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Tuesday April 29, 2014 - 15:35:26 GMT
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| | Email US Market Update: Focus on Corporate Earnings

Tue, 29 Apr 2014 11:19 AM EST

***Economic Data***
- (EU) ECB drained 103.9B vs. 172.5B target in 7-day Term Deposit Tender (third straight week of not fully sterilizing)
- (BR) Brazil Apr FGV Inflation IGPM M/M: 0.8% v 0.8%e; Y/Y: 8.0% v 8.0%e
- (ES) Spain Mar YTD Budget Balance: -9.9B v -12.4B prior
- (US) ICSC Chain Store Sales w/e Apr 26th: w/w +1.6%; y/y: +3.1%
- (DE) German Apr Preliminary CPI M/M: -0.2% v -0.1%e; Y/Y: 1.3% v 1.4%e
- (DE) German Apr Preliminary CPI EU Harmonized M/M: -0.3% v -0.1%e; Y/Y: 1.1% v 1.3%e
- (HU) Hungary Central Bank (NBH) cut Base Rate by 10bps to 2.50%, as expected
- (US) Redbook Retail Sales w/e Apr 26th +3.8% y/y, Apr MTD: -0.3% m/m; Apr MTD +3.4% y/y
- (US) Feb S&P/CaseShiller 20 City M/M: 0.76% v 0.80%e; Y/Y: 12.86% v 13.00%e; Home Price Index: 165.35 v 165.43e
- (EU) Weekly ECB Forex Reserves: 210.2B v 209.4B prior
- (BR) Brazil Mar Total Outstanding Loans (BRL): 2.76T v 2.733T prior
- (US) Apr Consumer Confidence Index: 82.3 v 82.8e

- European markets gained overnight, supported by decent UK GDP data and hopeful Germany inflation numbers. Trading in US markets has been more choppy and volumes are elevated but participants seem reluctant to send indices higher. As of writing, the DJIA is up 0.37%, the S&P500 is up 0.41% and the Nasdaq is up 0.25%.

- The Standard & Poor's/Case-Shiller index found only five cities saw their annual rates of price appreciation grow in February while 13 posted lower annual rates of growth, while 19 cities saw m/m price gains, although at relatively low rates.

- BP was the first of the oil majors to report results in earnings season and the numbers were not pretty. BP's profits slumped and revenue was down quite a bit, and saw weaker refining margins. BP's results reflected lower production as the company sheds assets to raise funds for shareholder payouts. The company's profit from Rosneft shrank by 75% in the quarter thanks to the weakening ruble as Russia's economy comes under pressure from the standoff with the West over Ukraine. BP raised its quarterly dividend for the second time in six months and said more share buy-backs were on the cards, helping US-traded ADRs gain 3%. Shares of VLO are more or less unchanged despite the firm's very good 27% y/y gain in profit, which topped expectations.

- Shares of Merck are up 3% after the pharma giant beat earnings expectations and reaffirmed its FY14 outlook. Merck's sales declined 5% y/y as generic competition continues to take chunks of the firm's business, however sales of key new drugs saw very good growth. Bristol-Meyers Squibb is down 3% despite good growth in profits. Forest Labs is down slightly despite good results.

- Luxury retailer Coach is garnering plenty of scrutiny this morning, with shares down 9%. Headline numbers met or exceeded expectations in the firm's third quarter, however net profit fell 20% y/y and margins shrank. Comps at the firm's North America stores fell 21% y/y and executives warned SSS would be equally poor in the fourth quarter.

- The MLP craze is coming to the chemical industry. Westlake Chemical file an IPO to spin off certain production assets as Westlake Chemical Partners LP. The firm offered few details, although shares of WLK are up 10% in the early going. Note that on its conference call, Huntsman Corporation said it was mulling MLPs for production assets to unlock value.

- Alliant Techsystems disclosed a plan to split in half, creating two public companies. The spin-off will be immediately followed by an all-stock merger between ATK's aerospace and defense units and Orbital Sciences Corporation. The remaining assets, focused on making ammo and rifles, will be spun out to shareholders as a separate company. ORB is up 19% and ATK is up 7%, but both are well off highs.

- Jockeying for position in the pharma merger race continues. There were reports that Allergan would pursue a sale to Johnson & Johnson or Sanofi to fend off Valeant's hostile bid. There was no more substantive information regarding renewed attempts to approach Shire. After earnings, Merck said it was not interested in any large-scale M&A.

- A year after its record $17 billion offering, Apple is selling another big batch of debt. The company is offering securities in seven parts: floating- and fixed-rate notes with maturities of three and five years, and fixed-rate notes due in seven, 10 and 30 years. Reports suggest the total amount will be around $8-10 billion.

***Looking Ahead***
- (BR) Brazil Mar Central Govt Budget Balance (BRL): +1.3Be v -3.1B prior
- 11:30 (US) Treasury to sell combined $50B in 4-Week and 52-Week Bills
- 13:00 (US) Treasury to sell $15B in 2-Year Floating Rate Notes
- 13:00 (DE) German Chancellor Merkel gives EU election speech in Guestrow
- 14:30 (CA) Bank of Canada (BOC) Gov Poloz
- 16:30 (US) Weekly API Oil Inventories
- 19:00 (KR) South Korea Mar Industrial Production M/M: +1.0%e v -1.8% prior; Y/Y: 4.0%e v 4.3% prior
- 19:05 (UK) Apr GfK Consumer Confidence: -4e v -5 prior
- (JP) BOJ Monetary Policy decision




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