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Monday February 3, 2014 - 16:45:40 GMT
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| | Email US Market Update: Markets Digest Choppy January Manufacturing Data from Around the Globe US Market Update: Markets Digest Choppy January Manufacturing Data from Around the Globe
Mon, 03 Feb 2014 11:10 AM EST

- China January Manufacturing PMI comes in at 6-month low, European Manufacturing PMI data strong
- Bernanke officially steps down from the Fed, Yellen takes the helm

***Economic Data***
- (BR) Brazil Jan PMI Manufacturing: 50.8 v 50.5 prior
- (ZA) South Africa Jan Naamsa Vehicle Sales Y/Y: -6.8% v 0.1% prior
- (CZ) Czech Jan Budget Balance (CZK): +45.0B v -80.9B prior
- (RO) Romania Jan International Reserves: $36.0B v $35.4B prior
- (CA) Canada Dec Industrial Product Price M/M: 0.7% v 0.3%e; Raw Materials Price Index M/M: 1.9% v 2.0%e
- (US) Jan Final Markit PMI Manufacturing: 53.7 v 53.9e; three-month low
- (US) Jan ISM Manufacturing: 51.3 v 56.0e; Prices Paid: 60.5 v 54.0e
- (US) Dec Construction Spending M/M: 0.1% v 0.3%e

- Some positive Eurozone PMI manufacturing reports out overnight were not able to make up for the weakness seen in the Chinese manufacturing PMI data or keep European equities from sliding lower, while the bad news out in the US premarket set up this morning's declines. As of writing, the DJIA is down 1.11%, the S&P500 is down 0.82% and the Nasdaq is down 1.29%.

- The ISM attributed most of the weakness in the January PMI manufacturing report to harsh winter weather (which also impacted US January auto sales). According to ISM, survey answers actually reflected optimism and increasing volumes in the early stages of 2014. However, analysts were worried about the low levels seen in the employment and new orders indices. The employment index was not as weak as the orders and production data, falling just 2.5 points to 52.3. That is only one point below the index's average for the past year.

- Shares of Ford and General Motors are helping to pull broader indices lower this morning after reporting weak January auto sales. Ford's sales slid 7% y/y while GM's skidded 12% y/y, although both firms blamed the terrible winter weather in most of the country throughout the month (echoing results seen in the PMI data). A Ford sales executive said that in areas where the weather was good, such as in the West, sales were up. Chrysler's sales were up 8%, with gains credited to strong demand for Jeep Cherokee. Chrysler's total car sales were down -21% y/y.

- Herbalife disclosed that its forthcoming fourth quarter results would be well above consensus expectations, bumping its FY13 outlook higher. The company also boosted its share buyback by $500M. Shares of HLF gained approximately 6% in the premarket but have given up most of these gains. Nu Skin popped 2% on the news but has also given up its gains.

- With the Men's Warehouse/Joseph A. Bank takeover battle currently in stalemate, there were reports over the weekend that JOSB was holding discussions to acquire retailer Eddie Bauer. Recall that on Friday, Men's Wearhouse said it had no plans to extend its tender offer beyond March 28th but could further raise its offer if certain conditions are met. Shares of MW are down 6% this morning.

***Looking Ahead***
- 11:30 (US) Treasury to sell $48B in 3-Month and 6-Month Bills
- 12:00 (BR) Brazil Jan Trade Balance: -$4.5Be v $2.7B prior; Total Exports: $16.0Be v $20.9B prior; Total Imports: $20.6Be v $18.2B prior
- 12:00 (IT) Italy Jan New Car Registrations Y/Y: No est v 1.4% prior
- 12:00 (CA) Canada Min Raitt speaks at Canadian Club
- 13:00 (MX) Mexico Jan IMEF Manufacturing Index: No est v 50.3 prior; Non-Manufacturing Index: No est v 53.2 prior
- 13:00 (MX) Mexico Jan IMEF Manufacturing Index Unadj: No est v 49.8 prior; Non-Manufacturing Index Unadj: No est v 54.7 prior
- 13:30 (NZ) New Zealand PM Key speaks in Auckland
- 15:00 (US) Treasuring financing estimate
- 17:00 (US) Jan Total Vehicle Sales: 15.70Me v 15.30M prior; Domestic Vehicle Sales: 11.90Me v 11.65M prior
- 18:50 (JP) Japan Jan Monetary Base Y/Y: No est v 46.6% 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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