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TradeTheNews.com US Market Update: Equities Retreat Further from All-Time Highs as Traders Debate a Dec taper
US Market Update: Equities Retreat Further from All-Time Highs as Traders
Debate a Dec taper
Tue, 03 Dec 2013 11:23 AM EST
- (BR) Brazil Q3 GDP Q/Q: -0.5% v -0.3%e; Y/Y: 2.2% v 2.4%e; GDP four quarters
Accumulated: % v 2.3% v 1.9% prior
- (EU) OECD Oct annual inflation: 1.3% v 1.5% prior
- (IE) Ireland Nov Consumer Confidence: 71.0 v 76.2 prior
- (US) ICSC Chain Store Sales w/e Nov 30th: w/w -2.8%; y/y: +2.5%
- (SG) Singapore Nov Purchasing Managers Index: 50.8 v 51.4e; Electronics
Sector Index: 51.2 v 51.2e
- (US) Redbook Retail Sales w/e Nov 30th: +4.9% y/y, Nov MTD: -0.2% m/m; Nov
MTD +3.9% y/y
- (EU) Weekly ECB Forex Reserves: €206.7B v €206.8B prior
- (US) Nov ISM New York: 69.5 v 59.3 prior
- (US) Dec IBD/TIPP Economic Optimism: 43.1 v 43.0e
- (DK) Denmark Nov Foreign Reserves (DKK): 489.3B v 491B prior
- US markets are in the red again this
morning following steady declines in European markets. Analysts are talking
about renewed fears of a December taper as behind today's declines. As
of writing the DJIA is down 0.52%, the S&P500 is down 0.18% and the Nasdaq
is down 0.11%.
- The yen hit six-month lows against the greenback around 103.38 at midnight
ET, but has retaken a big figure as of writing, strengthening to around 102.3.
The yen saw five-year lows against the euro at 140 handle overnight. Traders suggest the yen weakness topped out
after government officials said that hopes for more stimulus were overblown and
plans for more spending were not close to being finalized. Meanwhile,
the euro was around 1.3530 to the dollar during the Asia session but has nearly
retaken 1.3600 as of midmorning.
- November auto sales reports from the
big three US automakers all topped expectations. GM sales were up 19% y/y,
Chrysler sales rose 16% y/y and Ford's were up only 7% y/y. A Ford sales
executive November retail sales were the company's best going back to 2004.
Toyota's sales momentum continues to be pretty tepid, up in the low single
digits, while Nissan saw a respectable 10.7% y/y gain. Shares of both Ford and
GM lost ground in the first hour of trade, but are headed back to unchanged.
- Shares of Forest Labs have gained 10% over the last two sessions and added
some more mid morning on rumors that AstraZeneca was exploring an acquisition
of the company. In a release this morning, newly-installed CEO Brent Saunders
launched a plan to cut about 500 jobs and trim $500 million in costs over the
next two years. In addition, the company will buy back $400 million in stock by
the end of 2013.
- Celgene will partner on a slate of cancer stem cell programs in development
at OncoMed, in exchange for a $177.25 million upfront fee and more than $3
billion in milestones. Celgene will get co-marketing rights in the US and a
lead commercialization role abroad for six OncoMed cancer stem cell programs.
The deal involves OncoMed's lead drug, demcizumab, along with five preclinical
candidates. OMED is up 70% on the news.
- Krispy Kreme disappointed investors with tepid initial FY15 guidance with its
otherwise pretty solid Q3 earnings report. Shares are dunking this morning,
down 16%. Note that KKD has been on a sugar high this year, up nearly 150% in
- Shares of Abercrombie are up 6% this morning as Engaged Capital sends letter
to board, pressuring it to initiate a search for new CEO. Engaged highlighted
the upcoming expiration of Abercrombie Chairman and CEO, Michael Jeffries
employment contract on February 1, 2014.
- 11:30 (US) Treasury to sell $45B in 4-Week Bills
- 13:00 (US) Fed's Lacker testifies on
bankruptcy to House subcommittee
- 13:00 (EU) ECB's Nowotny (Austria)in Brussels
- 14:15 (NZ) New Zealand Fin Min English in Parliament
- 16:30 (US) Weekly API Oil Inventories
- 17:00 (US) Nov Total Vehicle Sales: 15.75Me v 15.15M prior; Domestic Vehicle
Sales: 12.10Me v 11.73M prior
- 19:30 (AU) Australia Q3 GDP Q/Q: 0.7%e v 0.6% prior; Y/Y: 2.5%e v 2.6% prior
- 20:30 (JP) BOJ Board Member Sato speech & Press Conference in Hokkaido
- 20:45 (CN) China Nov HSBC/Markit
Services PMI: No est v 52.6 prior
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