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TradeTheNews.com US Market Update: Better Euro Data, Solid Blue Chip Earnings Drive US Gains
Thu, 23 Oct 2014 11:24 AM EST
- (TR) Turkey Central Bank (CBRT) left its Benchmark Repurchase Rate unchanged
- (BR) Brazil Sept Unemployment Rate: 4.9% v 5.1%e
- (US) Sept Chicago Fed National Activity Index: +0.47 v +0.15e
- (US) Initial Jobless Claims: 283K v 281Ke; Continuing Claims: 2.351M v 2.38Me
- (US) Aug FHFA House Price Index M/M: 0.5% v 0.3%e
- (US) Oct Preliminary Markit
Manufacturing PMI: 56.2 v 57.0e
- (US) Sept Leading Index: 0.8% v 0.7%e
- (EU) Euro Zone Oct Advance Consumer Confidence: -11.1 v -12.0e
- (US) Weekly EIA Natural Gas Inventories: +94 bcf v +95-99 bcf expected
US equity markets are filling the gap from yesterday afternoon and ripping
higher. Meanwhile the benchmark 10-year
UST yield is zipping higher, at 2.275% as of writing, up nearly six points. The
move in USTs follow on a move higher in the German bund yields, which were
supported by improved preliminary euro zone and German manufacturing PMI data.
The DJIA is up 1.57%, the S&P500 is up 1.45% and the Nasdaq is up 1.69%.
The preliminary Markit October
manufacturing PMI data was a bit soft, in a reading that missed expectations
and saw its lowest level since July. The series remains firmly in
expansion territory, however Markit points out that the decline in new orders
to 57.1, the lowest since January, weighed on the headline reading. Markit's
chief economist said that The source of the slowdown appears to be weaker
economic growth in key markets such as the Eurozone, China and other emerging
markets. Weekly jobless claims rose slightly from the prior week, but still
remain near multi-year lows.
After testing $80 yesterday for the second time this month, WTI crude has
turned around on press reports about Saudi Arabia's September production
figures. Reports citing an industry
source asserted that the Kingdom pumped 9.7 million bpd in September, slightly
higher than the 9.6 million rate in August. However, the amount of crude oil
Saudi supplied to export markets actually declined in September, to 9.36
million bpd from 9.69 million bpd in August. WTI is around $81.80 and
Brent has climbed back above $86.
Both General Motors and Caterpillar are up after disclosing strong
third-quarter results. CAT is up 5% after crushing earnings expectations and
raising FY14 guidance. Gains in the firm's construction and energy equipment
sales are seeing good growth, offsetting the steep declines in mining hardware.
GM is up 2% on good results.
Major US airlines American, Southwest and JetBlue are up 2% a piece in the
early going on solid third-quarter results. United dropped as much as 5% in the
premarket before recovering most of its losses in cash trading. United doubled
its profits over the prior year's period and saw modest revenue growth. The
firm beat expectations and saw a nice decline in operating costs.
- 13:00 (US) Treasury to sell $7.0B in 30-Year TIPS Reopening
- 15:00 (AR) Argentina Aug Economic Activity Index M/M: No est v 0.1% prior;
Y/Y: -0.4%e v 0.0% prior
- 19:00 (KR) South Korea Q3 Preliminary
GDP Q/Q: 0.9%e v 0.5% prior; Y/Y: 3.3%e v 3.5% prior
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