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Friday May 9, 2014 - 15:33:38 GMT
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TradeTheNews.com US Market Update: Global Equity Weakness Continues


Fri, 09 May 2014 11:22 AM EST

***Economic Data***
- (PT) Portugal Mar Trade Balance: -779M v -843M prior
- (PT) Portugal Q1 Unemployment Rate: 15.1% v 15.3% prior; 4th straight quarterly improvement
- (EU) ECB: 10 bank to repay toal 3.4B in 3-Year LTRO Funds vs. 6.0Be
- (BR) Brazil May IGP-M Inflation 1st Preview: 0.1% v 0.4%e
- (IN) India Forex Reserves w/e May 2nd: $311.9B v $309.9B prior
- (IN) India Apr Trade Balance: -$10.1B v -$10.5B prior; Exports Y/Y: +5.2% v -3.2% prior; Imports Y/Y: -15.0% v -2.1% prior
- (BR) Brazil Apr IBGE Inflation IPCA M/M: 0.7% v 0.8%e; Y/Y: 6.3% v 6.4%e
- (CA) Canada Apr Net Change in Employment: -28.9K v +13.5Ke; Unemployment Rate: 6.9% v 6.9%e; Full Time Employment Change: -30.9K v +12.8K prior; Part Time Employment Change: +2.0K v +30.1K prior; Participation Rate: 66.1% v 66.3%e
- (MX) Mexico Feb Gross Fixed Investment: -0.5% v -1.6%e
- (BR) Brazil Apr Vehicle Production: 277.1K v 271.2K prior; Vehicle Sales: 293.2K v 240.8K prior; Vehicle Exports: 36.7K v 23.4K prior
- (US) Mar Wholesales Inventories: 1.1% v 0.5%e; Wholesale Trade Sales M/M: 1.4% v 1.1%e
- (US) Mar JOLTs Job Openings: 4.01M v 4.10Me
- (UK) Apr NIESR GDP Estimate: 1.0% v 0.9% prior

- European markets are looking to close at or near their lows this morning after steep declines overnight. The equity weakness followed right through into the US premarket and markets remain in the red as of writing. Note that yesterday the DJIA hit all-time intraday highs around 16,622 but closed lower. The DJIA is currently down 0.21%, the S&P500 is down 0.34% and the Nasdaq is down 0.47%.

- Analysts are responding to Draghi's assertion at yesterday's post-decision press conference that the ECB would be comfortable taking action in June, if it were needed. With the power of his words alone, Super Mario forced EUR/USD to 1.3850 yesterday morning and as of writing the pair is at post-meeting lows around 1.3750. Analysts are now forecasting cuts of both the Main Refit Rate and Deposit Facility of 10-15bps at the next ECB meeting. June Bund futures hit a fresh contract high while the 10-year German govt yield hit a 12-month low below 1.44%. Note however that the 10-year benchmark US yield are a bit higher today, around 2.610%.

- The talking heads are pouring over rumors that Apple is reportedly negotiating a buyout of Beats Music for up to $3.2 billion. Shares of the company are are down more than 1%. If it goes through, the deal would be its largest ever and its first purchase of an established brand, marking a big departure from its previous strategy.

- Ralph Lauren beat consensus estimates in its fourth quarter on double-digit growth in both earnings and revenue, however the firm's weaker quarterly and full-year revenue guidance is hitting the shares this morning. The company's FY revenue outlook isn't even very far below consensus, although the first quarter revenue view is less than half the expected amount. Shares of RL are down 5%.

- Shares of Gap Inc are up more than 4% after the firm posted very strong monthly comps for April. Analysts were expecting another decline in comp sales, while the firm delivered 9% growth, buoyed by growth at Banana Republic and especially Old Navy. Guidance for first quarter were right in line.

***Looking Ahead***
- Portugal Sovereign Debt Rating Published by Moody's
- Malta Sovereign Debt Rating May Be Published by Moody's
- 12:00 (US) USDA World Agricultural Supply and Demand Estimates (WASDE)
- 12:00 (US) Fed Fisher in New Orleans
- 21:00 (AU) Australia May Consumer Inflation Expectation: No est v 2.4% prior
- (AR) Argentina Q4 GDP Y/Y: 2.7%e v 5.5% prior
- (CO) Colombia Monetary Policy Minutes
- (PE) Peru Mar Trade Balance: -$325Me v $114M prior
- (MX) Mexico Apr Nominal Wages: No est v 4.4% prior

***Weekend***
- (UR) Pro-Russian separatists hold referendum in Eastern Ukraine

 

 

 

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