Share This Story
TradeTheNews.com US Market Update: US Equities in Neutral After Two Days of Gains
Wed, 20 Aug 2014 11:05 AM EST
- (MX) Mexico Banamex Survey of Economists
- (UK) Aug CBI Industrial Trends Total Orders: 11 v 4e
- (US) MBA Mortgage Applications w/e Aug 15th: +1.4% v -2.7% prior
- (PL) Poland July Sold Industrial Output M/M: 2.3% v 1.7%e; Y/Y: 2.0% v 1.8%e
- (PL) Poland July PPI M/M: 0.0% v 0.1%e; Y/Y: -2.0% v -1.8%e
- (BR) Brazil Aug IBGE Inflation IPCA-15 M/M: 0.1% v 0.2%e; Y/Y: 6.5% v 6.5%e
- (CA) Canada Jun Wholesale Trade Sales M/M: 0.6% v 0.4%e
- (US) DOE Crude: -4.47M v -1Me; Gasoline: +0.59M v -1.5Me; Distillate: -0.96M
- US futures were trading lower after
two days of solid gains before the open, depressed in part by European equity
weakness. Markets await the minutes of the July FOMC meeting for some
clarity on exit positioning. As of writing, the DJIA id up 0.14%, the
S&P500 is flat and the Nasdaq is down slightly.
- The dollar strengthened further in the Asia and European sessions, with EUR/USD
touching 1.3275 and GBP/USD nearly reaching 1.6600 in the US premarket this
morning. Both pairs bounced a little higher as US equities moved higher before
and just after the open of trading. The 10-year UST is back above 2.40% but
moves higher have been pretty choppy.
- There is plenty of deal chatter making the rounds this morning. Shares of SFLY popped 2.5% on reports that PE
firms are looking to bid for the company, with offers valued as high as $2B.
This comes after reports last month that the company hired advisors for a
possible sale. Multiple smaller semi
names are surging on reports that Infineon was near to closing on a deal to
acquire a US microchip maker in a deal valued around ?$2 billion.
Fairchild has been ruled out, after shares rose 3%.
- In other deal news, CNBC's Faber
threw cold water on reports out yesterday that Allergan had approached Salix
Pharmaceuticals or Jazz about a possible merger to fend off Valeant's advances.
Faber said sources told him any potential deal could be months away, perhaps in
December. Salix was up more than 14% on the story yesterday and JAZZ had gained
a few percentage points. SLXP is down 4% today, but JAZZ is holding up.
- Retail names have been volatile after reporting second quarter results this
morning. Target was in the red in the
premarket after cutting its FY14 guidance and reporting disappointing sales
comps. However TGT is back in positive territory as of writing. Home
improvement name Lowes lost 3% after cutting its FY14 revenue and SSS guidance,
although its other metrics were in line. Positive sentiment on the conference
call has taken LOW almost back to unchanged. Staples reported slightly better
than expected results for the first time in a year and saw modest share gains.
However, cautious comments on the conference call sent SPLS down 3%.
- 11:30 (BR) Brazil Weekly Currency Flows
- 12:00 (CA) Canada to sell 30-Year Real-Return Bonds
- 13:00 - (BR) Socialists Party leadership to meet in Brasilia on Silva
candidacy to formally replace Campos (following his death)
- 14:00 (US) Fed Minutes from July
29-30 FOMC Meeting
- 15:00 (AR) Argentina Jun Economic Activity Index M/M: No est v 0.5% prior;
Y/Y: -0.2%e v -0.2% prior
- 21:35 (JP) Japan Aug Preliminary
Manufacturing PMI: No est v 50.5 prior
- 21:45 (CN) China Aug Preliminary HSBC
Manufacturing PMI: 51.5e v 51.7 prior
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."