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Thursday January 16, 2014 - 16:46:00 GMT
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| | Email US Market Update: Mixed Bank Earnings Undermine Equity Markets US Market Update: Mixed Bank Earnings Undermine Equity Markets
Thu, 16 Jan 2014 11:22 AM EST

***Economic Data***
- (IL) Israel Q3 Final GDP Annualized: 2.3% v 2.0% prelim
- (IE) Ireland Dec CPI M/M: 0.0% v -0.2% prior; Y/Y: 0.2% v 0.3% prior
- (IE) Ireland Dec CPI EU Harmonized M/M: +0.1% v -0.1% prior; Y/Y: 0.4% v 0.3% prior
- (IE) Ireland Nov Trade Balance: 2.5B v 3.0B prior
- (BR) Brazil Nov Retail Sales M/M: 0.7% v 0.4%e; Y/Y: 7.0% v 6.2%e; Broad Retail Sales Broad Y/Y: 5.6% v 4.1%e
- (RU) Russia Gold and Forex Reserve w/e Jan 3rd: $499.1B v $511.6B prior
- (PL) Poland Dec CPI Core M/M: -0.1% v -0.1%e; Y/Y: % v 1.1%e
- (US) Dec CPI M/M: 0.3% v 0.3%e; Y/Y: 1.5% v 1.5%e
- (US) Dec CPI Ex Food and Energy M/M: 0.1% v 0.1%e; Y/Y: 1.7% v 1.7%e
- (US) Dec CPI NSA: 233.049 v 233.066e; CPI Core Index SA: 235.496 v 235.586e
- (US) Initial Jobless Claims: 326K v 328Ke; Continuing Claims: 3.03M v 2.85Me
- (CA) Canada Nov Int'l Securities Transactions (CAD): 8.7B v 4.4B prior
- (MX) Mexico Nov Leading Indicators: 0.1 v 0.1 prior
- (US) Jan Philadelphia Fed Business Outlook: 9.4 v 8.7e
- (US) Jan NAHB Housing Market Index: 56 v 58e
- (US) Weekly EIA Natural Gas Inventories: -287 bcf v -295 to -305 bcf expected

- Investors are not feeling very confident this morning in the wake of compromised reports out of Goldman Sachs, Citigroup and Best Buy, with big declines in these and other major names weighing on broader markets. As of writing, the DJIA is down 0.52%, the S&P500 is down 0.40% and the Nasdaq is down 0.08%.

- Contrasting December inflation reports in the US and the Eurozone are front-and-center this morning. The Eurozone report showed CPI up 0.3% m/m and the annualized rate dropped to 0.8% from 0.9% in November. Meanwhile in the US the m/m figure was also 0.3%, while the annualized CPI rate rose to 1.5% from 1.2% in November, while core CPI was unchanged at 1.7%. Yields on 10-year bund are hitting six-week lows around 1.78% compared to a 2.85% yield on the 10-year UST. The greenback has had trouble strengthening further against the euro, with EUR/USD repeatedly testing 1.3580 to the downside.

- Dovish Fed governor Williams discussed some of his doubts about QE in a paper out today. Williams said that while asset purchases by the Fed have been a potent tool, the impact is blunt and carries risks that are not well understood. There is a great deal of uncertainty involved in judging the impact of QE on the real economy, although some studies show QE has had a big impact on long-term borrowing costs.

- Shares of Goldman Sachs are down 2.2% this morning despite beating consensus expectations for earnings and revenue. Note that Goldman's fourth-quarter net income dropped 19% as revenue from bonds, currencies and commodities trading slumped 15% y/y.

- Citigroup's income more than doubled in the company's fourth quarter, with EPS rising to $0.82 from $0.38, ex charges, but this still fell short of consensus expectations. Revenues also fell a bit short, with fixed-income revenues down 15% y/y and securities and banking revenues down 5% y/y. Citi shares are down nearly 4% this morning.

- PNC Bank disclosed very strong fourth quarter results, with both earnings and revenue well ahead of estimates. The firm's net income hit record highs for the FY13 period, with credit metrics looking very strong. The bank did warn that its FY14 revenue would decline on a y/y basis. PNC is up 2.5%

- UnitedHealth's fourth-quarter earnings rose 15%, meeting expectations. The rollout of the ACA health reform in the quarter, helping the insurance giant add millions of customers, with total enrollment up 11% y/y. Note that the company is also starting to see big gains in profits from its IT and pharmacy benefits management sectors.

- Best Buy is falling apart this morning, with shares down more than 27% after the firm disclosed its holiday season comps fell 0.8% y/y. The firm touted its increase in market share, which came via heavy discounting and lower margins. It expects its Q4 operating margin to be 175 to 185 basis points lower than the same period last year.

- Johnson & Johnson is being offered $4.15 billion by the Carlyle Group for its Ortho-Clinical Diagnostics business. The company has until the end of March to decide whether to accept the offer. The Ortho-Clinical business makes equipment for screening blood supplies.

- Nu Skin is down another 20% after China's Ministry of Commerce said it is currently verifying whether or not Nu Skin is engaged in a pyramid scheme and the China State Administration for Industry & Commerce (SAIC) said it would open its own investigation to verify if the company is engaged in illegal activities.

***Looking Ahead***
- 12:00 (CH) SNB's Jordan speaks at Zurich Economic Society
- 12:00 (EU) ECB's Reinesch (Luxembourg) speaks at conference in Luxembourg
- 13:00 (IL) Israeli PM Netanyahu Speaks to Journalists to Mark New Year
- 16:00 (CL) Chile Central Bank Interest Rate Decision: Expected to leave Overnight Rate Target unchanged at 4.50%




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