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Monday January 12, 2015 - 17:00:52 GMT
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| | Email 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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Fri 18 Jan 2019
A 13:30 CA- CPI
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