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TradeTheNews.com US Market Update: Sell-Off on Hold, Bill Gross Dumps PIMCO
Fri, 26 Sep 2014 11:15 AM EST
- (BR) Brazil Aug PPI Manufacturing M/M: 0.5% v -0.3% prior; Y/Y: 2.5% v 3.5%
- (US) Q2 Final GDP Annualized Q/Q:
+4.6% v 4.6%e; Personal Consumption: 2.5% v 2.5%e
- (MX) Mexico Aug Preliminary Trade Balance: -$1.1B v -$600Me
- (BR) Brazil Aug Total Outstanding Loans (BRL): 2.86T v 2.835T prior
- (US) Sept Final University of
Michigan Confidence: 84.6 v 84.8e
The big sell-off is on pause this
morning as trade consolidates and participants take a collective deep breath.
Yesterday S&P 500 closed at 1966, below its 50-day moving average for the
first time since August 13th, while the NASDAQ finished below the 50-day for
first time since August 7th. As of writing, the DJIA is up 0.49%, the
S&P500 is up 0.25% and the Nasdaq is up 0.45%.
The euro took another leg downwards
this morning, dropping to 22-month lows around 1.2680 this morning before
bouncing back up to 1.2700. Meanwhile, USD/JPY is firmly above 109 after
some resistance at this level in the Asia and European sessions. Both Deutsche
Bank and S&P added their voices to the analysis of the ECB's TLTRO flop,
agreeing that the recent auction results have increased the probability of a QE
program in the near term.
The final revisions to second quarter US GDP were in line with expectations, at
+4.6% versus the +4.2% preliminary reading, matching the fourth quarter of 2011
as the fastest quarterly growth rate since 2006. Analysts caution the data needs to be viewed in the context of the -2.1%
first quarter GDP, which would put the average growth rate for the first half
of the year at an unimpressive +1.2%. Early indications are that the
third quarter growth estimate will be 3% or more.
Ukraine, Russia and the EU holding
talks today to hopefully end the Russia-Ukraine natural gas dispute.
Russia says Ukraine owes it $5.3 billion for unpaid gas deliveries, and Russia
Energy Minister Novak warned that Europe is contractually not allowed to
re-export gas to Ukraine and could see its supplies cut if it did so. Separately,
the Kremlin as expected seized Bashneft assets owned by Sistema, citing flimsy,
trumped up charges of "contractual violations." USD/RUB has plummeted
to record lows of 39.
In one of the most surprising developments of the day, Bill Gross resigned from PIMCO and said he would join Janus Capital.
CNBC's David Faber reported that PIMCO was going to fire Gross tomorrow due to
"increasingly erratic behavior." PIMCO Deputy CIO Dan Ivanscyn
will likely be chosen as Gross's successor. Shares of JNS are up more than 32%
on the news, while PIMCO parent Allianz is down nearly 6% on the DAX.
Shares of BlackBerry are up 7.8% this
morning after the firm managed to get very close to non-gaap profitability in
its second quarter. The firm's loss was much smaller than expected,
although revenue remains lower that consensus views. Unit sales are also
picking up: in the second quarter, BlackBerry recognized hardware revenue on
2.1M smartphone units versus 1.3M in the prior quarter. The CEO said the
company was about half way through its recovery period.
- 15:00 (AR) Argentina Q2 Current Account Balance: No est v -$3.3B prior
- 15:00 (AR) Argentina July Economic Activity Index M/M: No est v 0.3% prior;
Y/Y: No est v 0.0% prior
- 21:30 (CN) China Aug Industrial
Profits Y/Y: No est v 13.5% prior
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Tue 17 July 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
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