biggest advance since February 2009.

- Forest Laboratories is up 4.5% this morning. Recently installed CEO Brenton Saunders took the wraps off a new restructuring projects this morning. The company is looking to cut $500M in costs and also plans to buy back up to $1 billion in company stock. It also acquired US marketing rights to Merck's Saphris, a schizophrenia and bipolar treatment.

- Amazon's faint gains have evaporated this morning as the news frenzy about CEO Bezos's drone service gives up ground to news the US Supreme Court will not hear a challenge to state sales taxes on online sales brought by Amazon and Overstock. AMZN is down 1.0% or so in the early going.

***Looking Ahead***
- 11:30 (US) Treasury to sell combined $59B in 3-Month and 6-Month Bills
- 12:00 (IT) Italy Nov New Car Registrations Y/Y: No est v -5.6% prior
- 12:00 (BR) Brazil Nov Trade Balance: +$450Me v -$224M prior; Total Exports: $20.2Be v $22.8B prior; Total Imports: $19.8Be v $23.1B prior
- 13:00 (MX) Mexico Nov IMEF Manufacturing Index: No est v 49.3 prior; Non-Manufacturing Index: No est v 49.6 prior
- 19:30 (AU) Australia Oct Retail Sales M/M: 0.4%e v 0.8% prior
- 20:00 (CN) China Nov Non-manufacturing PMI: No est v 56.3 prior
- 22:30 (AU) Australia Central Bank (RBA) Interest Rate Decision: Expected to leave Cash Rate Target unchanged at 2.50%

 

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Mon 20 Nov
14:00 EZ- Draghi Speech
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Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
Thu 23 Nov
US/JP- Holiday
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13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
09:00 DE- IFO Survey
US- Early Closes

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