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TradeTheNews.com US Mid-Session Update: Reeling Oil Stocks Feel the Pain
Mon, 12 Jan 2015 11:15 AM EST
***Economic Data***
- (ZA) South Africa Manufacturing Production M/M: -2.1% v +0.5%e; Y/Y: -1.3% v
+1.9%e
- (IN) India Nov Industrial Production Y/Y: 3.8% v 2.3%e
- (IN) India Dec CPI Y/Y: 5.0% v 5.4%e
- (RU) Russia Dec Final CPI M/M: 2.6% v 2.6% prelim; Y/Y: 11.4% v 11.4% prelim;
CPI YTD: 11.4 v 11.4% prelim
- (RU) Russia Dec CPI Core M/M 2.6% v 2.0%e; Y/Y: 11.2% v 10.4%e
- (MX) Mexico Dec Total Formal Job Creation: -235.5K v -250.0Ke
- (CA) Bank of Canada (BOC) Q4 Senior Loan Officer Survey: -2.7 v -10.3 prior;
Business Outlook Future Sales: 8 v 29e
Crude prices continue to dictate global trading sentiment this morning. Oil prices have lost 5% or so this morning,
with WTI right above $46 and Brent just above $47. As of writing, the
DJIA is down 0.24%, the S&P500 is off 0.70% and the Nasdaq is down 0.47%.
Saudi Prince Alwaleed made a big call in oil, saying $100/bbl crude a thing of
the past. According to Alwaleed, if
some supply comes off the market and there is growth in demand, prices may go
up. "But I'm sure we're never going to see $100 anymore," he said.
The OIH opened below its December 16th low and is down 4.4% on the session,
giving up a level that had helped overall markets hold it together three weeks
ago. Note that Goldman Sachs cut
Schlumberger to neutral from a buy, sending shares down 4.8%. Note that
other industrial commodities are hitting key levels. Three-month LME copper
contract fell below $6,000/metric ton for the first time since Sept 2009,
raising eyebrows.
The hugely influential JP Morgan
healthcare conference takes place this week and a raft of firms have offered
guidance and commentary ahead of their presentations at the event, moving
multiple names. Hospital operator Tenet Healthcare's disappointing
initial FY15 earnings outlook sent THC down nearly 10% this morning and pulled
the other hospital names lower. THC is off 6.3% as of writing. Sarepta is down
14% after offering a less-than-stellar update on long-term eteplirsen walking data.
Actavis gained a few percent on decent initial FY15 guidance.
In other health sector news, there are three more big pharma deals in the bag
this morning. AmerisourceBergen will
add to its position in veterinary medicine by spending about $2.5 billion to
acquire MWI Veterinary Supply, in a deal valued at $190/shr. Roche will
pay more than $1 billion for a majority stake in cancer screening firm
Foundation Medicine, at $50/shr. Tekmira will acquire OnCore Biopharma for $750
million to shift focus to developing hepatitis B virus treatments.
***Looking Ahead***
- 12:00 (US) USDA World Agricultural Supply and Demand Estimates (WASDE) Crop
Report
- 12:40 (US) Fed's Lockhart speaks on
US Economic Outlook in Atlanta
- 13:00 (US) Treasury to sell $24B in 3-Year Notes
- 16:00 (NZ) Dec ANZ Truckometer Heavy M/M: No est v -2.9% prior
- 16:00 (KR) South Korea Dec Export Price Index M/M: No est v 1.3% prior; Y/Y:
No est v -2.1% prior
- 16:00 (KR) South Korea Dec Import Price Index M/M: No est v -0.8% prior; Y/Y:
No est v -7.9% prior
- 18:50 (JP) Japan Nov Current Account Balance: No est v ¥833.4B prior
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