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Tuesday January 6, 2015 - 16:55:33 GMT
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TradeTheNews.com US Mid-Session Update: Energy Sector Drags Markets Lower

 
Tue, 06 Jan 2015 11:42 AM EST

***Economic Data***
- (BR) Brazil Dec Services PMI: 49.1 v 48.5 prior; Composite PMI: 49.2 v 48.1 prior
- (US) Jan RBC Consumer Outlook: 53.3 v 53.3 prior
- (US) Chain Store Sales w/e Jan 2nd: w/w: -3.8%; y/y: +3.9%
- (CA) Canada Nov Industrial Product Price M/M: -0.4% v -0.7%e; Raw Materials Price Index M/M: -5.8% v -4.7%e
- (US) Redbook Retail Sales w/e Jan 2nd: +4.3% y/y, Dec MTD: -0.6% m/m; Dec MTD: +4.6% y/y
- (US) Dec Final Markit Services PMI: 53.3 v 53.7e; Composite PMI: 53.5 v 53.8 prelim
- (US) Dec ISM Non-Manufacturing Composite: 56.2 v 58.0e
- (US) Nov Factory Orders: -0.7% v -0.5%e

The energy complex continues to drag global markets lower this morning as WTI trades firmly below $50 and Brent falls below $52. Energy stocks are leading the S&P500 lower, while funds continue to flow into fixed income. The 10-year yield is trading below 2% for the first time since October, and is around 1.952% as of writing. The German 10-year yield is at 0.448%, down 7 basis points. As of writing, the DJIA is down 0.72%, the S&P500 is off 0.48% and the Nasdaq is down 1.05%.

WTI crude is firmly below $50 this morning, dropping more than a $1.50 on the session to trade around $48.50 as of writing. Yesterday saw major bloodletting among any firm exposed to crude production: XOM fell nearly 3%, CVX dropped 4%, BP and TOT fell more than 5% a piece. These majors bounced higher in the early going today but the gains evaporated fast and all are back at yesterday's lows. Note that earlier today, Saudi King Abdullah issued a statement that Saudi Arabia will "deal with the current global downturn in demand for oil and falling oil prices with a solid will."

US data out this morning is not helping sentiment. New factory orders fell for a fourth straight month in November, further solidifying the sense there was a slowdown in manufacturing activity in the final quarter of 2014. The ISM non-manufacturing index dropped to 56.2 in December from 59.3 in November, although this is the 59th month the series has remained in expansion.

In a bid to repair damage done over the course of a pretty rough 2014, Coach is buying upscale shoe brand Stuart Weitzman from PE firm Sycamore Partners in a deal valued at up to $574 million. Analysts note that Coach has up to now focused on organic growth, and with the acquisition is entering the competitive luxury footwear market. Coach highlighted that Weitzman's sales have been growing at an annual rate of +10%.

***Looking Ahead***
- 16:30 (US) Weekly API Crude Oil Inventories Data
- 19:01 (UK) Dec BRC Shop Price Index Y/Y: -1.8%e v -1.9% prior
- 22:00 (TH) Thailand to sell THB9.0B in 2044 Bonds
- 22:30 (HK) Hong Kong to sell HKD9.0B in 6-month Bills



 

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14:00 EZ- Draghi Speech
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23:00 US- Yellen Speech
Wed 22 Nov
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