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Thursday April 10, 2014 - 15:30:37 GMT
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| | Email US Market Update: Sentiment Sours Again After Brief FOMC Respite

Thu, 10 Apr 2014 11:07 AM EST

***Economic Data***
- (IE) Ireland Mar CPI M/M: 0.7% v 0.5% prior; Y/Y: +0.2% v -0.1% prior
- (IE) Ireland Mar CPI EU Harmonized M/M: 0.5% v 0.6% prior; Y/Y: 0.3% v 0.1% prior
- (PT) Portugal Mar CPI M/M: 1.4% v 1.4%e; Y/Y: -0.4% v -0.3%e
- (PT) Portugal Mar CPI EU Harmonized M/M: +1.4% v -0.3% prior; Y/Y: -0.4% v -0.1% prior
- (UK) Bank of England (BOE) left both Interest Rates and Asset Purchase Target (APT) unchanged at 0.50% and 375B respectively (as expected)
- (ZA) South Africa Feb Manufacturing Production M/M: -1.9%% v +0.5%e; Y/Y: 1.4% v 4.0%e
- (RU) Russia Gold and Forex Reserve w/e Apr 4th: $473.9B v $484.0B prior
- (US) Initial Jobless Claims: 300K v 320Ke; Continuing Claims: 2.776M v 2.84Me
- (US) Mar Import Price Index M/M: 0.6% v 0.2%e; Y/Y: -0.6% v -0.9%e
- (CA) Canada Feb New Housing Price Index M/M: 0.2% v 0.1%e; Y/Y: 1.5% v 1.5% prior
- (US) Weekly EIA Natural Gas Inventories: +4 bcf v +12-16 bcf expected range

- There was choppy equity market trading through the overnight hours in Europe and in the US premarket. However stocks are sliding lower after an hour and a half of cash trading as the benchmark yield creeps lower and the dollar weakens. Brutal selloffs among the big and small tech momentum names are hammering the Nasdaq. As of writing, the DJIA is down 0.38%, the S&P500 is down 0.41% and the Nasdaq is down 1.48%.

- Natural gas is up nearly 3% this morning after the weekly EIA inventories report, back at levels seen in the late February cold snap. The gain in inventories were the first build in 2014, however the gain was much weaker than expected.

- US weekly initial jobless claims hit 300K, a seven-year low, while the four-week moving average for new claims dropped to 316K. Import prices increased 0.6% m/m in March after rising 0.9% in February, topping expectations thanks to a big jump in food prices. Note that the annualized data was negative, supporting the continued weak outlook for inflation.

- Chevron is down 1% after warning in its interim first quarter update that earnings would be lower than fourth quarter as a result of adverse FX effects and selected asset impairment charges. Absent these impacts, Chevron said earnings would be comparable with the prior quarter's results.

- Ebay reached a deal with Carl Icahn to end his proxy battle. In exchange for appointing Icahn's man to the board (he originally wanted two), Icahn has agreed to withdraw his PayPal spinoff proposal and will sign a confidentiality agreement, ensuring that further conversations about enhancing shareholder value stay private. Ebay's CEO observed that the proxy battle was not helping shareholders or innovation, while Icahn called the deal a "win-win."

- BlackBerry's CEO said the company would consider exiting its handset business if it remains unprofitable, adding that the time frame for such a decision was short. He also said it should be possible for BlackBerry to make money off shipments of as few as 10 million a year. He said the company was on track to be cash-flow positive by the end of the current FY and to return to profit next FY. BBRY is down 2.3%.

- March same-store sales were mostly in the red, as continuing bad weather kept consumers at home, although the declines were generally not as bad as projected by consensus expectations. Most major retail stocks are losing ground. As usual, the big outlier was Costco, where a healthy +6% comp beat expectations. In earnings, discount retailer Family Dollar missed top- and bottom-line expectations, cut its FY14 outlook and warned it would lower prices on a wide range of items. FDO trading has been volatile post earnings. Best Buy remains near its post-earnings low, down 6%.

- Pawn shop name Cash America is up more than 9% this morning after hiking its first quarter guidance much higher. The company said results were above expectations due primarily to lower loan losses in the online consumer loan portfolio, greater retail sales net proceeds and better operating efficiencies. EZPW is up 1% in sympathy.

***Looking Ahead***
- 11:30 (US) Various central bankers speak in Washington DC, includes RBI's Rajan, ECB's Constancio and Fed's Evans
- 13:00 (US) Treasury to sell $13B in 30-Year Bonds Reopening
- 13:00 ECB's Constancio in Washington DC
- 14:00 (US) Mar Monthly Budget Statement: -$36.0Be v -$106.5B prior
- 19:00 (PE) Peru Central Bank Interest Rate Decision: Expected to leave Reference Rate unchanged at 4.00%
- 19:50 (JP) Bank of Japan (BOJ) March 10-11 meeting minutes
- 21:30 (CN) China Mar CPI Y/Y: 2.4%e v 2.0% prior
- 21:30 (CN) China Mar PPI Y/Y: -2.2%e v -2.0% prior




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