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Wednesday May 14, 2014 - 16:15:32 GMT
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| | Email US Market Update: Equities Pull Back From Record Highs

Wed, 14 May 2014 11:31 AM EST

***Economic Data***
- (IE) Ireland Mar Trade Balance: 2.4B v 3.2B prior; smallest surplus since July 2008
- (EU) OECD Mar Unemployment Rate: 7.5% v 7.5% prior
- (US) MBA Mortgage Applications w/e May 9th: +3.6% v +5.3% prior
- (ZA) South Africa Mar Retail Sales M/M: -1.4% v -0.8%e; Y/Y: 1.0% v 2.2%e
- (PL) Poland Apr CPI M/M: 0.0% v 0.3%e; Y/Y: 0.3% v 0.7%e
- (PL) Poland Apr M3 Money Supply M/M: 0.6% v 0.2%e; Y/Y: 5.4% v 5.0%e
- (US) Apr PPI Final Demand M/M: 0.6% v 0.2%e; Y/Y: 2.1% v 1.7%e
- (US) Apr PPI Ex Food and Energy M/M: 0.5% v 0.2%e; Y/Y: 1.9% v 1.4%e
- (CA) Canada Apr Teranet/National Bank HPI M/M: 0.5% v 0.0% prior; Y/Y: 4.9% v 4.6% prior; House Price Index: 161.28 v 160.42 prior
- (US) DOE Crude: +950K v 0e; Gasoline: -770K v 0e; Distillate: -1.12M v +0.5Me

- US equities are in the red this morning, pulling back from the fresh all-time record closing highs in the DJIA and S&P500 yesterday afternoon. As of writing, the DJIA is down 0.32%, the S&P500 is down 0.24% and the Nasdaq is down 0.37%.

- Wholesale prices climbed well ahead of expectations in April and registered a second consecutive big gain. Excluding the volatile categories of food, energy and trade, core PPI rose by a smaller amount. Note that the gains in March and April are offsetting the decline in the index seen in February.

- WTI crude futures are pushing out to fresh three-week highs this morning after US Energy Secretary Moniz, in a speech overnight in Seoul, confirmed recent rumors that the Obama Administration is considering lifting ban on crude exports. The front-month June contract is around $102.50 as of writing.

- ECB's Weidman laid out the Bundesbank's position regarding the ECB's contingency plans for fighting inflation in a major speech. Weidman acknowledged that there was a slight deflation risk at the moment and said he would support ECB action if it was needed, but stopped short of endorsing QE, calling it not the best solution to deal with low inflation. EUR/USD has stayed pretty stable this morning, pivoting around 1.3717 in a narrow range.

- Cable hit one-month lows after the BOE quarterly inflation report was a bit dovish, diminishing the risk of an early rate hike. The BOE left its growth and inflation forecasts broadly unchanged, meaning a rise of its main benchmark rate is still expected in the first half of 2015. After hitting 1.6870 earlier this morning, the pair dropped to 1.6755.

- Deere is at its lows down 2% after the firm cut its equipment sales outlook for 2014 and its outlook for certain regional sales. Note that in its first quarter, agricultural equipment net sales declined 12% y/y. Net profit and revenue fell on a y/y basis, although earnings declined less than expected. According to Deere, the agricultural economy remains in a relatively healthy condition, farm income is forecast to be lower than last year.

- Shares of Macy's have struggled to hold on to gains this morning after narrowly missing revenue expectations in its first quarter and seeing a slight decline in comps. The firm hiked the dividend and share buyback program, and said that while the winter was hard, trends improved in April when the weather began to turn and made positive comments about the second quarter. Note that Kohls is down 1.5% as analysts lower estimates on the name ahead of earnings.

***Looking Ahead***
- 12:00 (CA) Canada to sell 3-Year Bonds
- 12:00 (IS) Iceland Apr International Reserves (ISK): No est v 468B prior
- 17:00 (CO) Colombia Mar Retail Sales Y/Y: 6.2%e v 6.7% prior
- 17:00 (CO) Colombia Mar Industrial Production Y/Y: 8.2%e v 2.8% prior
- 19:50 (JP) Japan Q1 Preliminary GDP Q/Q: 1.0%e v 0.2% prior; GDP Annualized Q/Q: 4.2%e v 0.7% prior; GDP Nominal Q/Q: 1.0%e v 0.3% prior




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