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TradeTheNews.com US Market Update: US Equity Markets Steady Ahead of Fed Minutes

TradeTheNews.com US Market Update: US Equity Markets Steady Ahead of Fed Minutes
Wed, 08 Jan 2014 11:00 AM EST

***Notes/Observations***
- BOJ steps up its daily JGB purchase operations to stave off an increase in rates, China Shibor rates continue to fall
- German trade data registers another healthy surplus

***Economic Data***
- (BR) Brazil Nov Industrial Production M/M: -0.2% v -1.1%e; Y/Y: +0.4% v -0.8%e
- (DE) Germany Nov Factory Orders M/M: 2.1% v 1.5%e; Y/Y: 6.8% v 5.6%e
- (IE) Ireland Dec Live Register Monthly Change: -3.3K v -3.5K prior; Unemployment Rate: 12.4% v 12.5% prior; Live Register Level: 406.8 v 406.2 prior
- (IE) Ireland Nov Retail Sales Volume M/M: 0.0% v -0.3% prior; Y/Y: +1.7% v -1.2% prior
- (CL) Chile Dec CPI M/M: 0.6% v 0.5%e; Y/Y: 3.0% v 2.9%e ; Core CPI M/M: 0.5% v 0.3%e
- (PL) Poland Central Bank (NBP) left its Base Rate unchanged at 2.50%; as expected
- (RO) Romania Central Bank cut Interest Rate by 25bps to 3.75%; as expected
- (US) MBA Mortgage Applications w/e Jan 3rd: +2.6% v -4.2% prior
- (US) Dec ADP Employment Change: +238K v +200Ke
- (MX) Mexico Dec Consumer Confidence Index: 89.7 v 92.0e
- (MX) Mexico Dec Vehicle Production: 164.2K v 255.7K prior; Vehicle Domestic Sales: 119.3K v 100.4K prior; Vehicle Exports: 161.2K v 224.9K prior
- (US) DOE Crude: -2.68M v -0.5Me; Gasoline: +6.24M v +2.0Me; Distillate: +5.83M v +1.5Me

- The ADP data has helped drag the S&P500 out of the red this morning, but is not helping the DJIA, despite a pretty solid number. As of writing, the DJIA is down 0.43%, the S&P500 is up 0.05% and the Nasdaq is up 0.29%.

- The December ADP payrolls survey was much stronger than expected, rising by the steepest amount since late 2012. Payroll growth in the ADP series has accelerated in every month since August, although the main Labor Department payrolls report has not always followed the ADP survey precisely, but today's data are still raising hopes for Friday's December jobs report.

- The minutes of December's landmark Fed meeting will be released later today, but analysts do not expect to see much in the way of disagreement over the decision to gradually start pulling back the $85 billion-a-month bond-buying program. The sole dissenter to the decision, the Boston Fed's Rosengren, spoke yesterday and justified his position, while a few of the hawks wanted to pull back the program more aggressively. But Bernanke made it pretty clear at his press conference that there was broad agreement about the action.

- The Twitter sleigh ride continues this morning. Before the open, Cantor Fitzgerald cut the name to a sell from hold and shares of TWTR lost 4% before the bell. Cantor noted a "major discrepancy" in estimates between banking analysts and non-banking ones, describing that analysts who were involved in the Twitter IPO have estimates that are generally lower than those who were not involved.

- Earnings season is right around the corner, prompting ConocoPhillips to warn its Q4 production would be lower than expected (1.475 million boe/day versus prior forecast 1.485-1.525 million boe/day) as severe weather disrupted its operations in parts of the US and the North Sea.

- Monsanto is up 2% on decent outperformance in Q1 earnings, plus a reaffirmation of FY14 guidance. Micron is the real flyer post earnings, with MU up more than 10%. Micron destroyed consensus estimates, with earnings nearly twice the expected amount. The firm disclosed that DRAM revenues gained nearly 70% q/q thanks to an increase in sales volume resulting from the acquisition of Elpida. Multiple analysts upgraded ratings and PTs on the name.

- On the deals front, Teva barged into Endo Pharaceutical's deal acquire NuPathe, offering $3.65/shr plus further milestone payments compared to Endo's $2.85/shr offer. Teva's offer represents a premium of 13 percent to NuPathe shares' Tuesday close, excluding milestone payments.

***Looking Ahead***
- 12:00 (CA) Canada to sell 3-Year Bonds
- 13:00 (US) Treasury to sell $21B in 10-Year Notes Reopening
- 13:00 (EU) EU's Van Rompuy at EU Greek Presidency Launch in Athens
- 14:00 (US) Fed Releases Minutes from Dec 17-18 FOMC Meeting
- 14:30 (US) US Secretary of Commerce Pritzker Speaks in Las Vegas
- 15:00 (US) Nov Consumer Credit: $14.3Be v $18.2B prior
- 19:30 (AU) Australia Nov Retail Sales M/M: 0.4%e v 0.5% prior
- 20:00 (KR) Bank of Korea (BoK) Interest Rate Decision: Expected to leave 7-Day Repo Rate unchanged at 2.50%
- 20:30 (CN) China Dec CPI Y/Y: 2.7%e v 3.0% prior
- 20:30 (CN) China Dec PPI Y/Y: -1.3%e v -1.4% prior

 

 

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15:30 US- EIA Crude
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