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TradeTheNews.com US Mid-Session Update: More Thin Year-End Trading Conditions as 2015 Approaches
Mon, 29 Dec 2014 11:24 AM EST
- (BR) Brazil Nov Central Govt Budget Balance (BRL): -6.7B v -1.3Be
- (BR) Brazil Nov Nominal Budget Balance (BRL): -41.6B v -32.8Be; Primary
Budget Balance (BRL): -8.1B v -1.6Be; Net Debt to GDP Ratio: 36.2% v 36.1%e
- (IL) Israel Central Bank (BOI) left its Base Rate unchanged at 0.25% (as
- (US) Dec Dallas Fed Manufacturing
Activity: 4.1 v 9.0e
The DJIA and S&P500 are below the all-time highs seen last Friday while low
holiday market trading volumes remained in place. As of writing, the DJIA is up
0.06%, the S&P500 is up 0.18% and the Nasdaq is up 0.11%.
Another December regional Fed manufacturing survey has tanked. The Philly and
Empire surveys were weaker than expected (especially the latter), and today's Dallas Fed manufacturing survey was
less than half the expected level, with the new order rate falling sharply.
According to the report, executives warned that the drop in crude oil prices is
going to make things ugly in Texas.
Global markets are reacting calmly to the situation in Greece. Greek PM Samaras will call a general election
on January 25th after lawmakers rejected his candidate for president, which led
to the dissolution of parliament. The IMF said that Greece has no immediate
financing needs and discussions will resume when new government is in place.
Germany warned that any new government must abide by obligations agreed to by
prior governments, although frontrunner Syriza has threatened to demand a
renegotiation of Greece's bailout debt. EUR/USD is around 1.2190, a bit off
lows seen last week.
Brent crude is up more than 1% this
morning, back above $60, as escalating clashes in Libya threaten supply
disruptions. Attacks on oil producing areas in Libya burned at least
800K barrels of crude and blew up storage tanks. WTI has not reacted very much
and the contract remains firmly in the $55 handle.
The leaders of Ukraine, Russia, Germany and France will gather Kazakhstan on
January 15th to discuss a peace settlement. Ukraine President Poroshenko said
he still believes that there is no military solution to the conflict in the
east. The ruble is creeping higher again, with USD/RUB around 57 presently
after testing 58 in the European session, as Moscow works out details of its
big RUB1.0 trillion bank recap plan.
- 14:00 (AR) Argentina Q3 Current Account Balance: -$1.1B v +$0.6B prior
- 14:00 (AR) Argentina Oct Economic Activity Index (Monthly GDP) M/M: No est v
0.2% prior; Y/Y: -0.5%e v -0.2% prior
- 14:00 (AR) Argentina Q3 GDP Y/Y: -0.5%e v 0.0% prior
- 14:00 (AR) Argentina Nov Industrial Production M/M: No est v 0.2% prior; Y/Y:
-1.3%e v -1.8% prior
- 14:00 (AR) Argentina Nov Construction Activity M/M: No est v 0.9% prior; Y/Y:
No est v 4.9% prior
- 18:00 (KR) South Korea Nov Current Account Balance: No est v $9.0B prior;
Balance of Payments (BoP): No est v $8.7B prior-
- 18:00 (KR) South Korea Nov Industrial Production M/M: +0.9%e v -1.6% prior;
Y/Y: -2.3%e v -3.2% prior
- 22:30 (HK) Hong Kong to sell 3-month and 12-month Bills
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