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Tuesday April 8, 2014 - 15:25:57 GMT
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| | Email US Market Update: Equity Correction on Hold in Mid-Morning US Trading

Tue, 08 Apr 2014 11:09 AM EST

***Economic Data***
- (EU) OECD Feb leading indicators: 100.7 v 100.7 prior
- (CL) Chile Mar CPI M/M: 0.8% v 0.7%e; Y/Y: 3.5% v 3.3%e; CPI Core M/M: 0.7% v 0.5%e
- (US) Mar NFIB Small Business Optimism: 93.4 v 92.5e
- (US) ICSC Chain Store Sales w/e Apr 5th: w/w +1.5%; y/y: +1.5%
- (CA) Canada Mar Housing Starts: 156.8K v 190.0Ke
- (CA) Canada Feb Building Permits M/M: -11.6% v -2.6%e
- (US) Redbook Retail Sales w/e Apr 5th +2.9% y/y, Mar MTD: -0.5% m/m, Mar MTD 2.7% y/y
- (MX) Mexico Jan Gross Fixed Investment: -2.4% v -1.2%e
- (UK) Mar NIESR GDP Estimate: 0.9% v 0.8% prior
- (US) Feb JOLTs Job Openings: 4.17M v 4.02Me

- The correction continued overnight in Japanese and European markets, and US equities dipped lower in the first hour of trade this morning. Along with the slide in equities, the VIX volatility index has picked up, touching 16 yesterday and briefly trading above 16 today. Note that both the Hong Kong and Shanghai markets beat against the prevailing headwinds on continued government stimulus chatter. As of writing, US indices have bounced higher off their lows, with the DJIA up 0.20%, the S&P500 up 0.11% and the Nasdaq up 0.78%.

- The greenback lost ground against most major currencies overnight, closing in on some key levels against several of the major pairs. Spot gold continues to crep higher, up 0.8% today. Key USD/JPY support is seen around 102.10 while GBP/USD resistance is near the approach to 1.6750. Meanwhile, key emerging market currencies were hitting fresh 2014 highs against the dollar, including both the South African Rand and Turkish Lira.

- Companies continue to issue profit warnings ahead of earnings season, which gets going today after the close with Alcoa. Brunswick Corp warned that its first quarter results would likely miss consensus expectations, primarily due to harsh weather trends that have adversely affected demand in its Marine and Bowling & Billiards segments. BC is down 2.3%. With its monthly metrics, American Airlines warned that weather-related cancellations reduced first quarter revenue by approximately $115 million and reduced first quarter operating profit by approximately $60 million. AAL is down 4%.

- ADRs of Nokia are trading up nearly 6% after China approved the planned sale of substantially all of Nokia's Devices & Services business to Microsoft.

- US coal miner James River Coal on Monday filed for Chapter 11 bankruptcy protection after it had been grappling with weak coal prices for months. The company is implementing a comprehensive turnaround plan aimed at addressing its challenges in the changing coal mining industry. Note that other coal names are very strong this morning, with ANR up as much as 8.5%, WLT peaking up nearly 8% and BTU up 4%.

- Small tech name LivePerson disclosed that the firm's VP Global sales and markets had resigned earlier in April, giving no reason for the move, and also reaffirmed its first quarter and full-year guidance. Shares of the firm plummeted after the report and are down -6% as of writing.

- Cult fuel cell stock Plug Power gained about 5% in the premarket after the CEO said the company was planning to move into fuel-cell trucks. He clarified that forklifts were a stable starting point for the company but that lifts were "never meant to be the end-all market." PLUG is well off its highs.

***Looking Ahead***
- 11:30 (US) Treasury to sell $25B in 4-Week Bills
- 11:45 (CA) Canada Min Rickford speaks at Economic Club
- 12:00 (US) DOE Short-Term Crude
- 12:30 (DE) ECB's Weidmann (Germany) speaks in Berlin
- 13:30 (US) Fed's Kocherlakota to speak in Rochester, MN
- 13:00 (US) Treasury to sell $30B in 3-Year Notes
- 14:45 (US) Fed's Plosser on bank regulation in Philadelphia
- 16:30 (US) Weekly API Oil Inventories
- (PE) Peru Feb Trade Balance: +$129Me v -$740M prior




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