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Thursday January 29, 2015 - 17:20:47 GMT
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TradeTheNews.com US Mid-Session Update: Markets Digest Corporate Earnings Reports


Thu, 29 Jan 2015 12:10 PM EST

***Economic Data***
- (UK) Jan CBI Industrial Reported Sales: 39 v 32e
- (BE) Belgium Jan CPI M/M: -0.1 v -0.1% prior; Y/.Y: -0.6% v -0.4% prior
- (BR) Brazil Dec Central Govt Budget Balance (BRL): 1.0B v 9.0Be
- (RU) Russia Gold and Forex Reserve w/e Jan 23rd: $378.1B v $379.4B prior
- (CL) Chile Dec Total Copper Production: 522.7K v 477.4K tons
- (DE) German Jan CPI Baden Wuerttemberg M/M: -1.0% v -0.1% prior; Y/Y: 0.1 v 0.1% prior
- (DE) Germany Jan Preliminary CPI M/M: -1.0% v -0.8%e; Y/Y: -0.3% v -0.1%e
- (DE) Germany Jan Preliminary CPI EU Harmonized M/M: -1.3% v -1.0%e; Y/Y: -0.5% v -0.2%e
- (ZA) South Africa Central Bank (SARB) left Interest Rates unchanged at 5.75%, as expected
- (US) Initial Jobless Claims: 265K v 300Ke; Continuing Claims: 2.385M v 2.405Me
- (US) Dec Pending Home Sales M/M: -3.7% v 0.5%e; Y/Y: 8.5% v 10.8%e
- (US) Weekly EIA Natural Gas Inventories: -94 bcf vs. -109 to -113 bcf expected range

US equity markets are under pressure this morning as investors digest corporate earnings reports. Energy firms are beginning to slash spending the face of lower oil prices, while any US company with overseas exposure is taking big hits from USD gains. As of writing, the DJIA is up 0.43%, the S&P500 is flat and the Nasdaq is down 0.16%.

Pending home sales dropped more than expected in December, however the month's total was still higher than the year-ago figure. The November reading was revised slightly lower. The NAR wrote that total inventory fell in the month for the first time in 16 months, resulting in fewer choices for buyers and a modest uptick in price growth. Despite the downbeat data, a good quarterly report from Pulte Homes has helped send major homebuilders higher this morning.

After trading in a narrow range for the last two days around 1.0260, EUR/CHF has moved up to 1.0450. Some modestly better European data had pulled the euro off two-day lows, sending EUR/USD as high as 1.1370. But at 10:30ET the pair turned around and went back below 1.1300. Note that the Danish Central Bank cut its CD rate to -0.50% from -0.35%, the third cut in two weeks, as the Danes struggle to maintain the EUR/DKK peg.

Crude is making fresh six-year lows this morning, with front-month WTI dipping below $44 for the first time since early 2009. Multiple oil and refining names have reported quarterly results yesterday and today, including big reductions in 2015 spending plans. Yesterday's weekly inventories showed crude inventories at their highest level in 80 years. This morning's weekly EIA natural gas report indicated softer demand than expected, hitting natural gas prices.

Shares of US oil major ConocoPhillips are down 3% this morning after a problematic fourth-quarter report, on top of a 5% loss yesterday. On an adjusted basis, the firm narrowly missed earnings expectations, but the real focus this morning is on lowered FY15 spending. The firm lowered its FY15 capex to $11.5 billion from the initial view of $13.5 billion, which itself was a 20% y/y reduction. Production for the year was trimmed as well. Integrated oil name Oxy Petroleum beat expectations, but also unveiled a much reduced spending program for FY15. OXY lost 4% ahead of earnings and is down another few percent this morning.

Refiners Phillips 66 and Valero are a different story. Shares of both firms have risen steadily ahead of reporting earnings and both VLO and PSX are up about 1% a piece mid-morning. Phillips' quarterly profits rose nearly 40% y/y and topped expectations. Valero's results were up less on a y/y basis, but widely beat expectations.

Facebook saw healthy y/y gains in both EPS and revenue, while mobile users were up 34% y/y. Advertising revenue jumped 53% y/y. Share of FB are flat on the session after some volatility earlier this morning. Shares of Qualcomm are among the major downside movers, down 11% after the firm cut its FY15 view and confirmed earlier news that Samsung had moved away from its chips for its latest Galaxy smartphones.

***Looking Ahead***
- 14:00 (MX) Mexico Central Bank (Banxico) Interest Rate Decision: Expected to leave Overnight Rate unchanged at 3.00%
- 16:00 (KR) South Korea Feb Business Survey Manufacturing: No est v 77 prior; Non-Manufacturing: No est v 68 prior
- 16:00 (CO) Colombia Nov Trade Balance: -$1.5Be v -$1.4B prior; Total Imports: $5.3Be v $5.9B prior
- 16:45 (NZ) New Zealand Dec Building Permits M/M: No est v % prior
- 16:45 (NZ) New Zealand Dec Net Migration: No est v 5.0K prior
- 18:00 (KR) South Korea Dec Industrial Production M/M: 0.9%e v 1.3% prior; Y/Y: -1.7%e v -3.4% prior
- 18:30 (JP) Japan Dec Jobless Rate: 3.5%e v 3.5% prior
- 18:30 (JP) Japan Dec National CPI Y/Y: 2.3%e v 2.4% prior; CPI Ex Fresh Food Y/Y: 2.6%e v 2.7% prior; CPI Ex Food, Energy Y/Y: 2.1%e v 2.1% prior
- 18:30 (JP) Japan Jan Tokyo CPI Y/Y: 2.2%e v 2.1% prior; CPI Ex Fresh Food Y/Y: 2.2%e v 2.3% prior; CPI Ex Food, Energy Y/Y: 1.8%e v 1.8% prior
- 18:50 (JP) Japan Dec Preliminary Industrial Production M/M: +1.2%e v -0.5% prior; Y/Y: +0.3%e v -3.7% prior ; Capacity Utilization M/M: No est v -0.8% prior
- 19:05 (UK) Jan GKF Consumer Confidence: -2e v -4 prior
- 19:30 (TW) Taiwan



 

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Amazing Trader EVENT RISK Calendar:


Mon 20 Nov
14:00 EZ- Draghi Speech
15:00 US- Leading Indicators
Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
Thu 23 Nov
US/JP- Holiday
All Day flash PMIs
13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
09:00 DE- IFO Survey
US- Early Closes

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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


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  • POTENTIAL PRICE RISK: HIGH Tue -- 23:30 GMT US- Yellen Speech. Early evening. Looking for anything on policy


  • POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
  • POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
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John M. Bland, MBA
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