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Tuesday July 8, 2014 - 15:10:10 GMT
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| | Email US Market Update: European and US Stocks Slump Ahead of Earnings Season

Tue, 08 Jul 2014 10:49 AM EST

***Economic Data***
- (ZA) South Africa Jun Sacci Business Confidence: 89.7 v 88.9 prior
- (PT) Bank of Portugal reports Jun ECB financing to Portuguese banks at 38.4B v 42.3B prior
- (BR) Brazil Jun FGV Inflation IGP-DI M/M: -0.6% v -0.6%e
- (US) Jun NFIB Small Business Optimism: 95.0 v 97.0e
- (US) ICSC Chain Store Sales w/e July 4th: w/w +1.7%; y/y: +3.3%
- (BR) Brazil Jun IBGE Inflation IPCA M/M: 0.4% v 0.4%e; Y/Y: 6.5% v 6.5%e
- (CL) Chile Jun CPI M/M: 0.1% v 0.2%e; Y/Y: 4.3% v 4.5%e; CPI Core M/M: 0.1% v 0.2%e
- (US) Redbook Retail Sales w/e July 4th: +3.8% y/y, Jun MTD: -1.2% m/m, Jun MTD: +6.0% y/y
- (UK) Jun NIESR GDP Estimate: 0.9% v 0.9% prior
- (US) May JOLTS Job Openings: 4.64M v 4.35Me

- Poor economic data reports out overnight (UK industrial production and German exports declined) dampened sentiment and sent European equity indices lower. The lack of any significant US news this morning carried through the negative tone and US indices are trading at their lows as of writing. The DJIA is down 0.62%, the S&P500 is down 0.69% and the Nasdaq is down 1.39%.

- Crude futures ticked a bit lower this morning, although the declines seen over the last nine sessions seem to be bottoming out. Front-month WTI is around $103.50. Iran's supreme leader Ayatollah Ali Khamenei has thrown a wrench into the ongoing nuclear negotiations in Vienna, demanding 19x more centrifuges than are currently on the table under offers for a long-term deal with world powers. Israel has called up around 40,000 reservists in preparation of a possible invasion of the Gaza Strip as part of Operation Protective Edge, hours after PM Netanyahu ordered the military to "take off the gloves" in its confrontation with Hamas.

- Shares of Air France-KLM fell over 5% in European trading this morning after the firm warned that rising competition from other airlines on long-haul flights, weak cargo demand and fx issues would reduce earnings more than expected. The slump in Air France's shares has pulled major US airlines lower, with DAL and American down about 5% each, Southwest down 4% and United down 3.2%.

- AbbVie has raised its bid to acquire Shire, which has already rejected its prior takeover offer worth $46 billion. AbbVie raised its cash-and-stock offer by 11% to 51.15/shr from its previous offer of 46.26 a share. The revised offer is worth about 30 billion, or about $51.6 billion. AbbVie is looking to acquire Shire in part in order to reincorporate in Ireland and avoid higher corporate taxes in the US.

***Looking Ahead***
- US Sec of State Kerry to visit China on July 8-10th for the US-China Strategic and Economic Dialogue
- 12:00 (US) DOE Short-Term Crude Outlook
- 13:00 (US) Fed's Lacker to speak
- 13:00 (US) Treasury to sell $27B in 3-Year Notes
- 13:45 (US) Fed's Kocherlakota to speak
- 15:00 (US) May Consumer Credit: $20.0Be v $26.9B prior
- 16:30 (US) Weekly API Oil Inventories
- 21:30 (CN) China Jun CPI Y/Y: 2.4%e v 2.5% prior




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